Please, please, please check your bank statement every month.
I had not done this for a while. Then on Saturday, I popped into my bank and printed off a statement from my bills current account. Whilst idly looking through the debit column I saw a figure of £13.50. I looked across and saw it was for an account fee.
Swiftly marching to the counter I asked why I was paying this amount each month. I could have sworn, in fact I am certain I stopped this last year. However, I have no proof and it is entirely possibly it was for my other current account with a different bank.
My £13.50 / month gave me the following benefits
- £250.00 “free” overdraft.
- Mobile phone insurance
- Travel insurance
- Roadside recovery
- Card insurance
Lets look at that a bit more closely
- £250.00 “free” overdraft. It is not free if it is costing me £162.00 per annum.
- Mobile Phone Insurance – I have checked my contents insurance previously. It covers my mobile phone with a £100 excess. In 16 years of owning a phone I have never lost a phone.
- Travel insurance. I go on holiday on average 1/year. Insurance costs me £15/trip from the post office.
- Roadside recovery. Less than £20 per year with Green Flag.
- Card insurance – good luck if you find / steal my cards. I do not keep the credit cards with me in case of failure of self discipline and the debit cards have rarely more than a few pounds in them.
Seems a lot of smoke for £162.00 per year.
It is cancelled now. Interestingly, as I cancelled it the Teller informed me the interest free overdraft would also be available on a basic account which has no monthly fee. For most people the overdraft would be the most useful part.