Bank Account Benefits

[Rogerout]

So we pay £19 per month for our Halifax ultimate reward account. Been with the bank for over ten years but wondering if the £19 we pay is really worth it for the benefits.

Firstly-World wide travel insurance- don’t really go abroad so that’s not really that helpful for us.

Secondly- AA cover. Yes it does include home start and roadside assistance. But until a recent breakdown, we found it this doesn’t include recovery, in the event that you can’t be fixed at the roadside.

Thirdly- Home emergency cover- we have British Gas homecare. This is for the boiler and plumbing. Does this mean we’re double covered ?

Finally-Mobile phone insurance- not used it before but have home and contents insurance.

Are we paying twice for these products? Does anyone know how good the Halifax home emergency cover is? Do will they attend broken boilers and leaks ?

[NickZ24]

Shop around a little and look for lesser fees.
Usually a bank is useful when planning to launch a business,
Banks without fees are mostly neo banks, revolut, N26.

Make a list of banks which are close and pay them a visit.

[Simpo Two]

£19 x 12 months x 10 years = £2,280.

Yes, insurance is money wasted if you don't need it but here you seem to have paid twice for almost everything/insurance you don't need.

[mikeiow]

https://www.moneysavingexpert.com/banking/best-pac...

Look for ones that offer things YOU want.
We have Nationwide, which will be going up to £18.
Travel insurance, breakdown UK & Europe & the never used mobile insurance…a regular saver account we ought to set up (!). We reckon the first two would cost us more separately.

[davek_964]

NickZ24 said:

Banks without fees are mostly neo banks, revolut, N26.

I have a free account with Natwest.

The problem I've always had with the benefits of accounts you pay for is that the benefits are not necessarily the ones I'd choose if I was paying for them. The breakdown cover mentioned by the OP is a prime example (no recovery) - but I also knew somebody in the past that needed hospital care in a foreign country and found their "free" travel insurance sadly lacking.

When I pay for services - insurance / breakdown etc - the price is not the only thing I consider, so I'd rather have free banking and services that I have some trust in (albeit I think free bank accounts may disappear one day)

Edited by davek_964 on Monday 11th November 12:41

[mikey_b]

davek_964 said:

NickZ24 said:

Banks without fees are mostly neo banks, revolut, N26.

I have a free account with Natwest.

The problem I've always had with the benefits of accounts you pay for is that the benefits are not necessarily the ones I'd choose if I was paying for them. The breakdown cover mentioned by the OP is a prime example (no recovery) - but I also knew somebody in the past that needed hospital care in a foreign country and found their "free" travel insurance sadly lacking.

When I pay for services - insurance / breakdown etc - the price is not the only thing I consider, so I'd rather have free banking and services that I have some trust in (albeit I think free bank accounts may disappear one day)

Edited by davek_964 on Monday 11th November 12:41

Agreed. Breakdown cover is usually the most minimal option possible to buy, and not much use. Travel insurance - wife has a health condition they always want to know more details on, and the 'free' policies don't cover anything that might arise as a result of it (not that it ever has in 20 years). So that's a useless gimmick - and the older you get, the less likely it is to be of use, and for youngsters with no health concerns travel insurance is a pittance anyway.

I think virtually all banks offer free banking, especially if you're paying in a salary. Between my wife and I, we have Lloyds, Barclays, HSBC, Starling and Revolut accounts - no monthly fees on any of them. There's no need to pay any regular fees to operate a bank account.

[JonnyWhitters]

NickZ24 said:

Shop around a little and look for lesser fees.
Usually a bank is useful when planning to launch a business,
Banks without fees are mostly neo banks, revolut, N26.

Make a list of banks which are close and pay them a visit.

Most regular banks offer a free account with all the usual trappings of a consumer bank account. I've resisted the urge to upgrade to a fee-based account with Nationwide and I'm not suffering for it.

The two you mention here, Revolut are not a bank in the UK and N26 closed all UK based accounts and moved out of this space years ago

[mikey_b]

JonnyWhitters said:

Most regular banks offer a free account with all the usual trappings of a consumer bank account. I've resisted the urge to upgrade to a fee-based account with Nationwide and I'm not suffering for it.

The two you mention here, Revolut are not a bank in the UK and N26 closed all UK based accounts and moved out of this space years ago

Revolut do have a licence now (as of July), albeit it's in the 'mobilisation period' and has some restrictions. But they are no longer without one at all in the UK.

[Cwomble]

JonnyWhitters said:

NickZ24 said:

Shop around a little and look for lesser fees.
Usually a bank is useful when planning to launch a business,
Banks without fees are mostly neo banks, revolut, N26.

Make a list of banks which are close and pay them a visit.

Most regular banks offer a free account with all the usual trappings of a consumer bank account. I've resisted the urge to upgrade to a fee-based account with Nationwide and I'm not suffering for it.

