Worldwide family travel insurance is one of the most commonly included benefits with packaged bank accounts. Just check carefully for exclusions around topics like maximum age and pre-existing conditions.
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Compare packaged current accounts
Get added benefits with your current account
Packaged current accounts offer banking and extra features
Packaged current accounts come with added extras like travel insurance, breakdown cover, mobile phone insurance and more.
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a UK-authorised bank or building society (or the first £170,000 for a joint account) will be safe even if the business goes bust.
Package current account deals
5 results found, sorted by monthly account fee.
4.10% AER (variable) on Instant Access Savings, travel, phone and breakdown cover
Monzo Max
Overdraft interest rate
39%EAR
AER
0.00%
Monthly fee
£17
Joint account
No
Representative example:
If you use an arranged overdraft of £1,200 you will be charged 39% APR Representative/EAR variable. Subject to financial status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
More Information
Additional information
- Max is Monzo’s take on packaged bank accounts. It is a way upgrade your Monzo Current Account with added benefits.
- Instant Access Savings rate — Earn 4.35% AER (variable) interest. Interest paid monthly. No minimum deposit. Maximum deposit £100,000.
- Worldwide travel insurance — Multi-trip cover for cancellation up to £5,000, medical bills up to £10m, lost valuables up to £750, winter sports, a car hire excess waiver up to £3,000, and more. Provided by Zurich, powered by Qover. Ts&Cs apply. £50 excess for a successful claim.
- Worldwide phone insurance — Protect your phone and accessories from loss, theft and accidental damage, including cracked screens. For phones worth up to £2,000 and accessories up to £300, like headphones and chargers. Provided by Assurant. Ts&Cs apply. £75 excess for a successful claim.
- UK & Europe breakdown cover — Personal cover including at home assistance, onward travel and vehicle recovery to keep you moving. You don't even have to be the driver, you're covered as a passenger too. Provided by RAC. Ts&Cs apply.
- Get an annual Railcard — worth £30 a year. Save 1/3 or more on eligible train journeys.
- Get a weekly Greggs treat — saving you up to £7 a month. Choose from a sausage roll, regular sized hot drink, doughnut or muffin every week at Greggs.
- Fee-free cash withdrawals abroad — Unlimited in the UK and EEA and up to £600 fee-free every 30 days elsewhere (which is 3x more than our standard allowance). You can take out more than that in a 30-day period but we charge you 3% each time.
- You must open a Monzo Current Account to sign up to Monzo Max.
Eligibility
| Maximum Age | 69 years |
| Maximum Investment | Unlimited |
| Minimum Contract Term | 3 months |
| Minimum Age | 18 years |
| Permanent UK Resident |
4.10% AER (variable) on Instant Access Savings, Weekly Greggs, Annual Railcard
Monzo Perks
Overdraft interest rate
39%EAR
AER
0.00%
Monthly fee
£7
Joint account
No
Representative example:
If you use an arranged overdraft of £1,200 you will be charged 39% APR Representative/EAR variable. Subject to financial status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
More Information
Additional information
- Perks is Monzo’s take on packaged bank accounts. It is a way upgrade your Monzo Current Account with added benefits.
- Instant Access Savings rate — Earn 4.35% AER (variable) interest. Interest paid monthly. No minimum deposit. Maximum deposit £100,000.
- Get an annual Railcard — worth £30 a year. Save 1/3 or more on eligible train journeys.
- Get a weekly Greggs treat — saving you up to £7 a month. Choose from a sausage roll, regular sized hot drink, doughnut or muffin every week at Greggs.
- Fee-free cash withdrawals abroad — Unlimited in the UK and EEA and up to £600 fee-free every 30 days elsewhere (which is 3x more than our standard allowance). You can take out more than that in a 30-day period but we charge you 3% each time.
- Connected banks and credit cards — Get a clear view of your finances by adding your other bank accounts and credit cards to Monzo. See your balances and transactions, and move money around with easy bank transfers.
- Credit insights — Understand what healthy credit looks like and track your Equifax and TransUnion credit scores weekly, with estimates for how many points you could increase a score by with certain changes.
- Advanced roundups — Automatically put 2x, 5x or 10x as much spare change into savings every time you spend.
