Alliance & Leicester has revealed that although UK banking customers are paying up to £200 a year in fees for packaged current accounts, only 37 per cent put these little extras to use.
The survey suggested that despite the fact that six million banking customers possess this type of bank account, customers are more interested in overdraft facilities and interest rates than additions such as insurance cover and legal advice that often go to waste.
In terms of reasons why they had a packaged account at all, 38 per cent of banking customers cited their bank's recommendation.
Less than half, 49 per cent, believed their packaged account to be one of good value, with one in eight believing that a better deal simply was not out there.
One in ten bank customers were under the impression that by paying a premium they could get a better banking service.
Simon Ripton, current account manager at Alliance & Leicester commented: "There is a real danger that banking customers are encouraged to take out the latest packaged account offering whether or not it is right for them and whether or not the benefits offered as part of the account will be of any use to them.
"We urge packaged account customers to question whether the £130 most of them pay out each year is really worth it."
A&L: Packaged accounts more interested in interest rates and savings
Financial Services > e-banking > Banking news
A&L: Packaged accounts more interested in interest rates and savings
Fri, 23 Sep 2005
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