Legacy Hsbc Advance aspects account - is it worth it?

[ChefWifeLife]

Hi all. I’ve had a legacy hsbc advance aspects account for years. You can’t get this one anymore so if I leave I won’t be able to join again.

Its about £12 a month and includes mobile phone cover, travel insurance and breakdown.

There are some great transfer deals to other
banks atm and I’m wondering if it would be cheaper to buy all these insurance covers separately? Has anyone done similar?

For reference, I have never used the mobile phone cover, never made a claim on travel insurance and not used the vehicle breakdown for years.

Thanks very much.

Do you have a phone, travel and drive a vehicle though? The fact that you’ve never claimed doesn’t mean you don’t ‘use’ the insurances, they’re there for your peace of mind in case something does go wrong. Obviously if you don’t have a phone, travel anywhere or drive a vehicle then the insurances are useless and there’s no point paying for them.

Try looking on comparison sites to see how much it would cost to replace the insurances for the level you need. That will tell you whether the £12pm is good value or not.

Also check whether others in your household (if relevant) are covered by the bank insurances and ensure that you factor in the cost of covering them separately.

I have those three insurances with my Nationwide account and it costs me £13 a month. When I first opened the account I worked out that basic annual breakdown cover with the AA cost more than 12 x £13 so it was immediately a win for me. Add the travel insurance on top and it makes it cheaper to have the account.

If you want to take advantage of the Bank switching deals, open or use another account for the switch. I've done that too and am just waiting for my TSB payment before I switch again.