- You must open a Monzo Current Account to sign up to Monzo Perks.
Eligibility
| Maximum Age | Unlimited |
| Maximum Investment | Unlimited |
| Minimum Age | 18 years |
| Permanent UK Resident |
TSB Spend & Save Plus
Overdraft interest rate
39.9%EAR
AER
0.00%
Monthly fee
£3
Joint account
Yes
Representative example:
£100 interest and fee free overdraft, subject to financial status. If you then use an arranged overdraft of £1,200 you will be charged 39.9% EAR variable. Representative APR: 40.1%. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
More Information
Additional information
- Earn up to £60 cashback annually - ongoing £5 cashback every month, with 20 debit card payments per calendar month (direct debits / withdrawals excluded). Excludes ATM or other cash withdrawals using your card, Direct Debits, Standing Orders, bill payments made in a TSB branch and future dated payments).
- Eligible for cashback if you open a new Spend & Save Plus account, including changing from an existing TSB current account.
- Zero TSB card charges abroad. ATM operators / foreign banks may charge & sellers may apply a currency conversion fee on purchases.
- Earn 2.82% AER variable interest on your Savings Pots too. Includes a bonus of 1.52% AER for the first year.
- Interest-free overdraft up to £100. Subject to approval. UK 18+
Eligibility
| Maximum Age | Unlimited |
| Maximum Investment | Unlimited |
| Minimum Age | 18 years |
| Permanent UK Resident |
3.60% AER (variable) included in Instant Access Savings Pots
Monzo Extra
Overdraft interest rate
39%EAR
AER
0.00%
Monthly fee
£3
Joint account
No
Representative example:
If you use an arranged overdraft of £1,200 you will be charged 39% APR Representative/EAR variable. Subject to financial status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
More Information
Additional information
- Extra is Monzo’s take on packaged bank accounts. It is a way upgrade your Monzo Current Account with added benefits.
- Instant Access Savings rate — Earn 3.85% AER (variable) interest. Interest paid monthly. No minimum deposit. Maximum deposit £100,000.
- Connected banks and credit cards — Get a clear view of your finances by adding your other bank accounts and credit cards to Monzo. See your balances and transactions, and move money around with easy bank transfers.
- Credit insights — Understand what healthy credit looks like and track your Equifax and TransUnion credit scores weekly, with estimates for how many points you could increase a score by with certain changes.
- Advanced roundups — Automatically put 2x, 5x or 10x as much spare change into savings every time you spend.
- Fee-free cash withdrawals abroad — Unlimited in the UK and EEA and £200 fee-free every 30 days elsewhere. You can take out more than that in a 30-day period but we charge you 3% each time.
- Virtual cards — Extra cards that you can create and delete as you like for budgeting and security.
- Custom categories — Create your own categories to group your spending in a way that suits you.
- You must open a Monzo Current Account to sign up to Monzo Perks.
Eligibility
| Maximum Age | Unlimited |
| Maximum Investment | Unlimited |
| Minimum Age | 18 years |
| Permanent UK Resident |
Get £150 when you switch to a Santander Edge current account. T&Cs apply.
Santander Edge
Overdraft interest rate
39.94%EAR
AER
0.00%
Monthly fee
£3
Joint account
Yes
Representative example:
If you use an arranged overdraft of £1,200 you will be charged 39.94% APR Representative/EAR variable. Subject to financial status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
More Information
Additional information
- *Earn £150 cash when you switch to a Santander Edge current account. To receive the £150, simply open an account, set up 2 direct debits and pay in £1,500 within 60 days. T&Cs apply.
- Earn 1% cashback (up to £10 a month) on selected household bills when you pay by Direct Debit.
- Earn 1% cashback (up to £10 a month) at supermarkets and on travel costs when you use your debit card (exclusions apply).
- Access to Santander Edge Saver with 6.00% AER / 5.84% gross (variable) interest on balances up to £4,000 (includes 1.50% AER / 1.49% gross (variable) bonus rate for the first 12 months from opening).
- You can make international payments with no extra fees (the bank receiving the payment may still apply charges). There's also no charge for making CHAPS payments from this account.
- No Santander fees for using your Santander Edge debit card to withdraw cash and make payments outside the UK in the local currency.
