backfoot:I bank with HSBC who I find are a pretty good outfit overall.I like their internet banking in particular.

I haven't subscribed to the bank account plus,in fact I came off the previous Premier Account when they started to charge for it. At nearly £13 per month,the benefits are marginal and not relevant to many.You get travel insurance included but I am not sure if that is for your your family or just you and you may want to check the cover it provides.

They enhance their Regular Saver rate to 10% from 8%, but that's worth about £30 before tax,if you are able to save £250 per month and leave it for a year.

There may be a few other small benefits which you will have to see are beneficial to you. I wouldn't rush into it there and then but think about it for a couple of days.Face to face these things can seem very persuasive but you will be tied in probably for a minimum contract.

I always ask myself who is likely to be the beneficiary of the arrangement. I concluded it was HSBC.

Imust admit, I used to bank with HSBC, now bank with Smile, who offer the same sort of thing, and worked for many years for NatWest, who brought a similar product out quite some time ago.

I've never seen the point, in all honesty. I can't see benefits worth paying even ten piunds a month for.

Cat

Thanks for feedback.

One thing I missed was that they will also pay 6% for 12 months (why only 12 months ? ) on your current account balance of up to £2500. Again,I think this is pretty marginal because you can get 5.7% on instant access with the leading internet banks.Admittedly it provides a bit more convenience, but it is not as fancy as it sounds.

To be fair to HSBC, the insurance aspect is useful if you travel a lot and are a family with kids.They are also starting to improve some of their customer offerings as the market hots up.

Hi thanks for your advice, we took it and really looked into the benefits and decided there were not enough to justfy it. The major one they plug is the free travel insurance however we have had free travel insurance already thrown in by our holiday company so this year it would not save us that much after all! So thank you for your advice, was much appreciated.
Kate

Hi Kate,

What was the outcome?

I bank with HSBC who I find are a pretty good outfit overall.I like their internet banking in particular.

I haven't subscribed to the bank account plus,in fact I came off the previous Premier Account when they started to charge for it. At nearly £13 per month,the benefits are marginal and not relevant to many.You get travel insurance included but I am not sure if that is for your your family or just you and you may want to check the cover it provides.

They enhance their Regular Saver rate to 10% from 8%, but that's worth about £30 before tax,if you are able to save £250 per month and leave it for a year.

There may be a few other small benefits which you will have to see are beneficial to you. I wouldn't rush into it there and then but think about it for a couple of days.Face to face these things can seem very persuasive but you will be tied in probably for a minimum contract.

I always ask myself who is likely to be the beneficiary of the arrangement. I concluded it was HSBC.

Considering changing our current account to the bank account plus. Got an appointment tomorrow with bank to discuss it. Wondering if it is worth the £12.95 a month for the benefits you get? Has anyone got this account and has it been worth it so far for you?
Kate