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Wednesday 19th March 2008
Packaged accounts frequently offer worse value for money to savers than those which provide free banking, a price comparison site has claimed.
Under the terms offered by packaged account providers, savers pay a monthly fee which typically entitles them to a higher rate of interest on their money as well as benefits such as free travel insurance and gifts.
However, according to Sean Gardiner, chief executive of MoneyExpert.com, the fact that interest rates offered on packaged accounts are only marginally higher as well as the tendency for customers to fail to use many of the benefits often means customers are overpaying for fee-paying accounts.
He said: "The basics of a typical fee-paying current account are frankly terrible value for money.
"Anyone who is offered a fee-based current account by their bank should question every last detail of their offer. The chances are you won't use half the benefits on offer and if that's the case you'll lose money."
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