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Premier League Banking; current accounts for the big boys
Mar 21st
Premier League Banking; current accounts for the big boys
Article by Paul McIndoe
A premier account is a fee paying bank account that comes with lots of additional benefits and is generally only offered to a bank’s wealthier customers. Typically these accounts have names like Gold, Premier or Platinum service accounts.Almost all banks offer some form of premier banking service to their top tier of customers. They provide a level of service and advice that is superior to that of regular free accounts. A premier banking package offers all the things you would expect to find in a basic account but with the added benefits of financial planning expertise, practical help, first class telephone service and up to the minute wealthy management solutions. With some premier accounts you will also be assigned a personal banking manager who is always contactable by phone or email for financial advice. They can save you time and hassle in dealing with any financial concerns you may have.A premier banking account also comes with many benefits not found in a regular current account. These may include features, such as an automatic interest free overdraft facility, the ability to draw money on cheques without having to wait for them to clear, telephone banking that is open 24 hours a day 7 days a week and an enhanced online banking system. Most premier bank account services also come with a host of ‘freebies’ such as free insurance, car breakdown cover and building and contents insurance. Ultimately, premier accounts are certainly not for everyone, as the monthly fees charged may not necessary outweigh the benefits gained from the account. Certainly for younger account holders who are unlikely to have much need for home insurance, a premier banking service would offer little – if any – benefit. It also must be noted that not all premier banking services are available to all customers. Some have a minimum salary threshold which you must be earning, below which you would not be eligible to join. However, for higher earning customers the advantages of having access to a financial advisor at all times of the day or night could certainly be beneficial. And with the other bonuses of cheaper or free travel insurance, home insurance and car insurance, it’s certainly worth shopping around and seeing whether a premier account could save you time and money.
About the Author
Paul McIndoe is a recent university graduate whose hobbies include water-skiing and rock climbing.
Current accounts: make the most of your banking experience
Mar 20th
Current accounts: make the most of your banking experience
Article by Andrew Regan
Current accounts provide more than just a place to keep and manage your money; they can offer a range of other benefits, including travel insurance, mobile phone insurance and car breakdown cover – enabling you to make the most of your banking experience. But with all the current account choices available, how do you pick the one that’s right for you?
When looking for a current bank account, it’s always best to do a little research first. The internet is an ideal resource by which to do this, offering comparison charts and in-depth explanations of different account types and the various benefits that each of them offers. However, while conducting your research, it’s always important to keep in mind what you hope to achieve with your current account. Are you simply looking for a place to keep your money, or are you interested in a more enhanced means of money management and support? Are you a student or a graduate who’s looking to save, or are you under 18 and looking to open your first bank account? Each variable makes a difference when it comes to finding the right bank account – so it’s important to have a clear objective in mind first.
Once you’ve gained a basic understanding of the current accounts available to you via online research, it’s a good idea to meet with an account specialist; you’ll be able to find a range of banks near you that offer comprehensive account consultations. The specialist can answer any outstanding questions you may have about opening an account, in addition to actually opening your account for you. Moreover, an account specialist can advise you on the upkeep of your account, regarding anything from getting help with queries down the line to upgrading your account in accordance with evolving financial objectives.
So whether you’re looking to open a current account simply to keep your money safe, or are interested in complimenting your money management with a range of benefits – like travel insurance, car breakdown cover or domestic emergency insurance – the solution is never far away.
Make the most of your banking experience, no matter what your financial objectives: open the current account that’s right for you!
About the Author
Andrew Regan is a freelance online journalist who travels extensively.
When are packaged current accounts a good idea?
Mar 20th
When are packaged current accounts a good idea?
Article by Julia Cook
The start of this article is going to have to be a quick explanation but before we get to that let’s have an explanation of the explanation.
Packaged current accounts have always existed but they’ve been under the radar, generally unpopular and certainly unpublicised, for years. So even though they’ve never really gone away it’s necessary to clarify what they are.
This is itself should show that packaged current accounts have the potential to confuse – and therefore be poor value – for many consumers in the UK and elsewhere.
So what is a packaged current account?
It’s an account that comes with bells and whistles – usually in the form of insurance of various kinds, car breakdown cover, VIP access or discounts on various other products.
