The Signature Account is Clydesdale Bank's award winning account. It was recognised by Moneyfacts as being a Best Packaged Current Account in 2017.
The Signature Account offers year-round travel insurance for the family, breakdown cover in the UK plus phone and gadget insurance. In addition to the insurance customers get ID Defender plus discounts at various high street retailers, supermarkets and holidays.
You can manage your money by using internet banking or by touch ID to log into the mobile app.
What were the benefits of Clydesdale Bank Signature Account?
This account has the following provisions:
- Travel insurance - This policy is underwritten by AIG Europe Limited and covers unlimited trips per year, with up to 31 days cover for each one. There is also an additional 17 days winter sports cover per year. The account holder and their partner are covered provided they live in the same household. Up to four dependent children can be included under the age of 18, if they are in full time education or live in the same household as the account holder. Account holders are insured up until the age of 75 and any pre-existing medical conditions will affect eligibility.
- Mobile phone insurance - One phone per account holder can be covered up to a value you of £1,200 (including VAT). This insurance policy is provided by Lifestyle Services Group and underwritten by Assurant General Insurance Limited. Two claims can be made in any 12-month period and an excess of £50 or £100 payable on successful claims. However, this does depend on the circumstances of the claim.
Incidences of loss, theft, damage and breakdown (including faults) are all covered with this policy. Any accessories involved in same incident are also covered up to the value of £250 per claim. Registering a phone isn’t essential but outlined by the provider as recommended to “help improve the claim process”.
- Gadget insurance - This insurance policy is provided by Lifestyle Services Group and underwritten by Assurant General Insurance Limited. Laptops, tablets, digital cameras, smartwatches, video cameras, fitness trackers, satnavs and mp3 players are all examples of portable, electronic devices that are covered under this policy. Those with a purchase price between £50 and £750 (including VAT) are covered, with an excess of £25 or £50 payable on successful claims depending on the circumstances of the claim.
Incidences of loss, theft, damage and breakdown (including faults) are covered under this policy. It must be noted that tablets and laptops are not protected against loss. Accessories that are involved in the same incident are also covered up to £250 per claim. At the point of a claim, gadgets must be no more than 5 years old and up to two claims can be made in any 12-month period.
- UK breakdown cover - Provided by Green Flag, account holders can benefit from cover at home or on the roadside should a breakdown occur. Repairs or recovery are also included in this policy. The account holder and any passengers will be offered transport to an available repairer or to a chosen destination within 10 miles of the incident. Account holders are covered as a driver or a passenger.
- Signature rewards - Account holders can enjoy discounts from major stores and supermarkets like Asda, Sainsbury’s, Argos Boots and more. Discounts also extend to holidays, tickets and events.
- ID defender - Information that is shared online is protected and the account holder is warned if their data is being accessed without authorisation. Provided by Lifestyle Services Group, this policy includes keystroke encryption software that can be downloaded onto three devices. Web detect can check if personal or financial details are being used online. The account holder can also access their credit history at any time with the online credit before. Additionally, a specialist fraud helpline is also available for support should an incident of identity fraud occur.
What was Clydesdale Bank Signature Account monthly Fee?
The account has a monthly fee of £13.50.
How was the Signature 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 Clydesdale 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 Clydesdale Bank may have mis-sold 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.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.