Which? Best Rate current accounts 'recommended over packages'

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Which? Best Rate current accounts 'recommended over packages'

Fri 4th Jun 2010

Consumer champion Which? has recommended that people opt for a Which? Best Rate current account instead of a packaged banking product.

The organisation stated this week that packaged accounts are one of the top ten most useless financial products, claiming that they are "often not worth the money".

It pointed out that they can cost up to £300 a year, which it said was "needless" for anybody not using the attached extras and benefits.

Packaged accounts were among a number of deals attacked by Which?.

"Our research found that there's a bunch of financial products on the market that most people really don't need - but this doesn't stop companies from trying to sell them," the editor-in-chief of the campaigner's Money Quarterly James Daley commented.

A lovemoney.com article by Cliff D'Arcy on packaged accounts suggests that the extras included are often of "dubious value" and advises that it can be a bad idea for people to get all of their financial services from one source instead of cherry-picking deals from a variety of providers.

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