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cover, however, please note that some of the benefits i.e. 3% credit interest and a free £250 overdraft are being withdrawn this November.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.
[table id=28 /]
