Could you save money with a fee-charging bank account?

Most banks will offer customers the option of a paid-for bank account, whereby for a monthly fee, you can get a number of inclusive benefits, such as mobile phone and car cover.

But are these extra services worth it, or will you just end up wasting your money? Well, that obviously depends on the offering in question, and the extent to which you use the ‘perks’ that come with the fee-charging account.

For example, HSBC’s ‘Advance Current Account’, which costs £12.95 per month, gives the account holder world-wide travel insurance and the ability to withdraw money at cash points free of charge while abroad. It comes with a host of other services as well, but if you are someone who goes overseas a few times per year, the travel cover alone could save you money.

So how do you decide if a fee-charging account is for you, and which bank to go with?

MoneySavingExpert.com has pulled together a convenient tool to help you decide, so if you’re thinking about it, why not start by checking out its ‘Top Packaged Account Analyser’?

Source: MoneySavingExpert.com

 

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