“Premier” bank accounts come with extra perks, but to apply for one of these current accounts you will often need to hold a large sum of money with the bank offering the account, as well as have a high annual income or salary.
However, if you are looking for a current account that offers rewards no matter what your bank balance or salary, then you could consider opening a “premium” bank account. This is a type of “packaged” account, as you get perks like cashback or travel insurance rolled in with your current account, in exchange for paying a monthly fee. You can read more about these accounts in our packaged bank accounts guide.
A summary of the best premier bank accounts in the UK for 2024
Earn 9 Rewards per month by making at a minimum of 2 direct debit payments of at least £4.50 each.
Rewards are the name. The NatWest and Royal Bank of Scotland Premier Reward accounts are all about rewarding you each month. You can earn your monthly rewards simply by having 2 or more direct debits a month and logging into the mobile app each month. There’s also the opportunity to earn cashback when you spend at specific retail partners. What makes this reward programme stand out is the flexibility of how you use your rewards. Once your rewards balance hits the required amount, you can choose to add it to your bank account, trade for gift cards or e-codes with partner retailers or donate to one of the bank’s chosen charities. However, the accounts do have a small monthly fee in addition to some eligibility requirements.
Eligibility requirements
To qualify for NatWest Premier you must meet 1 of the following: pay a minimum £100k sole income or £120k joint income into a NatWest account, have a £500k minimum mortgage borrowing with NatWest or have a minimum of £100k savings or investments with NatWest.
Earn cashback every month on selected household bills and essential spend plus interest on your balance.
Santander Select is a personal banking service that sits on top of Santander's current accounts. If you add this to the bank's Edge and Edge Up accounts, you can take advantage of multiple cashback earning opportunities as well as fee free spending abroad. The Edge Up account offers cashback on household bills, supermarket spending and travel costs. You can also earn cashback on a new life insurance policy, home insurance or private health insurance. Further to that, there's an opportunity to earn cashback on your Santander mortgage and investments.
If it's fee free spending overseas you're after in a premium account, then look no further. Santander won't charge you for using your Edge Up debit card to withdraw cash and make payments in the local currency outside the UK. Meanwhile, under the Santander Select umbrella, you can also access investment advice and will writing and lasting power of attorney services.
Eligibility requirements
To qualify for a Santander Edge Up account, you’ll need to pay at least £1,500 into your account each month and have 2 active direct debits. To join Santander Select you'll need to: have a Santander current account and pay your main income of at least £5,000 per month into your current account or keep £75,000 in any Santander investments, savings or current accounts.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
interest at 39.94% EAR variable
. Account fee of £5 per month.
1% cashback on selected household bills and essential spend
Monthly interest (3.51% AER)
Fee free spending abroad
Arranged overdraft
Santander Boost rewards programme with prize draws, vouchers, etc.
For an overall wealth management service, Citibank’s Citigold offers lots of products and services designed to cover every aspect. As a Citigold customer, you can make use of multicurrency accounts, a dedicated relationship manager and investment services. While the account has no monthly fees, there are high eligibility requirements. It’s designed to look at your overall wealth, so alongside the advice and expertise, Citigold also has some customer perks focused on travel.
Eligibility requirements
Maintain an average monthly balance of £150k or pay a £75 monthly relationship fee.
Representative example: If you use an arranged overdraft of £1,200, you'll be charged
an arranged overdraft usage fee of £0 per charging period
. Account fee of £75 per month (Fee waived for first 90 days if customer has not held a current account with Citibank previously. Fee waived if customer has an average monthly balance of £150000 (or currency equivalent) or more across current and savings account with Citibank UK Limited)..
