BANK ACCOUNTS

Make the most of your bank account package

The majority of British bank clients are currently paying for benefits in their bank accounts that they don’t even use. Only half of people paying for their current accounts make use of their full package of benefits, according to new research.

Although 40% of British bank customers are paying for their current bank accounts, only 53% of them make use of the package of benefits that come with the accounts.

A recent poll from a leading comparison site concluded that over half of the British population is wasting money in paying for benefits they don’t even use.

Furthermore, 35% admitted to never using the additional benefits or only using the overdraft facility. This means that they could be paying extra for their current account and not taking full advantage of the benefits. Some 13% of packaged account holders weren't even sure of the benefits they were entitled to.

Know your bank account benefits

Monthly customer fees can be as high as £20 per month, according to the study.

Despite the charges and benefits included, deals vary considerably depending on the provider you have. Therefore, it is important to compare all the bank accounts available and go for the package that is best for you.

Travel insurance and vehicle breakdown cover are an example of the benefits available in some cases. Most customers already pay for those services to another provider, though, throwing away money for cover they don't need.

"Fee paying accounts are now very much part of the UK's financial landscape. However, it's worrying to see many consumers don't know what they are paying for and aren't making full use of the benefits they are entitled to. The decision to pay for a current account shouldn't be made on a whim, particularly with a wide number of rates and fees on offer across providers,” commented Kevin Mountford, head of banking at moneysupermarket.com.

Tags: bank account benefits, bank account packages, BANK ACCOUNTS, compare bank accounts