
Packaged bank accounts come with a monthly fee to cover all the insurance related benefits and extras and can be a good deal as long as you make use of all the individual elements.
Seeking out the best packaged current account isn’t always black and white, it’s about finding a deal that is most relevant to your needs and lifestyle.
Be sure to check the small print before you sign up – for example what’s the maximum age for travel insurance cover?, does the car breakdown insurance cover home start? and what’s the details of the mobile phone cover? – and of course are there any excesses to be aware of (especially on the mobile phone insurance).
The Nationwide Building Society FlexPlus still comes out on top when you look at the combination of price and comprehensive cover, however, please note that some of the benefits i.e. 3% credit interest and a free £250 overdraft are being withdrawn this November.
If you already have a packaged current account but find you’re not making full use of the add-ons it may be cheaper just to buy what you need as a separate insurance and save yourself a couple of hundred pounds a year in bank fees by switching to a standard bank account.
Five of the best packaged current accounts
Provider | Car Breakdown/Recovery Insurance | Travel Insurance | Mobile Phone Insurance | Other Benefits |
---|---|---|---|---|
Nationwide B S Flex Direct £13 Per Month | UK and EU breakdown and recovery Includes Home Assist | Worldwide Family Travel Insurance Max age 69 | Worldwide Family Mobile Phone Insurance Covers whole family living at home address | • 3% credit interest up to £2500 balance* • First £250 overdraft free* |
Halifax Ultimate Reward £17 Per Month** | AA Breakdown cover including Home Start UK only | Worldwide Family Travel Insurance through AXA Max age 70 | Insurance via Lifestyle Services Group Covers account holder only – 2 phones if joint account | • £300 free overdraft • Home Emergency Cover |
First Direct First Directory £15 Per Month | RAC Motor breakdown including cover at home UK and EU | Worldwide Family Travel Insurance through Aviva Max age 69 | Insurance via Aviva Covers account holder only – 2 phones if joint account | • No cash withdrawal charges on debit card when used abroad |
Co-Operative Bank Everyday Extra £15 Per Month | RAC Motor breakdown including cover at home UK and EU | Worldwide Family Travel Insurance through AXA Max age 79 | Insurance via Lifestyle Services Group Covers account holder only – 2 phones if joint account | |
NatWest Reward Platinum £20 Per Month | Green Flag car Insurance UK only and no cover for breakdown at home | Worldwide Family Travel Insurance through UK Insurance Limited Max age 69 | Insurance via Aviva Covers account holder only – 2 phones if joint account | • 2% cashback on all household bills paid by direct debit • Fee free purchases on Debit Card Transactions Abroad • 40% off Cinema Tickets |
Research from provider websites 06.08.2019 **Monthly fee reduced to £15 if £750 paid in and 2 direct debits each month *Nationwide BS – Benefits being withdrawn in November |
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