The largest high street banks in the UK desperately try to entice customers with their current account packages. Thus, most of them now offer numberless extra benefits (cheap loans, car breakdown coverages, holiday insurance) with the aim to attract new customers and to gain the competitive advantage on the market.

Although these packages may seem enticing for many people, a study carried out by the Financial Services Authority (FSA) discourages customers from choosing packaged accounts, because, according to their conviction, there is a risk of fraud by the banks.

Although the prospect of loans with affordable rates may stimulate one person to open such a bank account, for those who do not need a personal loan, or do not plan to obtain a loan in the future, this benefit would be useless.

Most owners of packaged bank accounts have to pay a monthly fee, which is fixed no matter which benefits they actually use. Although the amount of fees varies greatly in different banks, there are increasing concerns that clients could end up paying for services they never use.

In addition, the FSA has warned consumers that it could still turn out to be more cost-effective for them to look for products such as cheap loans elsewhere on the open market, rather than allowing themselves to be cheated by their bank.


The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.