Packaged Bank Accounts

Packaged benefits often include breakdown cover, worldwide travel insurance and cover for our mobile phones. Packaged current accounts can offer good value if we take the time to ensure the monthly fee is paying for something we'd use anyway.

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Monthly balance:
£1,000
£0
£750
£2,000
Monthly overdraft:
£0
£0
£500
£1,000
Days overdrawn:
0 days
0 days
15 days
31 days

Based on your input
SORT DEALS BY: Annual Earnings Annual Overdraft Cost Monthly Fee Total Earnings/Costs (annually)
Barclays Bank Current Account
current account
  • Contactless payment debit card - option to personalise
  • Online banking with online statements, text alerts and mobile banking apps
  • Option to apply for an overdraft (subject to status)
  • Choose from optional Travel, Tech and Home feature packs for insurance policies (added cost)
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
None1st year:
£0
2nd year:
£0
Account requirements

Not available
via Choose
Representative example: Maximum arranged overdraft of £5,000 (subject to application and status) If you use an overdraft of £1,200 you'll be charged £1.50 per day when you use it.
Halifax Ultimate Reward
ultimate reward
  • For £15 a month (or £12 if you pay in £750 or more a month and pay out at least 2 direct debits), the account includes worldwide travel insurance, AA breakdown cover, and home emergency cover
  • Also includes mobile phone insurance and card protection
  • £75 cashback when you switch to Halifax
1st year:
£75
2nd year:
£0
1st year:
£0
2nd year:
£0
£15.001st year:
£-105
2nd year:
£-180
Account requirements

APPLY ONLINE
Representative example: If you use a planned overdraft of £1,200, then we'll charge you a daily fee of £1. for Ultimate Reward current accounts, you will pay the higher monthly account fee of £15 rather than £12 if you use your overdraft. This means there will be an additional indirect cost of £3 if you use the overdraft on this account.
TSB Silver Account
silver account
  • £50 interest and fee free overdraft
  • Includes European Couples Travel Insurance, Breakdown cover and Mobile phone insurance
  • £9.95 monthly account fee
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£9.951st year:
£-119.40
2nd year:
£-119.40
Account requirements

Not available
via Choose
Representative example: £50 interest and fee free overdraft. 19.84% EAR.
Nationwide FlexPlus
flexplus
  • 3.00% AER in-credit interest on balances up to £2,500
  • £10 monthly fee for holding the account
  • Worldwide travel insurance including winter sports cover
  • UK & European car breakdown and recovery assistance
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£10.001st year:
£-120
2nd year:
£-120
Account requirements

APPLY ONLINE
Representative example: If you use an arranged overdraft of £1,200 the amount you will be charged is 50p per day (variable).
Ulster Bank U First Gold Account
u first gold account
  • £10 monthly fee
  • Includes annual worldwide travel insurance, mobile phone insurance and 15% cash-back on concerts, shows and sporting events
  • Interest free arranged overdraft of up to £500 (subject to credit review and approval)
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£10.001st year:
£-120
2nd year:
£-120
Account requirements

Not available
via Choose
Representative example: Interest free arranged overdraft of up to £500. Above £500: 14.88%.
NatWest Reward Silver Account
reward silver account
  • Get 2% back in Rewards on 7 types of household bills if paid by Direct Debit.
  • On average NatWest customers earn £83 in Rewards per year. Based on monthly bills of £345 excluding the monthly £12 fee.
  • Includes many lifestyle benefits such as European multi trip travel insurance, preferential rates on travel money, mobile phone insurance & tastecard membership.
  • Ticket booking service, receive 25% cashback on tickets for theatre, dance, opera, concerts and more.
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£12.001st year:
£-144
2nd year:
£-144
Account requirements

APPLY ONLINE
Representative example: Overdraft limit: £1,200. Arranged Overdraft Usage Fee: £6 per charging period. Interest Rate: 19.89% (variable). Monthly Account fee: £12
Yorkshire Bank Signature Current Account
signature current account
  • £13.50 monthly fee
  • Overdraft available (subject to status)
  • Access to additional Savings Account Plus
  • Travel, mobile phone and gadget insurance, plus UK breakdown cover
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£13.501st year:
£-162
2nd year:
£-162
Account requirements

Not available
via Choose
Representative example: Planned borrowing: 12.50% EAR
Clydesdale Bank Signature Current Account
signature current account
  • Mobile, Internet and Telephone banking
  • £13.50 monthly account fee
  • Overdrafts available (subject to status)
  • Year round Travel insurance, UK breakdown cover, Mobile phone and Gadget insurance
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£13.501st year:
£-162
2nd year:
£-162
Account requirements

