The benefits of packaged bank accounts will vary in value. The 'value' includes how much the benefits are worth purely money wise, but also how important they are to you as an individual.

The best packaged bank accounts are the ones that meet your needs, but also offer good monetary value.

How to find the best packaged bank accounts

Our comparison table will help you to find the best packaged bank accounts available. It includes every one of the packaged bank accounts available in the UK.

It's always a good idea to work out how much the benefits would cost you to buy as standalone products. Do this before you commit to choosing one of the packaged bank accounts.

For example, packaged bank accounts with travel insurance can be great. But, if you've already bought an annual travel insurance policy, you might not need it.

What do bank accounts with benefits offer?

All packaged bank accounts are different, but some of the best packaged bank accounts could come with financial products like:

Travel insurance
Breakdown cover
Mobile phone insurance
Home insurance
A linked savings account with an exclusive interest rate.

The very best packaged bank accounts can also include additional features like:

VIP travel packages
Having your own account manager at your bank.

The more benefits that packaged bank accounts come with, the more they're likely to cost.

Find out more about what you can get with a packaged current account

Are packaged bank accounts worth it?

Packaged bank accounts can be a cheaper option than buying the benefits separately. You can also cover several of your financial needs with just one account which can make things smooth and easy to manage.

But it's important to be aware that packaged bank accounts can also cost you more if the benefits are unsuitable or too expensive.

To find the best packaged bank accounts, there are a few things that are important to check, so that you don't end up with one that's unsuitable one for your needs.

Check that:

The fee costs less than buying the extra features separately
The account offers benefits you'll use
You don't already have the benefits it offers (for example, you might already have home insurance)
The insurance products on offer would pay out if you needed to claim
It offers all the other banking features you need (such as an overdraft or online banking.

Bank accounts with travel insurance

As with any travel insurance, it's important to declare any pre-existing medical conditions. If you don't, you could invalidate the policy.

It's also a good idea to check whether bank accounts with travel insurance are offering protection against coronavirus. And it's worth checking if you get winter sports protection, too.

Bank accounts with phone insurance

You should be aware that some bank accounts with phone insurance limit your claims to one or two per year. Check the small print carefully.

The same applies to breakdown cover - some banks restrict how many call-outs you can make a year.

Can you get joint packaged bank accounts?

You can, and these can be an excellent idea. Often, you'll get the perks for all the account holders for just one fee. This can make the account much better value, so it's worth looking into.

Don't forget that if you have a joint packaged bank account, you'll both be liable for any debts accrued on the account.

Pros and cons of packaged current accounts

Peace of mind because you’re fully insured 12 months a year
One straightforward monthly fee
Don’t need to purchase insurance separately every time you travel
High-end cover levels

You may not need all the benefits, in which case it isn’t great value for money
Other accounts may offer better rewards, such as interest on your balance

There's a history of packaged bank accounts. What should I look out for?

There are rules about how insurance should be sold as part of packaged bank accounts. For example, banks have to check:

Whether you're eligible to claim under the policies
Whether the policies are right for you
That you understand and are aware of what you're signing up for.

Providers of packaged bank accounts are obliged to provide clear and unambiguous information. If they haven't done that, you might have been mis-sold.

If you think you've been mis-sold a packaged bank account, the first step is to speak to your bank. Send them a letter or email them. They may be willing to make things right by refunding your fees. If they're not, you can take your complaint to the financial ombudsman.

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Last updated: 12 May, 2022