The Reward Black Account is one of the packaged bank accounts sold by RBS and is exclusively available to RBS Premier customers. The Black Account is therefore subject to application and approval.
The monthly fee is higher than for other accounts, £24, but this does reflect quality of the benefits, services and discounts that come with the account.
What are the benefits of the RBS Black Account?
This account includes the following benefits:
- Mobile phone insurance - Up to four mobile phones can be covered with this policy, which includes the account holder and their family members who live at the same address. Loss, damage, theft and unauthorised use are also covered.
- Worldwide travel insurance - Extra-long cover for trips of up to 90 days. This includes 31 days for winter sports and covers the account holder and their family.
- UK and European car breakdown cover - Roadside assistance is available in the UK and in Europe. This includes a recovery service if the car can’t be fixed at the roadside and a home-call service.
- Home emergency cover - Account holders can benefit from 24-hour home emergency cover for their main residence, as well as a second home in the UK. Domestic emergencies like a break in, burst pipes or utility failure are covered.
- Black concierge and ticket service - A concierge service is included to help the account holder with getting tickets for exclusive events and booking tables at top, international restaurants.
What is the RBS Black Account monthly Fee?
The account had a monthly fee of £24.
How was the RBS Black 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 RBS 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 could RBS have mis-sold you your Black 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: RBS no longer sell the Black Account.