The Signature current account from Yorkshire Bank is a Moneyfacts award-winning account for Best Current Account Provider in 2017.
As with other packaged bank accounts, the Signature account offers customers various insurance services, discounts in some high street retailers, supermarkets and holiday providers.
The signature account comes with a contactless debit card with Apply Pay and Android Pay facilities. Internet banking and the use of a mobile app means you can manage your money wherever you are.
What were the benefits of Yorkshire Bank Signature Account?
The following benefits are included in this account:
- Mobile phone insurance - Devices are covered in the event of loss, theft, damage and breakdown.
- UK breakdown cover - Breakdowns at home or on the roadside are covered. The policy also includes towage to a repairer or chosen necessary.
- Gadget insurance - Gadgets with a value of between £50 and £750 are covered, which includes laptops, tablets and mp3 players.
- ID defender - This gives you access to your credit reports and you can check to see if your personal details are being used by online.
- My Signature rewards - This part of the website gives you access to discounts on certain travel, leisure and retail shopping.
How much do Yorkshire Bank charge for the Signature current account?
The account had a monthly fee of £13.50
How was the Yorkshire Bank 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 Yorkshire Bank 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 did Yorkshire Bank do to have mis-sold you your Signature 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.