High Street banks face an imminent crackdown from the City watchdog over concerns that expensive fee-based current accounts costing up to £300 a year are being mis-sold to millions of customers. Packaged accounts are routinely sold to customers in branches, over the phone and online as an ‘upgraded’ version of their ordinary current accounts. They cost anything from £5 to £25 a month, which can sound like a small enough sum but, added up over a year, cost as much as £300.

What you get for your money will vary, but most tend to include a host of extras including travel insurance, breakdown recovery and mobile phone cover, as well as ‘perks’ such as commission-free travel money and free access to airport lounges. For example, the Barclays Additions Active costs £15 a month — £180 a year — and includes roadside recovery from RAC, worldwide travel insurance, extended warranty cover for domestic appliances and even a...Read more here---> New bank mis-selling scandal as watchdog plans 'premium' account crackdown