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What are packaged bank accounts?

What are Packaged Bank Account (PBA) charges?

A Packaged Bank Account (PBA) is a bank account where customers are required to pay a monthly fee in exchange for benefits.

This monthly fee is typically between £5 and £30. In return, the customer will get certain products like mobile phone insurance, travel insurance or breakdown cover.

Another name for this type of bank account is an Added Value Accounts. This is where you receive beneficial products in return for your fee.

Unfortunately, the Financial Conduct Authority found that banks had mis-sold a large number of these types of accounts. In the same way that PPI was mis-sold, there are a variety of reasons as to why a PBA may have been mis-sold to you.

How do you know if you’re eligible for a PBA refund?

To find out if you are eligible to make a claim, click ‘start your claim’ and fill out the simple form to receive a claim pack. Alternatively, click ‘download claim pack’ if you wish to print and post your form.