Ability to hold multiple currencies in different accounts, managed by a single debit card
Fee-free international transactions
Worldwide travel insurance
Manage your account in the app, online or over the phone
Dedicated relationship manager
Interest-free overdraft of up to £500
Strict eligibility criteria – or a high monthly fee if you don’t meet it
You’ll need to arrange an appointment to open an account
Accounts only hold Sterling, Euros and US dollars
Overdrafts of over £500 are charged interest
Minimum opening balance
£1
Minimum operating balance
£1
Switch service guarantee
No
Account fee
£75 per month (Fee waived for first 90 days if customer has not held a current account with Citibank previously. Fee waived if customer has an average monthly balance of £150000 (or currency equivalent) or more across current and savings account with Citibank UK Limited).
Barclays Premier is the only premium account where you can earn Avios points. You’ll need to join the scheme and pay a monthly fee, but you’ll be able to earn Avios points monthly, as well as joining bonuses and anniversary rewards. These can then be put towards your next trip with British Airways. The account is also focused on giving you exclusive rates and providing you with larger limits. One way it does this is through its exclusive black debit card that allows you to withdraw up to £2,000 every day. If you have a Premier account with Barclays, you’ll also have access to its Premier savings accounts, including its 2-Year Flexible Cash ISA and Premier 2-Year Flexible Bond. Additionally, you’ll be able to access the Premier mortgage range, which includes high value mortgages and landlord mortgages. Barclays Premier doesn’t have a monthly fee, but it does have some annual income or savings balance eligibility requirements.
Eligibility requirements
Representative example: 0% interest (variable) payable on arranged overdrafts up to £500. If you use an arranged overdraft above this amount the annual rate of interest is 35.0% (variable). 19.5% APR Representative (variable), based on £1,200 overdraft balance. Overdrafts, including free amounts, are subject to application, financial circumstances and borrowing history.
Option to earn Avios points
Exclusive savings and mortgage rates
ATM withdrawals limits up to £2,000
Interest free overdraft
No monthly fee
Strict eligibility requirements
To apply for Avios Rewards you must pay a monthly fee
No interest paid on in-credit balances
Minimum opening balance
£1
Minimum operating balance
£1
Switch service guarantee
Yes
Account fee
£0
Overseas card transactions
2.99%
Overseas cash withdrawals
2.99%
Our experts have analysed and ranked the features and services of the premium UK bank accounts we’ve reviewed on our site. We’ve examined app ratings, monthly fees, eligibility criteria, overseas fees, customer service, payment features and given a bonus for extra services. You can check out our best premium bank accounts below, where we’ve explained what’s great about each one, including some pros and cons and standout features.
No foreign transaction fees on purchases abroad (ATM withdrawals & local fees may apply).
There’s no monthly fee for this premier account, but you will need to pay a minimum sole income of £100,000 into the account (or joint income of £120,000) or have at least £500,000 in mortgage borrowing or at least £100,000 in savings or investments with NatWest. The main attraction of the account is NatWest’s Premier Banking service which will help you with all your banking needs. Plus you’ll have access to an enhanced level of insurance cover with Premier Insurance and be able to use NatWest’s will writing and executor service for a fee. An overdraft is available.
Eligibility requirements
To qualify for NatWest Premier you must meet 1 of the following: pay a minimum £100k sole income or £120k joint income into a NatWest account, have a £500k minimum mortgage borrowing with NatWest or have a minimum of £100k savings or investments with NatWest.
Representative Example: Assumed arranged overdraft of £1,200, 19.49% EAR variable p.a. representative 19.5% APR variable. How does NatWest's overdraft compare? Representative APRs help you compare the cost of different credit products.
No monthly account fee
Round-the-clock support with Premier 24 and access to a Premier Manager when you need it
Access to premier banking products
Arranged overdrafts available
Enhanced level of insurance cover available
You’ll need to meet strict eligibility criteria
Interest charged on overdrafts
No interest paid on in-credit balances
Minimum opening balance
£0.01
Minimum operating balance
£0.01
Switch service guarantee
Yes
Account fee
£0
Overseas card transactions
0%
Overseas cash withdrawals
2.75%
What benefits does a premier bank account offer?
Premier bank accounts are usually offered by traditional banks (think Barclays, HSBC and the like). Each account has its own sets of perks, but here are some of the features you can expect:
Some kind of insurance. For example you might get free travel insurance for you and your family.
