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Packaged current accounts 'not for everyone' - 29/10/2007

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UK consumers thinking about packaged current accounts should consider whether their needs and lifestyle are compatible with such products, one price comparison website has asserted.

Personal finance expert at uSwitch.com Mike Naylor pointed out that packaged deals incorporating a number of products are only suitable for current account holders who intend to use the additional features.

Advising prospective customers to read the small print on such current accounts, Mr Naylor remarked that packaged deals "are only good value for money if you need all the benefits - there is no point paying for something that you are not going to use or already have".

The uSwitch.com expert was commented on Alliance & Leicester's new Premier 50 current account, which incorporates annual worldwide travel insurance for consumers up to the age of 79 and private medical access including diagnostic tests.

With an annual equivalent rate of seven per cent, the product is priced at £10 a month and aimed at people over the age of 50.

However, Mr Naylor pointed out that the attractive credit interest rate expires in January 2009, after which it tracks the base rate minus one per cent.

Alliance & Leicester commented on the product's launch that it would help older consumers minimise health fears while facilitating their travel plans.

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