Not available
via Choose
Representative example: £25 buffer. Planned borrowing: 12.50% EAR.
TSB Platinum Account
platinum account
  • Pay no fees or interest on a Planned Overdraft up to £300, subject to application and approval
  • Includes Mobile Phone Insurance, Sentinel Card Protection, Aviva Travel Insurance and AA Breakdown Cover
  • £17 monthly fee
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£17.001st year:
£-204
2nd year:
£-204
Account requirements

Not available
via Choose
Representative example: Pay no fees or interest on a Planned Overdraft up to £300. Platinum Account overdraft interest rates: 19.84% EAR.
Bank of Scotland Platinum Account
platinum account
  • Worldwide Travel Insurance for you and your family including winter sports cover. All cover stops on the account holder’s 80th birthday
  • AA Breakdown Cover with Roadside Assistance, Relay, Home start and Accident Management
  • Mobile Phone Insurance
  • Card Loss Assistance
1st year:
£0
2nd year:
£0
1st year:
£0
2nd year:
£0
£17.001st year:
£-204
2nd year:
£-204
Account requirements

Not available
via Choose
Representative example: If you use a Planned Overdraft of £1,200 on our Platinum Account the overdraft interest rate we charge on the first £300 will be 0% EAR variable. The overdraft interest rate on the next £900 will be 19.89% EAR variable and a Monthly Overdraft Usage Fee of £6 will apply.

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Any calculations provided are intended as a general guide only for comparison purposes and should not be considered as an exact representation of what you will have to pay.


How to compare packaged bank accounts

What is a packaged current account?

Also known as a current account "with benefits", a packaged current account comes with extra products alongside the banking facilities, and it'll charge a monthly fee. The most common benefits are mobile and travel insurance, and breakdown cover; some accounts also include features like card or ID protection, home emergency cover, and preferential rates for other products from that bank or its partners.

Packaged accounts need to be considered carefully: the value of these extra features and products isn't always immediately obvious, and the details of similar sounding benefits will vary from bank to bank - and, where a bank offers more than one packaged deal, from account to account. What's more, many people will already have access to similar benefits through their home insurance or credit card.

How do I get a current account with benefits?

As with the current accounts that pay interest, customers will need to meet various conditions to continue to be eligible for their benefits. The most obvious condition of having a packaged account is the monthly fee, on top of which we'll also be expected to set up minimum payments in and out of the account each month.

Because these are considered "premium" accounts, applicants will need to be confident about their credit history. It is possible that someone with a spotless credit record may be turned down for a packaged account, as the banks are obliged to check that we're eligible for those extras: the travel insurance on offer is often only available to people aged under 70, for example, or it may be that the insurance company won't cover someone with a particular pre-existing condition.

When is a packaged account a good deal?

Packaged accounts are a good deal when they offer us something we'd have to buy separately for less than we'd otherwise have to pay. The easiest way to work this out is to calculate the yearly cost of having the account, then compare that with the combined cost of the features we know we'd use if we were to buy them ourselves.

This is when it pays to look into the details of the products on offer, particularly if we're interested in the travel insurance or breakdown cover offered. As well as checking basic eligibility, look at what exactly is included in that cover. The travel insurance on offer is usually fairly comprehensive, but while many policies include winter sports, some don't; the breakdown cover available varies considerably, and sometimes comes with a limit on callouts per year.

Packaged accounts can also make a lot of sense when they're being opened as a joint account. The conditions and cost of having the account will remain the same, but the packaged benefits will be available to both named account holders. This is particularly useful for boosting the breakdown and mobile phone cover available, for example: it'll be doubled for no extra cost.

When should I avoid a packaged account?

Current accounts with packaged benefits appeal because they sound like incredibly good value. When the products suit us, they are – but if we don't need one or more of those features, it's increasingly unlikely that they'll be worth the monthly fee. Identity theft protection, for example, doesn't cover the cost of our cards being used fraudulently – which is covered free of charge by most card providers themselves.

Packaged accounts also aren't the best option for people who find themselves overdrawn regularly; the interest and fees associated with going into the red will have the effect of making those "free" products much more expensive. That said, because they're premium products, some packaged accounts include more generous terms on overdrafts: look for references to an overdraft buffer or fee-free overdraft to see how the packaged account compares with a standard account – but be aware that these kind of perks are often only available to those with a perfect credit record. To compare current accounts with an overdraft see this table.

Are the benefits automatic?

Some of the benefits included with these current accounts will need to be activated before we can use them. This is often the case with the mobile phone insurance, for example, and anyone who has a pre-existing health condition will need to make those plain when they apply for the account - even if they're only having tests - or the travel insurance could be invalidated.

Go back up to the bank account deals  

Other comparisons

Search all accounts: compare
High interest bank accounts: compare
Cashback bank accounts: compare
Bank accounts with overdrafts: compare
Basic bank accounts: compare

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