Compare the best packaged bank accounts

Travel insurance, mobile insurance and breakdown cover, all included in your current account. Sounds great, but will it actually save you money?

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By

Valentina Cipriani

Edited by

Kate Steere

Updated

Fact checked
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Comparing hundreds of products for each of your financial needs can be exhausting (we should know). So the idea of getting travel insurance, device insurance and breakdown cover with your bank account, all for one simple monthly fee, certainly sounds appealing.

Packaged bank accounts with travel insurance

  • Santander – Edge Explorer – Worldwide Family Travel Insurance
  • Nationwide – FlexPlus – Worldwide Family Travel Insurance
  • Virgin Money – Club M – Worldwide family multi-trip travel insurance from AIG
  • Revolut – Metal – Worldwide emergency medical and dental cover
  • Monzo – Max – Worldwide personal travel insurance provided by Zurich

Packaged bank accounts with purchase protection

  • Revolut – Metal – Purchases are covered up to £10,000 for a year, whether damaged or stolen

Packaged bank accounts with cashback

  • Revolut – Metal – Earn RevPoints through everyday spending, turning card purchases into perks like Revolut Stays discounts and air miles.

Packaged bank accounts with mobile phone insurance

  • Nationwide – FlexPlus – Worldwide Family Mobile Phone Insurance
  • Virgin Money – Club M – Mobile and gadget insurance from Assurant

Packaged bank accounts with breakdown cover

  • Nationwide – FlexPlus – UK and European breakdown assistance
  • Virgin Money – Club M – UK Breakdown cover from Green Flag
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Our expert says: Kate Steere explains when getting a packaged current account makes sense

"Packaged accounts are there to be your one-stop shop. In our increasingly busy and hectic lives, you may want the ease of knowing that your travel insurance, mobile phone insurance, and breakdown cover are all sorted. And with more and more accounts offering lifestyle benefits and even access to healthcare services, there are advantages to opting for a packaged account.

But it stops making sense if the monthly fee is more than the services you'll use - or if the insurance leaves gaps (say, no family cover). And don't forget, you might already have similar protection in place through your car or home insurance.

Bottom line, if the costs stack up and the cover fits, packaged accounts can be a smart, time-saving win. Otherwise, skip the bundle."

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Editor

Latest reviews of packaged bank accounts

Chase Current Account + Chase Protect

Chase Current Account + Chase Protect

Account fees£12.50 per month
Interest (AER)0% AER

Chase has launched a packaged add-on to its standard account, costing £12.50 a month. In return for this fee, customers can benefit from worldwide family travel insurance, worldwide mobile phone insurance covering loss, theft, damage and technical faults, plus UK-wide breakdown cover - this covers the driver or passenger of any eligible vehicle. As Chase Protect is available as an add-on, it also comes with all the benefits of the standard current account, including earning 1% cashback on debit card spending (groceries, transport and fuel purchases only), access to a savings account, fee-free spending abroad and a round-ups feature.

Santander Edge Explorer

Santander Edge Explorer

9.3 Excellent
Account fees£17 per month
Interest (AER)0% AER
Go to site Read review

Santander Edge Explorer offers the full package with 4 insurance benefits, cashback and fee-free spending abroad. For a similar monthly fee to other packaged accounts, you get worldwide family travel insurance, breakdown cover, mobile phone insurance and 24/7 GP remote access. But what sets this account apart from others is Santander’s cashback available on selected household bills, and also on travel costs and supermarket spend. Alongside this, you’ll also get access to Santander Boosts, a tailored reward scheme where you can earn cashback at certain retailers, and the Santander Edge Saver, a competitive easy access savings account.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.94% EAR variable. Account fee of £17 per month.

Monzo Max

Monzo Max

9.2 Excellent
Minimum opening balance£0
Account fees£19 per month
Interest (AER)0% AER
Go to site Read review

Monzo Max is Monzo’s premium bank account. It costs £17 a month, but comes with plenty of perks that could offset the monthly fee. The biggest draw cards are worldwide travel insurance, UK and Europe breakdown cover and worldwide phone insurance. If you pay for those things anyway then this account could save you money just with that. It also comes with a weekly treat from Greggs and a Trainline railcard each year, which could save you up to a third or more on eligible journeys. On top of that, it pays a higher rate of interest on instant access savings pots and its Cash ISA than other Monzo accounts.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39% EAR variable. Account fee of £19 per month.

Nationwide Building Society FlexPlus

Nationwide Building Society FlexPlus

8.8 Great
Minimum opening balance£0
Account fees£18 per month
Interest (AER)0% AER
Read review
£175 switch reward.

This packaged account from Nationwide offers a range of perks in return for a monthly fee. Account holders can benefit from worldwide family travel insurance, including winter sports, golf, weddings and business cover, plus mobile phone insurance and UK and European breakdown cover. Mobile phone cover also includes your partner’s and dependent children’s phones, while breakdown cover has no excess to pay and unlimited callouts. The Visa debit card that comes with the account does not charge transaction fees when you withdraw cash or make payments abroad. The account will also give you access to exclusive savings accounts from Nationwide, and has the option of an arranged overdraft. You can apply for the account on your own, or with a partner, a family member or a friend. Through the app, you can manage all your accounts and freeze and unfreeze your debit card.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable. Account fee of £18 per month.

