Best premium bank accounts UK 2021

If you hold a significant sum with your bank, you might qualify for the additional perks of a premier bank account.

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Premium bank accounts, also known as “premier” bank accounts, offer extra perks to people who hold a large sum with the bank offering the account. If you are looking for accounts that give extra perks or rewards no matter what your bank balance is then visit our current accounts with rewards guide. Whether or not you can or should get one depends on your circumstances and whether you like keeping big sums with the same bank, or would rather spread it out.

Latest reviews of premier bank accounts

HSBC - Premier Bank Account

£0.01

Minimum opening balance

£0

Account fees

0% AER

Interest (AER)

Receive £110 cash and either a £30 Uber Eats voucher or The Dining Out Gift Card for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening.
This bank account from HSBC offers a range of benefits you might expect to get from a packaged account, but without the monthly fee. Perks of the account include worldwide travel insurance, access to preferential rates on mortgages and savings, the choice of two exclusive credit cards and an interest-free overdraft. In return you’ll need to meet certain eligibility criteria. You’ll need an individual annual income of at least £75,000 and either a mortgage, an investment, life insurance or a protection product with the bank. Alternatively, you’ll need to have at least £50,000 in savings or investments with HSBC UK within six months of opening your account, or hold and qualify for HSBC Premier in any other country or region.
  • No monthly account fee
  • Worldwide travel insurance for you and your family
  • Preferential mortgage and savings rates
  • Interest-free overdraft
  • Strict eligibility requirements
  • Interest will apply if you exceed 0% overdraft limit
  • No interest payable on in-credit balances
Interest rate
0%
AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £0
Overseas card transactions 2.75%
Overseas cash withdrawals 2.75%

NatWest - Premier Reward

Premier Reward

£0.01

Minimum opening balance

£2 per month

Account fees

0% AER

Interest (AER)

£100 for accounts switched using the Current Account Switch Service by 2.12.21.
The Premier Select account from NatWest provides exclusive benefits for its customers, with no monthly fee. You’ll benefit from round-the-clock support online or over the phone, plus a Premier Banking Manager to help you with more complex financial decisions or plans. The account also offers an arranged overdraft, access to an enhanced level of insurance cover, and access to NatWest’s will writing and executor services. In return, you’ll need to have a minimum sole income of £100,000 or joint income of £120,000 paid into your NatWest account; or £500,000 minimum mortgage borrowing with NatWest; or a minimum of £100,000 in savings or investments with NatWest. The account can be opened online and can be managed via online banking or the NatWest app.
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.
  • No monthly fee
  • Round-the-clock support, including a dedicated banking manager
  • Arranged overdraft available
  • Access to exclusive products such as insurance
  • You’ll need to meet eligibility requirements
  • You’ll pay interest if you exceed 0% overdraft limit
  • No interest paid on in-credit balances
Interest rate 0%
AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £2 per month
Overseas card transactions 2.75%
Overseas cash withdrawals 2.75%

Santander - Select Current Account

Select Current Account

£0.01

Minimum opening balance

£4 per month

Account fees

0.3% AER

Interest (AER)

£130 cashback for accounts switched when 2 direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching using the Current Account Switch Service.
The Select account from Santander offers a range of benefits for customers, including paying interest on credit balances. Customers can also earn cashback on certain household bills and make the most of an interest-free overdraft. What’s more, you’ll be able to benefit from fee-free cash withdrawals when you use your debit card overseas, as well as the opportunity to earn cashback at selected retailers. In return, you’ll need to pay a monthly fee and meet certain eligibility criteria. You’ll need to either pay your main income of at least £5,000 a month into your Select account or keep £75,000 in any Santander investments, savings or current accounts. Further eligibility criteria applies to the cashback and interest features.
  • Pays interest on in-credit balances
  • Offers cashback opportunities
  • Interest-free overdraft
  • Fee-free ATM withdrawals abroad (at Santander cash machines)
  • Monthly account management fee
  • Strict eligibility criteria
  • If you exceed the 0% overdraft limit, you’ll pay interest
Interest rate
0.3%
AER
Minimum opening balance £0.01
Minimum operating balance £0.01
Switch service guarantee Yes
Account fee £4 per month
Overseas card transactions 2.95%
Overseas cash withdrawals 2.95%

What is a premium bank account?

A premium bank account is really just a current account with a fancy name and some additional perks.

You’ll get all the things you usually get with a current account: a debit card, an overdraft facility, the ability to make bank transfers, set up direct debits and sending orders, and so on. However, you’ll also get some additional features, such as insurance or dedicated customer service.