Packaged current accounts are often called reward or ultimate current accounts and are offered by some of the biggest banks in the world including Halifax, Santander, RBS and Natwest.
UK building societies tend not to carry them as a rule which might give some indication of the fact that they’re viewed with suspicion by many consumers and even some prominent consumer groups.
When you compare current accounts you’ll be able to spot these by the fact that to pay for the bells and whistles there is often a monthly or yearly fee charged.
This fee is usually of around £5 to £15, depending on the rewards on offer.
As with balance transfer credit cards, though, packaged current accounts can often end up being more than they’re worth both in terms of cost and in terms of effort and stress.
So, to answer the title question, when are packaged current accounts a good idea?
The answer is, simply, when you can save money elsewhere on products that are included in the current account and when those products are actually useful to you.
For example, some current accounts come with a payment protection insurance policy.
Payment protection insurance or PPI is generally regarded as pretty useless when sold with many financial products and consumers are often advised to check the terms of these policies carefully before signing up.
With packaged current accounts you may not have a choice but to sign up for the insurance, even though you don’t really need it and wouldn’t buy it in the first place given the chance.
As another example, there might be a benefit to a current account that you can get elsewhere with a product you don’t want to get rid of.
For example, many use abroad credit cards come with travel accident insurance and many of these current accounts do too.
However, you might not want to ditch your use abroad credit card which could be useful elsewhere – not least, one might hope, abroad – so you’d end up with two policies which is pointless and unnecessary.
This is also the case with breakdown cover which is often included in car insurance anyway. So, in the same way, might be duplicated between products.
About the Author
Julia Cook is a staff writer for a website that covers personal finance issues in the UK. The site has tables to help users to compare current accounts and compare personal loans amongst other products.
Current Accounts: Make the Most of your Banking Experience
Mar 18th
Current Accounts: Make the Most of your Banking Experience
Current accounts provide more than just a place to keep and manage your money; they can offer a range of other benefits, including travel insurance, mobile phone insurance and car breakdown cover – enabling you to make the most of your banking experience. But with all the current account choices available, how do you pick the one that’s right for you?
When looking for a current bank account, it’s always best to do a little research first. The internet is an ideal resource by which to do this, offering comparison charts and in-depth explanations of different account types and the various benefits that each of them offers. However, while conducting your research, it’s always important to keep in mind what you hope to achieve with your current account. Are you simply looking for a place to keep your money, or are you interested in a more enhanced means of money management and support? Are you a student or a graduate who’s looking to save, or are you under 18 and looking to open your first bank account? Each variable makes a difference when it comes to finding the right bank account – so it’s important to have a clear objective in mind first.
Once you’ve gained a basic understanding of the current accounts available to you via online research, it’s a good idea to meet with an account specialist; you’ll be able to find a range of banks near you that offer comprehensive account consultations. The specialist can answer any outstanding questions you may have about opening an account, in addition to actually opening your account for you. Moreover, an account specialist can advise you on the upkeep of your account, regarding anything from getting help with queries down the line to upgrading your account in accordance with evolving financial objectives.
So whether you’re looking to open a current account simply to keep your money safe, or are interested in complimenting your money management with a range of benefits – like travel insurance, car breakdown cover or domestic emergency insurance – the solution is never far away.
Make the most of your banking experience, no matter what your financial objectives: open the current account that’s right for you!
Andrew Regan is a freelance online journalist who travels extensively.
Article from articlesbase.com
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Top Tips and Warnings for Personal Bank Accounts
Feb 18th
Top Tips and Warnings for Personal Bank Accounts
Article by Katie Webb
Penalty Charges
Whether you choose a basic, current or package account, they all have terms you will formally sign agreement on with your chosen bank. These terms and conditions vary with each financial provider, and breaking them can incur some costly penalty fees. For this reason, be sure to read the fine print thoroughly so that you don’t end up in a bind. One of the main charges comes from going over your overdraft limit – to this end it’s important to monitor your account carefully so that you don’t slip too far into the red. It’s also a good idea to plan ahead and contact your bank to arrange a temporary or permanent overdraft extension if you think you will need it. Another penalty fee incurred by banks is through not meeting your minimum monthly deposit. This type of account is unadvisable if you’re not absolutely confident that the monthly amount with be consistently met.