Virgin Money Club M Account

Virgin Money Club M Account

8.8 Great
Account fees£14 per month
Interest (AER)1% AER

In return for a monthly account maintenance fee, the Virgin Money Club M account offers a range of benefits. These include interest paid on credit balances and an exclusive linked savings account. Account holders can also enjoy worldwide family multi-trip travel insurance, including their own concierge service and 24-hour medical advice. Plus, the account's contactless debit card does not charge fees for foreign spending or making cash withdrawals in the UK or abroad. A range of gadgets, including mobile phones, laptops and cameras will also be insured worldwide and you’ll have UK breakdown cover for your car. You’ll also be able to arrange an overdraft and you can apply for the account online or over the phone as long as you’re aged 18 or over. In addition, the Virgin Money app can help you set up budgets, top up your savings and sort out your spending.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 19.9% EAR variable. Account fee of £14 per month.

Revolut Metal

Revolut Metal

8.8 Great
Minimum opening balance£0
Account fees£16.99 per month
Interest (AER)0% AER
Go to site Read review

In exchange for a monthly fee, this account from Revolut offers a range of benefits and features. Interest is paid daily on savings. Account holders can also enjoy fee-free ATM withdrawals abroad (up to a set limit) and three fee-free international transfers each month. Purchase protection is also included for a year, whether your purchases are damaged or stolen, and ticketed events are also covered. The account is particularly beneficial for keen travellers, offering RevPoints, exclusive rates and no booking fees when you book certain accommodation across the world. RevPoints are earned through everyday spending, turning card purchases into perks. You’ll also benefit from worldwide travel insurance and airport lounge access. The account offers unlimited commission-free trading for those who want to start investing, too.

NatWest Reward

NatWest Reward

8.7 Great
Minimum opening balance£0.01
Account fees£2 per month
Interest (AER)0% AER
See dealRead review
£200 switch reward.

The NatWest Reward account charges a small monthly fee. In return, you can earn from 1% in Rewards at selected retail partners, as well as £4 a month in Rewards for 2 or more direct debits on the account, plus an extra £1 a month with 1 mobile log in. Once you reach £5 in Rewards, you can redeem it as cashback, trade it up for gift cards or e-codes with NatWest’s retail partners or donate it to charity. The account also offers an arranged overdraft as well as a Round Ups feature to help you round up your spending and transfer it to a savings account.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.

Royal Bank of Scotland Reward

Royal Bank of Scotland Reward

8.7 Great
Minimum opening balance£0.01
Account fees£2 per month
Interest (AER)0% AER
See dealRead review
£200 switch reward.

With this account from RBS, you’ll be able to earn from 1% in Rewards at selected retail partners, as well as £4 a month in Rewards for 2 or more direct debits on the account, plus an extra £1 a month with 1 mobile log in. Once you reach £5 in Rewards, you can redeem it as cashback, trade it up for gift cards or e-codes with RBS retail partners or donate it to charity. There's a small monthly fee for the account and you’ll need to pay in a set amount each month to qualify.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.

Lloyds Bank Club Lloyds Platinum Account

Lloyds Bank Club Lloyds Platinum Account

8.8 Great
Account fees£22.50 per month
Interest (AER)0.75% AER
£200 switch reward.

This account from Lloyds offers a whole host of benefits such as worldwide family travel insurance, breakdown cover in the UK, plus worldwide mobile phone insurance (only one phone per account holder). Interest is also paid on credit balances, and you can choose a lifestyle benefit each year, including cinema tickets, movie rentals or an annual magazine subscription. Plus, you’ll get cashback at selected retailers. In return you will need to pay a monthly Platinum fee as well as a Club Lloyds fee. However, the Club Lloyds fee is refunded each month you pay in a set amount.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 29.9% EAR variable. Account fee of £22.5 per month.

Revolut Premium

Revolut Premium

9 Excellent
Minimum opening balance£0
Account fees£8.99 per month
Interest (AER)0% AER
Go to site Read review

Revolut Premium is a great option for keen travellers. In return for a monthly fee, you can enjoy RevPoints on your everyday spending which can be used for travel benefits, such as airmiles and discounted holiday accommodation, as well as benefit from discounted airport lounge access. You’ll also be able to spend, exchange and transfer unlimited amounts of money at great exchange rates with no fees, as well as withdraw up to £400 fee-free each month from ATMs abroad. On top of that, you’ll be covered for purchases up to £2,500 a year, whether they are damaged or stolen.

The Co-operative Bank Everyday Extra

The Co-operative Bank Everyday Extra

7 Great
Account fees£12 per month
Interest (AER)0% AER
Read review

With the Co-op Everyday Extra account, you will be able to enjoy mobile phone insurance, worldwide family travel insurance and UK and European breakdown cover in return for a monthly fee. Note that you must be registered with a UK medical practitioner for the travel insurance benefits. The account also offers an optional overdraft and can be opened on a joint or individual basis, plus you know you're banking with an ethical bank. Your account can be managed online or in the mobile app.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 35.9% EAR variable. Account fee of £12 per month.

