Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Are Reward Bank Accounts Worth It?

6 replies

Paul2023 · 02/11/2024 12:23

Been with Halifax for years and have a joint account with DW. We have the ultimate reward account and had that for years too.

They push the prices up , we now pay £19 for the benefits they offer. But they really worth it?

I think most accounts are similar with similar fees. However I’ve noticed the benefits have been downgraded, they word it differently by saying how they’re making changes to their benefits. An example is one I used the other day.AA cover. Unfortunately, we broke down the other day on the way to a holiday , on the motorway and early in the morning. Very convenient!!

Called the AA via the bank account telephone number, the man took two hours to get there. Fair enough we drove to a safe place but still two hours is a long time in a car with two DC.

The man fixes it eventually ( fair enough) but he said we are only covered for roadside assistance and home start. The cover I thought I had is no longer available, for instance relay and been driven anywhere in the UK incase they can’t fix you . Apparently lots of people think they’re cover ed for this when they arnt.

Im pretty sure the Halifax’s AA policy covered all things but they’ve taken things out. I’m sure they hope people don’t notice.

Then there’s worldwide travel insurance, when we don’t go abroad , or hardly ever. Then there’s the home emergency cover, although when you really read into it they do the basics.

I have boiler cover and plumbing and drains with British Gas, who I must say are usually pretty good despite some of the criticism they get.

Probably cheaper and get better breakdown cover with my car insurance company?

OP posts:
Paul2023 · 02/11/2024 18:31

Any advice ?

OP posts:
Nourishinghandcream · 02/11/2024 19:07

We have never paid for a rewards account as we have never found one that would be beneficial for us.
Am sure they work for some people but you have to be realistic about how much benefit you will actually receive.

Popular ones are:-
Roadside cover - We have a stand alone all inclusive policy which covers all the vehicles in the household for roadside assistance, recovery to destination of choice, home start, classic vehicles etc etc
Discounts on coffee - Never buy takeaway coffee.
Cinema buy one, second goes free - Don't go to the cinema.
Discounts at certain restaurant chains - Don't eat out.
Travel insurance - Don't travel abroad.
Free lifestyle magazines - Thought this might be one we actually liked but sadly they didn't offer any of the magazines we would normally buy.😖

caffelattetogo · 02/11/2024 19:08

Have you priced up how much it is for the items you use individually?

Paul2023 · 02/11/2024 19:18

Doing that now Caffe !

OP posts:
DrMadelineMaxwell · 02/11/2024 19:24

I have the club lloyds account, but only because it has a low cost (£3) and that is refunded to you if you pay enough into the account monthly, which I do. Then I get 6 free cinema tickets. You used to be able to stack the free ticket with a meercat code to get another free ticket, but they stopped that last year.

ainkeepsfalling · 02/11/2024 19:35

We started one simply because the travel insurance premium for a year (we were going on several trips) was more than a year's worth of banking fees when paying £9 a month. It's now gone up significantly so will probably cancel it!

New posts on this thread. Refresh page
Swipe left for the next trending thread