The Current Account Plus was a more basic packaged bank account from Barclays. It offered mobile phone insurance, gadget cover and an extended warranty on domestic appliances, for a monthly fee.
Barclays removed the Current Account Plus account from sale to new customers in May 2012, but existing customers were still charged the relevant monthly account fee and continued to receive the benefits of the service.
What were the benefits of Barclays Current Account Plus account?
This account came with the following benefits:
- Mobile Phone Insurance - Worldwide cover for mobile phones and smartphones which includes loss, theft, breakdown and accidental damage.
- Gadget Cover - Tablets, laptops, cameras, video cameras, MP3 players are included in this policy, offering protection against theft, breakdown, accidental and malicious damage.
- Extended Warranty - An additional one year’s cover on domestic appliances, on top of the standard one-year manufacturer’s warranty and covers breakdown caused by accidental damage.
What was the Barclays Current Account Plus Account monthly Fee?
The account had a monthly fee of £6.50, regardless of whether the account was in credit or not.
How was the Current Account Plus PBA 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 Barclays 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. Reasons why Barclays may have mis-sold you your packaged bank account: 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.
Could Barclays have mis-sold you your packaged bank 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: Barclays no longer sell the Current Account Plus account.