Halifax Ultimate Reward Current Account

Halifax Ultimate Reward Current Account

9.1 Excellent
Account fees£19 per month
Interest (AER)0% AER

Pay a monthly fee for the Halifax Ultimate Reward account and you’ll benefit from perks including worldwide multi-trip travel insurance, breakdown cover, mobile phone insurance and home emergency cover. In addition, you’ll receive a Rewards Extra offer each calendar month, such as movie rentals, cinema tickets, digital magazines or cash (you’ll need to meet certain conditions to qualify). Plus, you’ll be able to earn cashback at selected retailers, benefit from fee-free spending abroad and make use of the Save the Change feature. The account can be opened individually or jointly and comes with a contactless Visa debit card.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 29.9% EAR variable. Account fee of £19 per month.

Club Lloyds

Club Lloyds

9.8 Excellent
Minimum opening balance£0
Account fees£0
Interest (AER)0.75% AER
£200 switch reward.

The Club Lloyds account offers a range of benefits in return for a monthly fee - however, if you pay in a set amount each month the fee is waived. You’ll be able to choose a lifestyle reward each year, such as cinema tickets, an annual magazine subscription or movie rentals, as well as earn interest on credit balances and earn cashback at selected retailers. The account also gives you access to exclusive banking offers from Lloyds, such as savings accounts and mortgages, and you’ll benefit from a Save the Change feature, helping you to round up card payments and save as you spend.

Representative example: If you use an arranged overdraft of £1,200, you'll be charged interest at 29.9% EAR variable.

What is a packaged bank account?

A packaged bank account is a current account that comes with a set of benefits and perks in return for a monthly fee.

The advantage is that you’re all sorted and don’t have to worry about purchasing insurance separately. The disadvantage is that it may not necessarily be the cheapest option. Don’t mistake packaged bank accounts with premier bank accounts. Premier bank accounts usually require you to have a certain level of income in order to apply to get extra benefits.

Which benefits can I get with a packaged bank account?

It depends on the account, but you normally get a range of insurance options plus, in some cases, some extra rewards or perks.

Are packaged accounts worth it?

That’s the million dollar question. There’s no universal answer, but here are a few things you should think about that can help you figure it out:

  • How much does the account cost per year? It’ll help you when it comes to comparing the account to purchasing insurance independently.
  • Will you actually use the benefits? This can be broken down into: how often do you travel? Is your phone worth insuring? Do you drive at all?
  • Are you already covered? Breakdown cover could be included in your car insurance, mobile insurance could come with your home insurance, and some credit cards also offer travel insurance.
  • Which level of cover do you need? Packaged accounts tend to provide high cover levels, but in many cases you may be just fine with a less comprehensive policy.
  • How much will it cost to purchase insurance independently? The only way to find out is getting independent quotes for the insurance products you need and then compare the costs.
  • Is there a switching incentive? Banks often run switching incentives for you to close down your old account from another bank and move to a packaged bank account. It might be worth browsing the latest switching offers for packaged bank accounts.

Finally, don’t forget that your time is worth something. If purchasing insurance independently will only save you a few pounds and is a much more of a hassle, it may be worth just going for the packaged account and forgetting about it.

Pros and cons of packaged bank accounts

Pros

  • Great peace of mind because you can be 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.

Cons

  • You may not need all the benefits, in which case it isn't great value for money.
  • It could work out cheaper to buy policies separately.
  • Other accounts may offer better rewards (such as interest on your balance).

Bottom line

The idea of getting insurance and other perks alongside your bank account for a monthly fee can certainly be an attractive proposition.

The key is to work out whether the benefit you may get from the various features of a packaged account is worth the monthly or annual fee that you’ll need to pay to maintain your account. How much value you’ll be able to get from these types of accounts will depend on your personal circumstances. For example, if you travel a fair amount each year for work or leisure, getting a packaged account with a decent level of travel insurance cover may be great value.

If you’re interested in signing up to a particular packaged account, check if you’d be able to get the account’s benefits more cheaply if bought esparately. For example, device insurance can be bought for as little £4-5 per month. If this is the main account feature you’re interested in, you may find it cheaper elsewhere.

At the end of the day, packaged accounts can offer great value if you’re relatively sure that you’ll be able to take full advantage of all the features they offer, but always do your research.

Frequently asked questions

Our “Best for” picks highlight top options in specific categories based on our independent evaluation (see our full methodology), while “Promoted” tags indicate sponsored placements. Selected products may not suit everyone. We track selected market offers, which may not cover every product. Products are listed in no particular order unless specified, and inclusion or ordering may be influenced by popularity or commercial agreements. Most comparison table data is provided by Defaqto or sourced directly from providers. Always evaluate your own circumstances and consider independent advice before making major financial decisions.
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To make sure you get accurate and helpful information, this guide has been edited by Kate Steere as part of our fact-checking process.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio

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