Access
Being able to conveniently access and manage your personal finances is crucial and the bank account you settle on must reflect this. Whether you prefer the personal touch of face-to-face interaction, in which case you’ll want a local branch that has flexible opening hours and an easy location, or whether you prefer 24/7 internet banking, make sure you choose a bank that gives you the access that suits your lifestyle.
Cheques
Increasingly, cheque books are being phased out in preference to online payments. Many current accounts no longer offer cheque facilities. If you favour this traditional method of payment, check that the bank you choose still provides this before signing up for an account with them.
Package Accounts
With package current accounts, you will agree to pay a monthly fee in return for a bundle of services that go beyond managing your finances. These can include travel insurance, vehicle breakdown cover and pet insurance. When looking at these types of accounts, be sure to do you research to determine whether you will actually save by taking the package, or whether you would best get value for your money plus more comprehensive benefits by taking each service separately.
Switching
Since the financial marketplace is highly competitive, many banks these days offer incentives for switching your current account to them. If you research and compare what’s currently available, you could end up pocketing some extra cash or getting favourable interest rates on in-credit balances and overdrafts.
Student Accounts
If you already have a student account, be aware that many banks only allow you to have one, so if you’re thinking about opening a second, be sure it’s allowed by the financial provider of your choice. Also, don’t be bowled over by flashy offers such as a free iPod – what you want to make sure of is getting the essentials such as low penalty fees, a good overdraft facility and fuss-free account management.
Complaints
If you have a problem with the service of your current bank account provider, you firstly need to make this known to the bank itself. It’s wise to do this formally and concisely in writing plus keep copies of the correspondences for your official records. If they don’t respond or if you’re unsatisfied with their decision, you can then take you complaint to the Financial Ombudsman Service – it is their job to resolve issues between consumers and banking institutions.
Conclusion
All in all, the most important factors when shopping around is to research and compare bank accounts so that you can be sure not only to find the most competitive deal, but the financial solution that best suits your lifestyle.
About the Author
Sean Raston is an economics student and expert in personal bank accounts.
Ultimate rewards and freebies on current bank accounts
Feb 14th
Ultimate rewards and freebies on current bank accounts
Article by Simon Duffy
I was in a bank last week waiting to pay in a cheque while the 3 cashiers attended the queue of about 10 people; so 20 minutes after looking around at all the usual 0 per cent credit card offers and low rate loans, I was surprised when the cashier asked me if I had one of their ‘new’ current accounts.
‘New’ I thought; I’d only started banking with them in the last 8 months, how could I have an old current account!? “Oh yes” said the cashier, “we have new current accounts that offer travel insurance, mobile phone insurance and motor breakdown cover.” I thought I was in a Churchill car insurance advert for a minute!
“Hhmmm, ‘new’ current account,” I thought – doesn’t this mean ‘monthly fee’ current account?? I like the way the current accounts that charge you on a monthly basis have all been named dramatically like the ‘Ultimate Reward’ or ‘Gold Rewards’ ‘Advantage’, ‘Premier’ etc, etc…But that’s all I like about them to be honest.
All the benefits or ‘Rewards’ for your monthly fee seem to include ‘* Exclusions apply’ even to things like travel insurance. ‘Worldwide annual multi-trip travel insurance for you and your family’ – read the leaflet; but then a huge ‘* Exclusions apply – please refer to the terms and conditions.’ So you have to trawl through the thousands of ‘T’s & C’s’ to make sure you don’t fall into any of the exclusions! Who honestly bothers to read absolutely everything?
I would guess that the level of insurance and motor breakdown cover you’d get with a current account doesn’t compare to the level of cover you’d receive if you bought the same mobile phone insurance, travel insurance, or motor breakdown cover as separate policies. But then again I might be wrong…
In any case I’m ceratinly not going to start paying for a banking service that I can get absolutely free without all the gimmicks of ‘freebies’ – You get nothing for free and that’s certainly the case here because you’re paying a monthly fee, so how can it be free?! One day I might take the time to actually read through all the insurance cover terms to see exactly what you get for your money I bet it’s not that much!
About the Author
Simon Duffy writes for the Financial Blog a UK Finance Blog talking about all aspects of personal finance including loans, current account and other finance related news stories!
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