The first part of our article on understanding what a packaged bank account is and if it was mis-sold to you….

You may be due a Refund plus interest!

Ron Amoore Managing Director Of Consumer Savings Network explains how people have been mis-sold Packaged Bank Accounts and are now getting paid back. We all know about PPI but what is a Packaged Bank Account?

A packaged bank account is a bank account where the Bank has added various products such as mobile phone and car breakdown cover and/or travel insurance, then tells their customers that they have been upgraded to a Gold or Platinum Level account which will provide these services. Usually this cover comes at a cost of between £12 to £25 per month. If you were ‘promoted’ by your bank to one of these Premium Bank Accounts or were never offered a free bank account that didn’t have these ‘benefits’, when you elected to open an account with your bank, then we can claim your money back plus interest Related Site. This is because PPI, staff were often incentivised to sign people up to these accounts as they made the bank more money.

An account that charges you £15 per Month held for 10 years could owe you a refund of over £2500 with added compensation and interest, not a bad bit of extra cash to pay for a holiday!