These accounts are the ones which come with the extra perks. Either you go “premium” where you pay a monthly fee for extras like travel insurance or a weekly Greggs sausage roll (IYKYK), or you go “premier”, where how much your salary is or the money you hold with your bank unlocks a raft of benefits.
| Rank | Product | Finder score | Minimum income |
|---|---|---|---|
| 1 | Club Lloyds | 9.8/10 | £0 |
| 2 | Santander Edge Up | 9.6/10 | £0 |
| 3 | Barclays Premier Current Account | 9.5/10 | £75,000 |
| 4 | Monzo Max | 9.2/10 | £0 |
| 5 | HSBC Premier | 9/10 | £100,000 |
| 6 | NatWest Premier Reward | 8.9/10 | £100,000 |
| 7 | Revolut Ultra | 8.6/10 | £0 |
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:
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.
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.
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 £120,000 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.
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 £120,000. However, if you like having all your finances in the same place, it could be the one for you.
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