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Consumer Rights.

Updated: 4 Mar 2021

I think I’ve been mis-sold my packaged account, what can I do?

If your bank account offers extra benefits and charges you a monthly fee, it is a packaged bank account. Find out what to do if you think you’ve been mis-sold.
Which?Editorial team

Packaged account mis-selling

Just because you pay for your bank account it doesn’t mean you’ve been mis-sold. 

If your account has benefits that you're likely to use, you could actually save yourself money, so check you have the best account for you.

But, some people have been mis-sold accounts. Examples of how you might have been mis-sold include:

  • You were signed up without being told
  • You weren’t told you could have a free bank account instead
  • You were told you would get ‘unbeatable’ deals on other financial products or services by taking out this account, but found you could get them cheaper as a new customer
  • You were told you had to get a packaged account in order to access other products such as a loan or mortgage
  • You were signed up to an account and your bank knew you wouldn't be eligible to claim on one or more of the benefits, eg you were too old to be able to use the travel insurance
  • Your bank or building society failed to tell you that you were no longer eligible for one or more of the benefits, eg you had passed the maximum age limit to claim on the travel insurance

Find out how to complain about packaged account mis-selling.

Key Information

Top tips

  • The Financial Conduct Authority has issued new rules for packaged accounts that financial providers must adhere to
  • Even if you haven't been mis-sold your packaged account, you should be able to change your mind and revert back to a standard account if you are not using the benefits associated with your packaged account

Packaged account rules

The Financial Conduct Authority (FCA) has issued rules that banks and building societies must follow when they sell packaged accounts.

These rules applied from 31 March 2013 and should make sure customers are able to choose the best account for them.  

Under the new rules banks and building societies must:

  • Check customers are eligible to claim under each policy offered as a benefit
  • Check whether each policy is suitable for the customer and tell them if it isn't
  • Send customers an annual eligibility statement, explaining how they can claim on each of the benefits in the package

If you don’t believe your financial provider has adhered to these rules, you have grounds to complain that you've been mis-sold.

You can use our template letter to complain if you've been mis-sold a packaged bank account.

Bank account switching

Even if you haven't been mis-sold, you might find you don’t use the benefits you're paying for on your account, or you can no longer afford it.

If you’re only using one or two of the benefits, you should shop around to get the best possible deal on this benefit.

You can always ask your bank to change your account back to a standard one, at any time, and you won’t have to change your account number.

If you change back to a standard account, make sure you’re not using any of the benefits, as you may find yourself financially worse off. 

A number of these accounts offer interest-free authorised overdrafts, so make sure you’re not using your overdraft when you switch to a standard account to avoid incurring charges.