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Compare packaged accounts

Packaged accounts come with added extras such as travel insurance, breakdown cover, mobile phone insurance and other offers in return for a monthly fee.

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Most popular Overdraft Interest rate Monthly account fee

Nationwide FlexPlus

Nationwide FlexPlus

  • 3% interest on balances up to £2,500
  • 3 month interest free overdraft, then £0.50 per day
  • Worldwide travel cover, mobile phone insurance for the family, and commission free cash withdrawals abroad
More info
Overdraft
£0.50
per day
Interest rate
3.0%
AER
Monthly account fee
£10
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

NatWest Reward Platinum Account

NatWest Reward Platinum Account

  • 3% rewards on selected household bills. 1 reward equals £1
  • Mobile & worldwide travel insurance
  • UK car breakdown cover
More info
Overdraft
19.8%
EAR
Interest rate
0.0%
AER
Monthly account fee
£18
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

Nationwide FlexAccount

Nationwide FlexAccount

  • European travel insurance
  • Discounted home insurance or loans
  • Mobile and online banking
More info
Overdraft
18.9%
EAR
Interest rate
0.0%
AER
Monthly account fee
-
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

Signature Current Account

Signature Current Account

  • Travel, mobile phone and gadget insurance included
  • Free access to your credit report
  • UK breakdown cover provided by Green Flag
More info
Overdraft
12.5%
EAR
Interest rate
0.0%
AER
Monthly account fee
£13.50
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

Santander 123 Current Account

Santander 123 Current Account

  • 1.5% interest on balances up to £20,000
  • 1% cashback on water and council tax, 2% cashback on gas and electricity, 3% cashback on mobile and internet, phone and TV
  • No arranged overdraft fee for the first four months, then £1 per day
More info
Overdraft
£1
per day
Interest rate
1.0%
AER
Monthly account fee
£5
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

B current account

B current account

  • 0.5% interest up to £2,000 – 0% thereafter
  • current rates until 30th November 2016
More info
Overdraft
12.5%
EAR
Interest rate
0.5%
AER
Monthly account fee
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

Signature Current Account

Signature Current Account

  • Travel, mobile phone and gadget insurance included
  • Free access to your credit report
  • UK breakdown cover provided by Green Flag
More info
Overdraft
12.5%
EAR
Interest rate
0.0%
AER
Monthly account fee
£13.50
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

NatWest Reward Account

NatWest Reward Account

  • 3% rewards on selected household bills. 1 reward equals £1
  • 1% rewards at participating retailers with MyRewards
More info
Overdraft
19.8%
EAR
Interest rate
0.0%
AER
Monthly account fee
£3
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

NatWest Rewards Silver Account

NatWest Rewards Silver Account

  • Earn 3% Rewards on selected household bills
  • European travel insurance and mobile phone insurance
  • Preferential rates on foreign currency from the Travel Money service
More info
Overdraft
19.8%
EAR
Interest rate
0.0%
AER
Monthly account fee
£12
AER based on £1,000 deposits and meeting eligibility criteria. Overdraft based on being £500 overdrawn (excluding 0% overdrafts).

What is a packaged current account?

A packaged current account is an account that will offer you perks such as insurance, breakdown cover, cashback on certain bills, free overdrafts, store discounts or exclusive interest rates paid on your savings. Often you will have to pay a monthly or annual fee for the account (or have to deposit a minimum sum each month), but if you use all the benefits a packaged account can more than pay for itself.

What benefits can I enjoy with a current account?

The main reason to get a packaged account is to take advantage of the free benefits that come with the account. You could enjoy:

  • Insurance - Many accounts offer home and travel insurance, however, make sure to read the small print of any insurance policy to see if it covers you for your requirements
  • Discounts - Many banks have partnerships or deals with high-street retailers and will give you exclusive discounts, bank accounts provided by retailers often will include a scheme paying loyalty points for spending in-store.
  • Breakdown cover – you can enjoy roadside breakdown support with membership of organisations like Green Flag, the AA and RAC with some current accounts
  • Airline rewards – While this benefit is more commonly found with credit cards, but with some bank accounts you can earn Avios points, Virgin Miles or other airline rewards as you spend.
  • Cashback – Some accounts will give you back a percentage of your spending as cash as a reward.
  • Higher interest rates – Some accounts pay higher than typical AER, but often this will only be paid on balances up to a limited amount.

Is a packaged current account worth the fee?

It all depends on how you’re going to use the account, if you think you’re going to spend in the right way to get cashback, or use the discounts, deposit large enough balances to enjoy higher interest rates, or need the insurance cover, then a packaged account will be worth paying a fee.

However, you should always consider free alternative accounts as many will offer free benefits

It goes without saying that you should make sure you are using any account you are paying for, or you will be left out of pocket.

Packaged accounts and mis-selling

A few years ago packaged accounts came under scrutiny and it was found that many people had been mis-sold a packaged account and were entitled to compensation. If you think you were mis-sold an account you should complain to your bank or the Financial Ombudsman Service.

Packaged account mis-selling can include:

  • Being told you need the account to qualify for a loan, mortgage or other product.
  • Being told a previous loan or credit application may be unsuccessful unless you also get a packaged account.
  • Being wrongly informed of discounts you can get
  • If the fees were raised without you having been clearly informed
  • Being told it’s the only way to get an overdraft
  • Being told it will improve your credit score (without making reference to free alternatives)

uSwitch Limited is a credit broker, not a lender, for consumer credit products.

uSwitch services are provided at no cost to you, but we may receive a commission from the companies we refer you to.