Red Arrows and Pasties
Aug 26, 2013
I didn’t realise living in Cornwall would be so exciting and so unusual all rolled into one. We have managed to cram as much as possible into the last week or so; juggling work and unpacking whilst trying to make the most of our new scenery and the last few days of summer sunshine (yes I’m afraid it is getting to that time of year!).
First there was the British Firework Championships in Plymouth which were amazing. I have never seen or heard for that matter such fantastic fireworks.
Secondly there was the Red Arrows at Fowey Regatta. I was completely and utterly speechless. Having seen them as a child from a boat in the middle of the estuary, Claire kept telling me how close to the water they flew but I have to admit to not believing her. Childhood memories are after all often exaggerated but I was wrong; oh boy was I wrong. If you’ve never seen them, add it to your bucket list.
We then capped off the day by watching the presentation of the world’s largest pasty and on Friday night went to watch pig racing at a local charity event. Only in Cornwall!
In between all this joviality I have noticed quite a lot of noise in the news this week about so called ‘packaged bank accounts’ and the possible mis-selling of them by our lovely friends at the bank.
For those who don’t know, packaged bank accounts or fee based bank accounts as they are also known are accounts that include additional services. You pay a monthly fee, usually between £10 to £25 and in return, get your usual banking services along with additional services such as preferential savings rates, travel insurance, car breakdown cover and mobile phone insurance.
For some, this kind of banking is ideal as the added perks are useful and therefore added value. It is worth checking out the prices of each individual item such as travel insurance to be sure you are actually saving money though.
For others, fee based bank accounts are unnecessary and costly; especially if you have no need for things like car breakdown cover or never travel abroad.
The Financial Conduct Authority (FCA) has become concerned about this type of bank account and the potential for mis-selling and as a precautionary method, has introduced guidelines around how providers market these products going forward. As you would expect it all comes down to need.
If you have one of these accounts and don’t use the services; signed up for it without realising what it was or are not eligible to claim for one or more of the additional services, it might be worth complaining to your Bank.
For more information on fee based bank accounts, take a look at our types of bank account section.
By Ashley Shepherd