People generally tend to look at reward current accounts as a bit of an ego boost. You pay £10 to £12 a month and you get a cool looking card that makes you look good in the shops.
Used correctly, these accounts can actually save you money. Take a couple with a joint current account. If they were to bank with Halifax, and take their Ultimate Reward Current Account for £12.99 a month, they would get quite a lot back in benefits.
By paying in £1000 a month between them, highly likely with combined wages, you get a £5 a month reward straight into your account. This brings the price down to just £7.99 a month, or £4 each.
On top of that you both get travel insurance, which while having a few restrictions, is sufficient for your two week summer holiday and a couple of city breaks a year. This is worth at least £40 between you.
Mobile Phone insurance, which covers both of your phones is also included free and each phone covered can cost as much as £12 a month at Carphone Warehouse and Phones4u. This saves you up to £24 a month of £268 a year.
AA breakdown cover, for both of you, saves you a further £35 each bringing the total amount saved to well over £300, for a cost of £96 a year.
You may argue that you wouldn’t usually buy all of these things, but phone insurance in the modern day is important with mobile phones becoming an essential part of our daily lives, and travel insurance and breakdown cover should be a necessity for all.
Even an individual taking the cover will find themselves better off over the course of the year, than if they’d taken individual holiday, breakdown and phone cover.
So next time your bank offers you an account you have to pay for, don’t think will this look good in my purse or wallet. Add up the value and you’ll usually find it’s worth some money.
Halifax Ultimate Reward Current Account INFO
Ultimate Reward Current Account – A bank account with additional benefits, like worldwide travel insurance and breakdown cover from a range of suppliers (exclusions apply), a fee-free overdraft of up to £300 , simple overdraft fees and a £5 monthly reward when you pay in £1,000 each month