Is travel insurance
already covered in respect of any forthcoming or future trips
abroad or at home? Does the breakdown cover replicate a facility
that one already has available?
These factors can
be significant. A charge of, say, £12 per month may not
seem very much but it adds up to £144 per year. Does that
exceed what one might have expected to spend on car recovery
and travel insurance services? Is the protection provided as
part of the premium bank account deal the equal of that which
might have been obtained elsewhere? Does the investor even play
Likewise having private
banking and a dedicated account manager sounds very good in
theory, but is there any way of knowing how much time and effort
it will save us in practice? Will the account manager always
be available to us at reasonable notice or is this just a gimmick,
the banking equivalent of adopting a pony?
Premium bank accounts
are clearly not an attractive or economical option for many
depositors, but they are likely to prove very useful to some.
Those who feel they may benefit from such a service should take
some time out to compare the various packages that are on offer,
as they vary considerably between providers. Most offer an incentive,
but it is helpful to find out whether the particular incentive
on offer is one that serves your own requirements well.
Plus, if there is
a stipulation that a certain minimum amount needs to be deposited
each month in order to validate the account, is it one that
you are comfortable with and are happy to adhere to?