The catch is that only a handful of people will qualify for their bank’s premium account, as eligibility criteria are quite financially demanding (more on this below).

What benefits does a premium bank account offer?

Premium 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, which can be for example £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 banking service. Big banks often have a dedicated customer service team to support their premium customers.
  • International banking. If you travel a lot, you might also be able to get a premium international bank account, which will allow you to hold different currencies at the same time. Alternatively, the premium account might come with free international bank transfers.

Examples of highly-rated premium accounts

  • Barclays Premier Account. Accountholders can earn Avios on their spending, while also getting access to better rates on Barclays loans and savings accounts.
  • HSBC Premier Current Account. Accountholders receive annual travel insurance for you and your whole family, as well as preferential rates on HSBC products.
  • NatWest Premier Account. With these accounts, you can earn rewards and cashback on spending. There are also associated travel insurance, airport lounge access, car breakdown cover, home emergency cover and concierge services.
  • Citigold. With the Citigold account, you can hold balances in multiple currencies. There is also an associated travel insurance product.

How much do premium bank accounts cost?

Premium bank accounts usually come for no 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. Do check the terms and conditions carefully before applying. For example, there might be fees for making payments abroad.

How can you qualify for a premium bank account?

Again, every bank has slightly different eligibility criteria, but generally speaking, you will need to hold a significant sum with the bank offering the account.

This will usually mean having at least £50,000, £75,000 or £100,000 in either a current account, savings or investment with the same bank. With some banks you might also qualify if you have a high annual income paid into the bank (again, think £75,000 or higher) or a big mortgage with it (criteria for this can be £500,000 borrowed or more).

So yeah, premium bank accounts are not for everyone. If you can’t qualify but would still like a comprehensive account with a lot of extra perks, you can consider a packaged bank account. They come for a monthly fee but offer all kinds of extra features and insurance. More info about them is on this guide.

Should I go for a premium bank account?

It depends. The perks included in premium bank accounts are nice, but definitely not worth changing your overall financial strategy over. 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 investment with the same bank any way? Or would you rather shop around and make sure you get the best deal, even though it will be more time-consuming to manage?

If you do decide to go for a premium bank account, do compare options carefully. Check the fees, the perks, ask about customer support and other banking products. For example, say you are thinking of buying a house in the near future: will the premium 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, 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 small perks of a premium bank account.

Pros and cons of a premium 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

  • Being loyal to the same bank may mean missing out on better deals elsewhere.
  • If you go over the FSCS limit, your savings may not be entirely protected.

Compare premium bank accounts

Table: sorted by promoted deals first
Name Product Ratings Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
Premier Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
Eligibility criteria applies. See below.
0% AER
N/A
Eligible for Barclays Blue Rewards.
Current account switch service guarantee badge
View details
Premier Bank Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
Interest-free buffer of £500, N/A
Receive £110 cash and either a £30 Uber Eats voucher or The Dining Out Gift Card for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening.
Current account switch service guarantee badge
View details
Premier Select
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0% AER
19.49% EAR variable
£100 for accounts switched using the Current Account Switch Service by 18.11.21.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 19.49% EAR variable.
View details
Premier Reward
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£2 per month
Min. £1250 Per Month
0% AER
39.49% EAR variable
£100 for accounts switched using the Current Account Switch Service by 2.12.21.
Current account switch service guarantee badgeRepresentative 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.
View details
Select Current Account
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£4 per month
No minimum funding requirement
0.3% AER
N/A
£130 cashback for accounts switched when 2 direct debits are set up, £1,000 paid in and logged into online or mobile banking within 60 days of switching using the Current Account Switch Service.
Current account switch service guarantee badge Account fee of £4 per month.
View details
Citigold Current
Not yet rated
£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 International plc).
No minimum funding requirement
0% AER
£0 per charging period
Complimentary breakfast with selected hotels.
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 International plc)..
View details
Private Current Account
Not yet rated
£25 per month
No minimum funding requirement
0.2% AER
14.9% EAR variable
Eligible for B Traveller, receive six free visits to airport lounges worldwide and discounts at selected airport restaurants.
Current account switch service guarantee badgeRepresentative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 14.9% EAR variable. Account fee of £25 per month.
View details
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Bottom line

If you’re looking to put a large sum of money into one account, a premium bank account could be a good option if you meet the eligibility criteria. Its perks include special offers and higher account limits, but your savings may not be protected if they exceed £85,000. If you like having everything in the one place, it’s certainly the one for you.

Frequently asked questions

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.

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