- Arranged overdraft facility (subject to status). If you use an arranged overdraft you’ll be charged an interest rate of 39.94% APR / EAR (variable).
- Get cashback, vouchers, prize draws and other offers personalised for you with Santander Boosts.
- Online and Mobile Banking available with text and email alerts.
- There is a £3 monthly fee for maintaining the account that will automatically be taken from your account each month.
Eligibility
| Maximum Age | Unlimited |
| Maximum Investment | Unlimited |
| Minimum Age | 18 years |
| Minimum Monthly Credit | £500 |
| Permanent UK Resident |
Uswitch Limited is a credit broker, not a lender, for consumer credit.
Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.
What is a packaged current account?
Packaged current accounts perform the same basic functions as standard current accounts - letting you pay money in, pay bills, and pay with a card online and in store - but come with extra benefits attached.
How packaged current accounts work
Packaged accounts work by offering you extra benefits such as cashback on your spending, high interest on positive balances, or linked benefits like mobile phone insurance or breakdown cover.
The catch is that these accounts typically charge a monthly fee. However, often the monthly fee charged can be a lot lower than if you got these features separately.
Joint packaged accounts are also available, which can offer better value than individual accounts as the perks can be used by both of you.
If you play your cards right, the benefits will handily outweigh the fee charged - just make sure you're using them or you could end up spending money for nothing.
Current account switches in 2023[1]
1,312,103
Benefits available as part of a packaged current account
![Travel insurance]()
Travel insurance
Worldwide family travel insurance is one of the most commonly included benefits with packaged bank accounts. Just check carefully for exclusions around topics like maximum age and pre-existing conditions.
![Breakdown cover]()
Breakdown cover
You can enjoy roadside breakdown support in the UK or across Europe with membership of organisations like Green Flag, the AA and RAC with some current accounts.
![Mobile phone insurance]()
Mobile phone insurance
Several packaged accounts include mobile phone cover or other gadget insurance as part of their deals.
![Cashback]()
Cashback
Several accounts will give you back a percentage of your spending or a cash reward if you meet certain requirements. You may get 1% cashback on your household bills, for example.
![Linked high-interest savings accounts]()
Linked high-interest savings accounts
Some packaged current accounts offer exclusive access to linked, high-interest savings accounts that are only available to people with the current account. These are typically regular saver accounts or instant access accounts.
![Home emergency cover]()
Home emergency cover
Home emergency cover is also sometimes offered as a packaged benefit. This provides professional help if something goes wrong in your home - for example a broken boiler or burst pipe.
![Travel perks]()
Travel perks
Free use abroad, airport lounge access and even air miles are sometimes also included as part of the deal with some packaged bank accounts.
Benefits available as part of a packaged current account
Travel insurance
Breakdown cover
You can enjoy roadside breakdown support in the UK or across Europe with membership of organisations like Green Flag, the AA and RAC with some current accounts.
Mobile phone insurance
Several packaged accounts include mobile phone cover or other gadget insurance as part of their deals.
Cashback
Several accounts will give you back a percentage of your spending or a cash reward if you meet certain requirements. You may get 1% cashback on your household bills, for example.
Linked high-interest savings accounts
Some packaged current accounts offer exclusive access to linked, high-interest savings accounts that are only available to people with the current account. These are typically regular saver accounts or instant access accounts.
Home emergency cover
Home emergency cover is also sometimes offered as a packaged benefit. This provides professional help if something goes wrong in your home - for example a broken boiler or burst pipe.
Travel perks
Free use abroad, airport lounge access and even air miles are sometimes also included as part of the deal with some packaged bank accounts.
5 things to check before applying for a packaged bank account
Packaged bank accounts can be great – for the right person. These are five things you need to check before applying.
Do you already have the included benefits somewhere else?
Getting breakdown cover, phone insurance, travel insurance and more included in your bank account sounds great - unless you're already paying for them elsewhere that is.
Double check your home insurance, car insurance and other policies to see whether you're already covered. Then check with your partner and family as well in case one of their policies covers you too.
Check you can actually use all the benefits
Do your bills get paid from your account to get cashback from them? Will the travel insurance cover any pre-existing conditions you have? Do you have enough spare cash to make use of the savings account?
