The Barclays Bank Premier Life 25 Account offers all round lifestyle management services where for a £25 monthly fee the customer gets enhanced insurance cover for travel, mobile phone, gadgets as well as breakdown cover, access to airport lounges and an extended warranty on domestic appliances.
In May 2012 the Premier Life 25 Account was withdrawn from sale to new customers. Barclays decided to move customers' accounts in 2015 from the Premier Life 25 Account to either the free Barclays Bank Account or the Premier Current Account, depending on each customers wealth status.
Regardless of which account you're moved to, you will have access to three insurance packs: Travel Plus Pack, Home Pack and the Tech Pack.
What were the benefits of Barclays Premier Life 25 account?
This account had the following habits:
- 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.
- Travel insurance - Insurance covered trips last up to 31 days, providing the account holder and their partner are under the age of 80 on the start of any trip. Business travel is also included.
- Mobile Phone insurance - Worldwide cover for mobile phones and smartphones which includes loss, theft, breakdown and accidental damage.
- Comprehensive RAC Breakdown cover in the UK and Europe - Includes roadside recovery in the UK, during travel and in Europe.
- Airport Lounge Access - Account holders are offered access to approximately 560 airport lounges worldwide, which includes up to 6 visits per year with immediate family.
What was Barclays Premier Life 25 account monthly Fee?
The account had a monthly fee of £25, regardless of whether the account was in credit or not.
How was the Barclays Premier Life 25 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 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.
What ways 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 Life 25 account.