The Royal Bank of Scotland (RBS) offer a range of current accounts with added benefits. One such account is the Select Silver Account.
With the Select Silver account you can get insurance cover for European travel and mobile phone with preferential rates on currency.
It also offers time saving features such as 24/7 Digital Banking and an easy-to-use Mobile Banking app. This account can also be opened as a joint account.
This account however, is not available to Royal Bank of Scotland customers in Scotland.
What are the benefits of having an RBS Select Silver Account?
The following provisions are included with this account:
- European travel insurance - Travel insurance and winter sports cover for trips of up to 22 days are covered. If an account holder is 70 years of age or older, they will have to pay a £50 annual premium per person.
- Mobile phone insurance - Mobile phones and smartphones are covered with this policy. This includes cover against loss, theft, accidental damage and if the phone stops working. Two phones are covered for joint account holders.
- Ticket booking service - Account holders can receive 25% cash back on tickets for various performances throughout the UK and Ireland. This service is available for up to four bookings per year.
What is the fee for the RBS Select Silver Account?
The account has a monthly fee of £10.
How was the RBS Select Silver 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 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 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.