Before signing up to pay monthly a fee to access linked benefits, check the small print to make sure you can actually use them.
If you can't, you’ll end up paying money for nothing.
Check the cost of getting the benefits elsewhere
One of the tricks of packaged current accounts is that you see a monthly fee advertised, while other policies charge you annually.
For example, annual breakdown cover of £85 works out at just £7.08 a month.
Run a quick comparison to see what the packaged account policies will cost you elsewhere, then divide this by 12 to see if it's actually good value.
Check for free alternatives to what's included
The right credit card can offer cashback or free use abroad.
The best-paying savings accounts can get you more than 4% interest.
None of these come with any fees attached at all.
So before you sign on the line to pay a monthly fee, see what's available elsewhere for free.
Ask if yourself if you will actually use the benefits
Included worldwide travel insurance sounds great - but if you normally holiday in Cornwall isn't worth paying for.
An 8% regular saver account might be market-leading, but if you're living in your overdraft isn't the most useful.
Put simply, no matter how much cheaper something is than you can find it elsewhere, if you buy it then never use it it's still a waste of money.
Typical costs of included benefits if bought separately
What it would cost you each month to buy some of the more common benefits included in a packaged current account if you were to get them separately.
How to choose the best packaged account for you
What you need to do to make sure your current account is working for you, not against you.
Decide what matters most
Are you in this for the cashback or interest on offer?
Do you want to make sure you're covered on holiday or that you get cheap breakdown cover?
Before signing up to a packaged account, work out what features are nice to have and what you consider essential.
See if you can get it free
The benefits available in packaged accounts don't always cost you anything.
You can often find linked savings accounts and cashback for free if you compare current accounts thoroughly enough.
So before signing up to a packaged account, check you need to.
Make sure it all adds up
Check the benefits are worth the price - and that they're things you'll be able to use.
That means checking for exclusions and cover levels on any insurance policies to ensure you're happy with what's on offer.
If it all adds up after you've checked, then it's time to sign up.
Is a packaged current account worth the fee?
There are two key advantages of packaged current accounts: Simplicity and cost.
The right package means you don't need to worry about renewing you breakdown cover or travel insurance ever again - and you might end up paying less overall too.
If you're in it for the money, rather than the insurance, then make sure you're spending or saving enough for the cashback and interest to to cover your fees.
But don't assume you'll get a good deal - it's always worth checking for free alternatives and if stand alone policies might be cheaper or better suited to you.
Pros and Cons
Pros
Can be cheaper than buying benefits seperately
Simpler than having to remember to renew policies
Cashback and linked savings can see you make money
Cons
Linked benefits might not be suitable for you
Fees could cost more than cashback if you don't spend enough
You might already have some of the benefits elsewhere
FAQs
Do you have to pay a monthly fee for a packaged account?
Not always. But you can get many of the benefits available from a packaged bank account without paying a monthly fee.
Many accounts come with included linked savings accounts, free use abroad and even cashback - but have no fee attached to them.
Will applying for a packaged current account affect my credit rating?
Any formal application for credit - including the overdraft element of a packaged bank account - results in a credit check.
That means banks will log a search of your credit history on your report before deciding to offer you a deal or not. This is visible to other lenders, but not part of your credit score.
How are the fees charged?
Any monthly fee for a packaged bank account is automatically deducted from your account in the same way that overdraft charges and overseas debit card usage fees are.
Can you open a joint packaged bank account?
Yes. But make sure the benefits are applied sensibly - for example you might only be able to sign up for breakdown cover for one car or get mobile phone coverage for one phone. If you want to double the benefits, a higher fee might be charged to reflect that.
Are banks still refunding mis-sold packaged bank accounts
In the past banks have found themselves in trouble for selling packaged bank accounts to people who couldn't use the benefits associated with them.
Rules now mean banks have to check that the extras are suitable for you. If you think you've been mis-sold a packaged bank account in the past, the Financial Ombudsman Service has a guide to common problems and how to complain here.
Which banks does Uswitch's comparison include?
We compare current accounts from a wide range of high street banks and newer challenger banks. Compare our current account providers to check which ones we include.
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References
1. Current account switching service pay.uk: Date for Jan - Nov 2023