The two you mention here, Revolut are not a bank in the UK and N26 closed all UK based accounts and moved out of this space years ago

They like other banks Revolut also offer premium paid accounts.
My firstdirect account on the other hand has no frills and no charges

[super7]

Have had a LLOYDS account for ever and with the top level of 'cover'

• Have used the mobile insurance a couple of times and had replacement phones provided.. This covered all the kids phones at the time and allowed me tell the guy in the EE store where to stick his insurance.

• Used the 'homesure' insurance a couple of times for drains issues. Very easy to log a call and get help especially at weekends.

• No need for travel insurance for me & the wife

• AA membership is the top level and covers everything.

Worth the £25 a month for me.

[Vasco]

super7 said:

Have had a LLOYDS account for ever and with the top level of 'cover'

• Have used the mobile insurance a couple of times and had replacement phones provided.. This covered all the kids phones at the time and allowed me tell the guy in the EE store where to stick his insurance.

• Used the 'homesure' insurance a couple of times for drains issues. Very easy to log a call and get help especially at weekends.

• No need for travel insurance for me & the wife

• AA membership is the top level and covers everything.

Worth the £25 a month for me.

About the only example which sounds like it might really be worth it. Most of the others are a waste of money.

[JonnyWhitters]

Cwomble said:

They like other banks Revolut also offer premium paid accounts.
My firstdirect account on the other hand has no frills and no charges

Not sure on your point here, a bank can offer free and paid accounts as part of their range - the main banks offer free and no frills accounts

[JonnyWhitters]

mikey_b said:

Revolut do have a licence now (as of July), albeit it's in the 'mobilisation period' and has some restrictions. But they are no longer without one at all in the UK.

Fair point, although the UK bank doesn't exist as yet. I've been a customer of theirs since N26 pulled out of the UK and won't even consider using them as my main account until they're fully registered and more widely accepted (pre-paid debit cards have a place, but not as a main card in the wallet)

[markymarkthree]

NickZ24 said:

Shop around a little and look for lesser fees.
Usually a bank is useful when planning to launch a business,
Banks without fees are mostly neo banks, revolut, N26.

Make a list of banks which are close and pay them a visit.

Zero fees paid here on a std Barclays account.

[chip*]

Don't mind paying the Nationwide account fee as they cover Euro breakdown for older cars (both my cars are ~20 years old) which includes recovery. It seems Euro breakdown cover for older cars is getting harder to find now, so it's a no-brainer for me as I took my 20 years GT3 to France during the summer (and planning another trip next year).

Also, not quite there myself, but I understand the travel insurance covers to 70 years old (I think it was reduced from 75 a few years back) which I believe is no fuss bargain price. If you feel the need to increase cover or planning some risky activities, you can always pay an additional premium which was something I did many years ago during a round a world trip e.g. tandem skydive, abseiling, caving, quadbiking, rock climbing, white water rafting etc..

[Cwomble]

JonnyWhitters said:

Cwomble said:

They like other banks Revolut also offer premium paid accounts.
My firstdirect account on the other hand has no frills and no charges

Not sure on your point here, a bank can offer free and paid accounts as part of their range - the main banks offer free and no frills accounts

I’m agreeing with you.
Nick seems to be ill informed

[DT1975]

We have Barclays premier banking that comes with apple TV + and access to US football matches - haven't used either.

Barclays do a £14.99 offer for decent level breakdown cover and travel insurance. The travel insurance was excellent, we had to cancel a £5k cruise last minute due to a death in the family, paid out quickly no quibble.

[plenty]

chip* said:

Don't mind paying the Nationwide account fee as they cover Euro breakdown for older cars (both my cars are ~20 years old) which includes recovery. It seems Euro breakdown cover for older cars is getting harder to find now, so it's a no-brainer for me as I took my 20 years GT3 to France during the summer (and planning another trip next year).

If you have multiple cars 15+ years old and drive in UK+Europe, breakdown cover is cheaper via a packaged bank account than you can buy standalone.

[The Gauge]

Are there any bank accounts that give airport lounge benefits?

[StoutBench]

davek_964 said:

but I also knew somebody in the past that needed hospital care in a foreign country and found their "free" travel insurance sadly lacking.

Edited by davek_964 on Monday 11th November 12:41

This advice on the internet is always the most useless, no context and second hand information for someone who didn't have the product or the situation happen to them.

Insurance products are all very clear now since in Insurance Act 2015. There is a handy consumer friendly document issued saying what is and what isn't covered.

Just to add my two pence we have a premium account with Nationwide, the European breakdown, phone insurance and travel insurance alone are worth it for us as we travel a lot.

Also had a lost luggage claim paid easily which covered around 6 years worth of account fees.