Interest-free arranged overdraft. Up to a certain limit, say £500.
Special offers on other banking products. For example you might be offered a higher interest rate on your savings, or better conditions on a mortgage or a loan.
Higher account limits. Such as a higher limit on daily ATM withdrawals.
Dedicated customer service. Big banks often have a dedicated customer service team to support their premier customers.
International banking. If you travel a lot, you might also be able to get a premier international bank account, which will allow you to hold different currencies at the same time. Alternatively, the premier account might come with free international bank transfers.
Latest reviews of premium bank accounts
Includes purchase protection, travel insurance & cashback
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
In exchange for a monthly fee, this account from Revolut offers a range of benefits and features. Interest is paid daily on savings, cashback and more. Account holders can also enjoy fee-free ATM withdrawals abroad (up to a set limit), three fee-free international transfers each month and cashback on spending in any of Revolut’s supported currencies. 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 cashback, exclusive rates and no booking fees when you book certain accommodation across the world. 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.
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
In return for a small monthly fee, the Revolut Plus account offers a wide range of everyday benefits. These include fee-free withdrawals of up to £200 per month, free spending on your Revolut card in the UK and abroad, and the option to exchange up to £1,000 per month in more than 30 currencies fee-free. On top of this, you’ll benefit from purchase protection on spending of up to £1,000 a year, whether your goods are damaged or stolen, and you’ll be reimbursed for ticketed events up to £1,000. The account also comes with three commission-free stock trades every month and the option to buy cryptocurrency. Account holders will also be able to open up to two Junior accounts to help their kids manage their money. Finally, you can enjoy cashback on accommodation bookings across the world, as well as earn interest on your Savings Vaults.
Fee-free spending in the UK and abroad
Purchase protection of up to £1,000 a year
Option to earn interest on your Savings Vaults
Cashback paid on accommodation bookings across the world
A monthly fee applies
Revolut isn’t covered the the Financial Services Compensation Scheme (FSCS)
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
In return for a monthly fee, the Revolut Premium account offers everything the Revolut Standard account offers, plus a little bit more. For starters, you’ll be able to withdraw up to £400 every month fee-free and spend on your Revolut card in the UK and abroad without charges. Account holders can also spend, exchange and transfer unlimited amounts of money at competitive exchange rates, plus benefit from one fee-free international transfer each month. The account also comes with purchase protection on spending of up to £2,500 per year and you’ll be reimbursed for ticketed events up to £1,000. Additionally, you can benefit from up to five commission-free stock trades per month, the option to buy cryptocurrency at lower fees, and earn interest on Savings Vaults. For keen travellers, the account also offers cashback on accommodation bookings across the globe as well as worldwide emergency medical and dental cover, and delayed flight and baggage insurance.
Fee-free spending in the UK and abroad
Purchase protection of up to £2,500 a year
Worldwide emergency medical and dental cover
Cashback paid on accommodation bookings across the world
Option to earn interest on Savings Vaults
A monthly fee applies
Revolut isn’t covered the the Financial Services Compensation Scheme (FSCS)
Covers account holder, partner and up to 4 dependent children aged under 18.
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 £12.5 per month.
Range of insurance policies included with the account
Interest paid on balances
Linked savings account
Earn cashback at selected retailers
No fees for using your card abroad
FSCS protection
Arranged overdraft available
Account fee of £12.50 per month
Interest charged on overdraft
Interest only paid on balances up to £1,000
Breakdown cover only applies in the UK
Minimum opening balance
£0.01
Minimum operating balance
£0.01
Switch service guarantee
Yes
Account fee
£12.5 per month
Overseas card transactions
£0
Overseas cash withdrawals
£0
How much do premier and premium bank accounts cost?
Premier bank accounts don’t usually charge a monthly fee. They are a way for banks to reward you for your loyalty and for being a “big” customer. This doesn’t mean that there are no fees at all though. So check the terms and conditions carefully before applying. For example, there might be fees for making payments abroad. Banks might also run switching promotions from time to time where you can earn a bonus for switching to a premier account.
