Best Packaged Bank Accounts 2024 -
Offering more than just a place for your money
Updated 01 Apr 2024
A packaged bank account is a type of account that comes bundled with a variety of additional benefits. Unlike standard accounts, which typically offer the basics of banking, these bank accounts with benefits can include travel insurance, mobile phone insurance, car breakdown cover, and more - all for a monthly fee. They should be a one-stop financial shop designed to simplify your life and potentially save you money.
Revolut Metal
- Global Multi-Trip Family Travel Insurance by Chubb (90days, age 75)
- SmartDelay: 4 FREE lounge passes (1h+ flight delay)
- Car Hire Excess £2,000/y limit
Revolut Premium
- Global Multi-Trip Family Travel Insurance by Chubb (90days, age 75)
- SmartDelay: 2 FREE lounge passes (1h+ flight delay)
- Revolut Pro 0.6% Cashback
Monzo Premium
- Worldwide Multi-Trip Family Travel Insurance by Zurich (45days)
- Phone insurance - covers loss, damage, theft, and cracks
- Over 1,100 airport lounges discounted
Virgin Money Club M
- Worldwide Family Multi-Trip Insurance by AIG UK (31days, age 75)
- Green Flag UK and European Breakdown Assistance (no excess)
- Worldwide Family Mobile & Gadget Insurance by Assurant
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Nationwide FlexPlus
- Worldwide Multi-Trip Family Travel Insurance by UK Insurance (31days, age 70)
- UK and European Breakdown Assistance from the AA (no excess)
- Worldwide Family Mobile Phone Insurance from Assurant
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Halifax Ultimate Reward
- Worldwide Family Travel Insurance by Allianz (31days, age 71)
- AA Breakdown Family Cover with Roadside Assistance
- Pick one of Cinema Tickets, Digital Magazines, or £5 in your account (if qualified)
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The Co-operative Bank Everyday Extra
- Worldwide Multi-Trip Family Travel Insurance by AXA (45 days, age 80)
- RAC UK & European Breakdown Cover (EVs are included)
- LSG mobile phone insurance up to £1,500 (loss, theft, accidental and water damage)
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Lloyds Bank Club Lloyds Silver
- Lifestyle Benefits (Disney+, Cinema Tickets. Dinners)
- European Multi-Trip Family Travel Insurance by Allianz (31days, age 65)
- AA Breakdown Family Cover with Roadside Assistance
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Visit SiteLloyds Bank Silver
- European Multi-Trip Family Travel Insurance by Allianz (31days, age 65)
- AA Breakdown Family Cover with Roadside Assistance
- Worldwide Mobile Phone Insurance (damage, loss and theft up to £2,000)
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Revolut Ultra
- Global Multi-Trip Family Travel Insurance by Chubb (90days, age 75)
- Car Hire Excess £2,000/y limit
- Unlimited Airport Lounge Access
#The ideal bank account
Getting through the maze of banking can sometimes feel like a daunting task. With so many options at your fingertips, how do you choose?
How do you choose the best bank account with benefits that align with your lifestyle and financial goals?
We curated a list of the top accounts with benefits that the UK has to offer, showcasing perks that go beyond the basic banking needs. If you’re interested, you’ll find detailed review of some of these bank accounts above.
#Leveraging the package
For the savvy saver or the frequent traveler, the benefits that come with some of the bank accounts can be a financial game-changer. If you’re already paying for services like travel insurance or car breakdown cover separately, a packaged account may offer a more cost-effective solution. Moreover, these accounts often come with preferential rates or discounts on loans and mortgages, making them a smart choice for those looking to consolidate their financial products and services.
#Assessing the full value
It’s important harness the full potential of these accounts, start by assessing the value of the perks offered. You might know exactly what you need but in case you don’t, there are some questions that you might ask yourself.
- Will you utilize the discount coupons, or will they merely encourage you to spend more?
- Are you going to use the included worldwide travel insurance?
- Will the breakdown cover meet your needs?
- Do you really need a metal card?
- Are you confident that the cashback you receive justifies the monthly payments?
Once you’ve determined the usefulness of the benefits, ensure you’re not paying more than you would by purchasing these services individually.
It’s all about balance and making sure the account’s offerings align with your lifestyle. When selecting the best current account with benefits, it’s crucial to weigh the cost against how much you’ll use the included services. The value lies in the utilization of the benefits - if you’re not going to use them, a standard account may be more cost-effective.
#Understanding the risks
It’s important to note that we include both e-Money and standard bank accounts in this list to give you a better overview of the market. However, e-Money accounts don’t usually come with Financial Services Compensation Scheme (FSCS) protection. This shouldn’t deter you the slightest from considering a packaged bank account, as you’re able to securely store significant funds in free accounts that offer FSCS protection.
As always. be careful with signing up to financial products, while a bank account with the most benefits might seem like a no-brainer, it’s essential to consider the caveats. The monthly fees can add up, and if you’re not taking full advantage of the benefits, you could be out of pocket.
Always read the fine print, understand the level of coverage provided, and check for exclusions or limitations. Best practices involve regularly reviewing your account’s value and staying informed about changes to terms or fees.
#FAQs
#What if I've already signed up but want to cancel the packaged bank account?
Typically, there's a 14-day window known as the cooling-off period during which you can cancel. Review the terms and conditions of your bank account to understand the duration of the cooling-off period as well as any potential fees or requirements associated with closing the account once this period has elapsed.
#What is a packaged bank account?
A packaged bank account is a type of current account that comes bundled with a variety of additional benefits.
#What are the problems with packaged bank accounts?
If you utilize all the perks, a packaged bank account can be beneficial and even save you money. However, if you don't make use of these benefits, you're essentially paying for services you're not using.
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