New rules came into force this month to help the seven million people with fee-paying current accounts get better value, but for many these products will still not be worth having.
The number of so-called packaged accounts on the market has more than doubled since 2006 and around one-fifth of UK adults now have one.
They cost between £72 and £300 a year and include a range of benefits such as travel, mobile phone and car breakdown cover.
However, according to consumers' organisation Which?, one-third of account holders make no use of these extras.
Some forget about them or do not realise what they are paying for, while others find they are not eligible when they try to claim on one of the policies because of their age or other exclusions.
As a result, the Financial Ombudsman Service receives around 60 complaints a week about packaged accounts, three-quarters relating to the way they were sold.
To combat this, the new regulations now in force state that, before signing up new customers, banks must check they are eligible to claim under each policy – and let them know if they are not – so they understand exactly what they are, and are not, getting for their money.
Providers will also have to send all customers annual statements showing if they are still eligible to claim. This is particularly important for travel policies, which generally have an upper age limit.
Michael Ossei, personal finance expert at comparison website uSwitch.com, said: "For too long customers have been paying over the odds for bank accounts that offer benefits that they may not even qualify for.
"The new rules will bring some much-needed clarity to the packaged account market and may even force a shake-up within the industry.
"Banks will now have to go through a proper process to ensure customers meet the strict criteria for an insurance policy before they can sign up.
"The lengthy procedure may push some into deciding against offering these policies in the future – it may no longer be worth their while."
Bank of Scotland and Lloyds TSB, both part of Lloyds Banking Group, recently stopped selling packaged accounts in branches, although existing customers can still upgrade online to added value options charging up to £300 a year.
The Co-operative Bank and its internet arm Smile have withdrawn their products from sale pending a redesign, and Santander has replaced its packaged accounts with 123, a cashback product costing £24 a year.
Meanwhile, the Post Office is responding to the demand for simpler financial products.
This week it revealed plans to launch a current account, which is expected to be made available via a small number of Post Office branches this year before becoming more widely available in 2014.
Nick Kennett, director of financial services at Post Office, said the company had carried out extensive customer research of the current account market, with feedback stipulating a need for simplicity, transparency and value for money.
He said: "The Post Office is undertaking a significant transformation, providing more and more essential services to our customers across mails, government and financial services."
There are still more than 50 other packaged accounts still on the market, with charges starting from £72 a year. One of the newest is Nationwide's FlexPlus, costing £120. Phil Smith, the building society's head of current accounts, said: "While we acknowledge that fee-paying packaged accounts aren't for everyone, there are still a significant number of people who get real use and value from them.
"Nationwide will continue to offer accounts with no monthly fee for those customers who don't want or won't benefit from a fee-paying packaged account."
The new regulations should ensure that no-one opens a packaged account without realising what they are paying for.
However, they will not change the fact that, for many customers, these products – particularly the more expensive ones – are not cost-effective.
According to Which?, even if you are among those who make good use of the benefits, you may still not get value for money, as many are available more cheaply elsewhere.
There is little point, for example, in paying up to £300 a year for an account that offers "free" insurances if you could buy travel and breakdown protection direct from the providers at a fraction of the price and your mobile phone is already covered under your home contents policy.
Which? executive director Richard Lloyd said: "Banks and building societies must be completely upfront about what is and isn't included in a policy when they are selling packaged accounts.
"Customers shouldn't be sold policies they don't need or can't use.
"We welcome the change in regulations, which protects consumers from being sold a packaged account when they are not eligible to claim on the benefits, but we want to see regulators rigorously enforcing the rules to prevent mis-selling and taking action against providers who continue to link staff bonuses to the sale of these products."
If you believe that you were mis-sold a packaged account, whether this is because the bank signed you up without your knowledge at the time, told you that it was compulsory for you to have one, did not explain the charges or misrepresented the benefits, write to them stating your case and asking for a refund.
If your claim is rejected, or you don't get a satisfactory response within eight weeks, contact the free Financial Ombudsman Service on 0800 023 4567 or at Financial-ombudsman.org.uk.
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