The Alliance and Leicester Premier 50 account was launched in 2009 and is specifically aimed at people aged over 50. The account was devised after research found that health and travel services were important factors to people of this age group.
Customers who sign up for the account get access to two out-patient private medical consultations a year, £750 towards out-patient diagnosic tests and access to a confidential helpline 24 hours a day.
For those aged up to 79 years will have unlimited world-wide travel cover.
Account holders will also benefit from being able to deposit cash and cheques at the Post Office and can manage their finances through internet, telephone and in-branch banking.
What were the benefits of Alliance & Leicester Premier 50 account?
The following benefits were included with this account:
- Worldwide Travel Insurance – The account holder is covered for trips of up to 31 days. Upgrades are available to cover winter sports, golf equipment and weddings.
- Healthcare Benefits – customers can benefit from two GP referred out-patient consultations per year per person up to the age of 79. This includes up to £750 per person, per year towards specialist referred out-patient diagnostic surgical procedures and tests.
- Identity Protection Alert – With this policy, account holders have unlimited access to their credit report. This includes email and text message alerts in the event of any significant changes to the report.
What was the Alliance & Leciester Premier 50 account monthly Fee?
The account had a monthly fee of £10, regardless of whether the account was in credit or not.
How was the Alliance & Leicester Packaged Bank Account mis-sold?
Like payment protection insurance (PPI), PBAs were often mis-sold by banks because the suitability of the product wasn't adequately assessed against the consumers’ needs and what the account offered was not properly explained to them. When Alliance & Leicester sold customers a Packaged Bank Account, it was their responsibility to outline all the benefits to the customer to ensure that the decision to take out a PBA was right for them.
How Alliance & Leicester may have mis-sold the Premier 50 account?
Many consumers did not want or realise they actually had a packaged bank account after the bank upgraded their account without telling them.
Before considering a packaged bank account, consumers should be made aware of alternative, free accounts that could also work for them.
Many consumers found that there were too many limitations on the policy that they would not have had if they had taken the insurance as a standalone policy. Additionally, consumers may have tried to make a claim on the policy only to find out that they were not covered.
Many consumers did not fully understand how much a packaged bank account was going to cost them per month.
If you are unlikely to use certain packaged bank account benefits, you could lose out. For example, if you don’t drive then breakdown insurance will not be suitable or applicable to your needs.
Please Note: Alliance & Leicester no longer sell the Premier 50 account.