Find the best premium bank accounts in this review by Compare Banks.
Best Premium Bank Accounts in 2023
Top-rated premium bank accounts – FAQs
Why do people need a premium or premier bank account?
A premier bank account is just a regular checking account but with fancier branding and a few extra features. You will have access to a debit card, an overdraft facility, bank transfers, direct debits, and orders, among other features typical of a current account. Some perks, like travel insurance and priority treatment, are included, however. The problem is that very few people will meet the bank’s stringent financial requirements to open a prime account.
A premium account is easier to get. They charge a monthly subscription but provide benefits like travel insurance or even breakdown protection. You don’t need to be making a six-figure salary or have a huge quantity deposited with the bank in order to apply for a premium account, and the requirements for maintaining the account are far less stringent.
What are the risks of a joint account?
It’s important to weigh your alternatives carefully before committing to a lifelong financial partnership by opening a joint account with your significant other.
With a joint account, you and your flatmate may split the rent or mortgage payment, among other household expenses, which can be quite handy. A financial bond is formed when two people establish a joint account together. The likelihood of getting a home loan authorised rises if you and the other applicant have high credit scores.
One of you may bring down the score, however, if they have a less-than-stellar credit history. If you want to open a joint account with your significant other, you need to both be financially stable. In the event that one spouse makes a substantial withdrawal or purchase, the other has no legal recourse to recover the funds from a joint account.
Do any free checking accounts come with perks?
There are a plethora of premium current accounts (about 60) available, but many consumers still choose no-fee checking and savings accounts. The majority of individuals in Britain’s banking system still don’t pay a charge for their current account, and the Payments Council’s 7-day switching regulation continues to provide customers with more options.
To entice clients to convert to their no-fee checking accounts, certain banks, including First Direct, provide monetary bonuses. The long-term benefits of opening a no-cost, high-interest account, however, may be much greater. Even if you’re not prepared to pay more for your existing account, you may still benefit by shopping around and finding the best deal for your needs.
Check over their savings accounts and other offers to see if you may be getting more out of them if you’re still stuck with the same bank account you’ve always been with but like their service. If you aren’t getting anything out of your loyalty programme, it may be time to find a new one or find a strategy to leverage your regular purchasing patterns into rewards.
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