The Premier 50 Account is just one type of account from a range of packaged current accounts available at Santander.
For a monthly fee, customers enjoy the beneifts of annual worldwide family travel insurance, health benefits from AXA PPP healthcare, identity protection alert and card assist.
However, in bid to simplify the number of accounts, Santander reduced the number of their current accounts from 14 to two in 2003. All accounts were changed over to the fee-free Everyday Current Account. Customers who wished to continue with a fee-paying account could apply for the 123 Account.
What were the benefits of Santander Premier 50 Account?
This packaged current account came with following benefits:
- Worldwide travel insurance - Trips of up to 31 days are covered under this policy. Upgrades are available to cover winter sports, golf equipment and weddings.
- Healthcare benefits - Customers can benefit from two GP referred out-patient consultations per year, per person provided that are not aged 79 or over. This includes up to £750 per person, per year towards specialist referred out-patient diagnostic surgical procedures and tests.
- Identity protection alert - Account holders have unlimited access to their credit report, which includes email and text message alerts.
What was the monthly fee for the Santander Premier 50 Account?
The account had a monthly fee of £10, regardless of whether the account was in credit or not.
How was the Santander Premier 50 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 Santander 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.
Did Santander mis-sell you the Premier 50 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: Santander no longer sell the Premier 50 Account.