Premium accounts, on the other hand, will charge a monthly fee in exchange for the perks you get. However, the idea is that the annual value of all the benefits you receive will outweigh the annual amount you pay in monthly fees. Plus you get to use the account for all your everyday banking needs too. From time to time, banks also run switching deal promotions where you can be rewarded with a bonus if you switch to a packaged account.
How can you qualify for a premier bank account?
Every bank has slightly different eligibility criteria, but generally speaking, you will need to hold a significant sum with the bank offering the premier account. This will usually mean having at least £50,000, or perhaps even £100,000, in either a current, savings or investment account with the same bank.
With some banks, you might also need a high annual income that you will pay into the account (think £75,000 or higher) or you might need to already have a substantial mortgage with that provider (potentially £500,000 or more).
Because these accounts come with overdraft facilities, applying involves a credit check. A bank may tailor your overdraft limit according to your credit history. If you don’t know your credit score you can check it for free and view your credit report through Finder.
All of this means that premier bank accounts won’t be for everyone. As we’ve already mentioned, if you can’t qualify but would still like a comprehensive current account with a lot of extra perks, you could consider a premium account or another type of packaged bank account. They come with a monthly fee but offer all kinds of extra features and insurances. More info about them is in this guide.
Should I go for a premier bank account?
It depends – and you’ll need to meet the eligibility criteria first. The perks included in premier bank accounts can be enticing, but they are definitely not worth changing your overall financial strategy for. If you are uncertain, just leave them out of the equation for a second and consider everything else.
For example, would you want to have most of your savings or investments with the same bank as your current account anyway? Or would you rather shop around and make sure you get the best deal in each scenario, even though it will be more time-consuming to manage your finances across multiple providers?
If you do decide to go for a premier bank account, compare options carefully. Check the fees and the perks, and ask about customer support and other banking products. For example, say you are thinking of buying a house in the near future, will the premier account also come with a better deal on your mortgage?
Finally, keep in mind that anything above the first £85,000 you hold with the same bank in a current account or a savings account will not be covered by the Financial Services Compensation Scheme (FSCS), which is a big safety net in case anything were to go wrong with the bank. It may not be worth losing that protection over the comparatively small perks of a premium bank account.
Pros and cons of a premier bank account
Pros
Extra free perks and benefits, such as free travel insurance.
You’ll often get more dedicated customer service compared to a standard customer.
Better deals on other banking products, such as mortgages.
Keeping all your money with the same bank can make it easier to manage everything.
Cons
You’ll usually need to be a high earner and hold a large amount of money with the bank to be eligible.
Being loyal to the same bank may mean missing out on better deals elsewhere.
If you deposit over the FSCS limit, your money may not be entirely protected.
Bottom line
If you’re looking to put a large sum of money into one account, a premier bank account could be a good option if you meet the eligibility criteria. Perks available include special offers, rewards and higher account limits, but your money may not be fully protected if your funds exceed £85,000. However, if you like having all your finances in the same place, it could be the one for you.
Finder survey: Would you be willing to pay a monthly fee for your current account if it offered perks (e.g. breakdown cover, airport lounge access, travel insurance, etc)?
Response
% of respondents
Yes, I'd consider it
50.00%
No way!
50.00%
Source: Finder survey by Finder of Finder members
Frequently asked questions
Yes, you can. However, the eligibility criteria might be slightly different. For example, the minimum sum you need to hold with the bank to qualify might be higher, as there will be 2 account holders.
Yes you can, as long as you qualify for it of course. The switch will be handled by the banks involved and will be completed within 7 working days, thanks to the Current Account Switch Service. Just keep in mind that this switching service is only for current accounts, while anything else (savings accounts, etc) will have to be moved manually.
It depends on the bank. If you are an existing customer and already meet the criteria, you should be able to apply online pretty easily. If you are planning to switch, you might have to visit a branch in some cases (for example to provide a proof of ID).
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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