Worldwide family travel insurance is one of the most commonly included benefits with packaged bank accounts. Just check carefully for exclusions around topics like maximum age and pre-existing conditions.
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Compare packaged current accounts
Get added benefits along with your current account
Packaged current accounts offer banking with a little extra
Packaged current accounts come with added extras like travel insurance, breakdown cover, mobile phone insurance and more.
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a registered bank or building society (or first £170,000 for a joint account) will be safe even if the business goes bust.
Package current account deals
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Uswitch Limited is a credit broker, not a lender, for consumer credit.
Our services are provided at no cost to you. We may receive a commission from the companies we refer you to, but this does not affect what you will pay for the product you choose.
How packaged current accounts work
Packages current accounts perform the same basic functions as standard current accounts - letting you pay money in, pay bills, and with a card to shop online and in store - but come with exclusive benefits attached.
This might be cashback on your spending, high interest on positive balances, or linked benefits like mobile phone insurance or breakdown cover.
However, as well as extra benefits - they can also come with a monthly fee.
Joint packaged accounts are also available, however if they can cost more than single accounts if perks are being applied to more than one person.
If you play your cards right, the benefits will handily outweigh the fee charged - just make sure you're using them or you could end up spending money for nothing.
Current account switches in 2022[1]
986,956
Benefits available as part of a packaged current account
![Travel insurance]()
Travel insurance
Worldwide family travel insurance is one of the most commonly included benefits with packaged bank accounts. Just check carefully for exclusions around topics like maximum age and pre-existing conditions.
![Breakdown cover]()
Breakdown cover
You can enjoy roadside breakdown support across the EU with membership of organisations like Green Flag, the AA and RAC with some current accounts.
![Mobile phone insurance]()
Mobile phone insurance
Several packaged accounts include mobile phone cover or other gadget insurance as part of their deals.
![Cashback]()
Cashback
Several accounts will give you back a percentage of your spending as cash as a reward. This is frequently broken out by type of spending - for example 2% cash back on mortgage, 1% on supermarket shopping, 3% on energy bills etc.
![Linked high-interest savings accounts]()
Linked high-interest savings accounts
Many packaged current account offer exclusive access to a linked, high-interest savings account that's only available to people with the current account. These are typically regular saver accounts or instant access accounts.
![Home emergency cover]()
Home emergency cover
Home emergency cover is also one of the more frequent packaged benefits. This provides professional help if something goes wrong in your home - for example a broken boiler or burst pipe.
![Travel perks]()
Travel perks
Free use abroad, airport lounge access and even air miles are sometimes also included as part of the deal with some packaged bank accounts.
Benefits available as part of a packaged current account
Travel insurance
Breakdown cover
You can enjoy roadside breakdown support across the EU with membership of organisations like Green Flag, the AA and RAC with some current accounts.
Mobile phone insurance
Several packaged accounts include mobile phone cover or other gadget insurance as part of their deals.
Cashback
Several accounts will give you back a percentage of your spending as cash as a reward. This is frequently broken out by type of spending - for example 2% cash back on mortgage, 1% on supermarket shopping, 3% on energy bills etc.
Linked high-interest savings accounts
Many packaged current account offer exclusive access to a linked, high-interest savings account that's only available to people with the current account. These are typically regular saver accounts or instant access accounts.
Home emergency cover
Home emergency cover is also one of the more frequent packaged benefits. This provides professional help if something goes wrong in your home - for example a broken boiler or burst pipe.
Travel perks
Free use abroad, airport lounge access and even air miles are sometimes also included as part of the deal with some packaged bank accounts.
5 things to check before applying for a packaged bank account
Packaged bank accounts can be great, for the right person. These are five things you need to check before applying
Do you already have the included benefits somewhere else?
Getting breakdown cover, phone insurance, travel insurance and more included in your bank account sounds is great.
Unless you're already paying for them elsewhere that is.
Double check your home insurance, car insurance, and other policies to see if you're not already covered. Then check with your partner and family as well in case one of their polices covers you too.
Check you can actually use all the benefits
Are the bills in your name to get cashback from them? Will the travel insurance cover any pre-existing conditions you have? Do you have enough spare cash to use the savings account?
Before signing up to pay monthly a fee to access linked benefits, check the small print to make sure you can actually use them.
If you can't, you end up paying money for nothing.
Check the cost of getting the benefits elsewhere
One of the tricks of packaged current accounts is that you see a monthly fee, while other policies charge you annually.
For example, annual breakdown cover of £40 works out at just £3.33 a month.
Run a quick comparison to see what the packaged account policies will cost you elsewhere, then divide this by twelve to see if it's actually good value.
Check for free alternatives to what's included
The right credit card can offer cashback or free use abroad.
The best-paying savings accounts can get you more than 4% interest.
None of these come with any fees attached at all.
So before you sign on the line to pay a monthly fee, see what's available elsewhere for free.
Ask if yourself if you will actually use the benefits
An included international concierge service sounds amazing - but if you normally holiday in Cornwall isn't worth paying for.
A 5% regular saver account might be market-leading, but if you're living in your overdraft isn't the most useful.
Put simply, no matter how much cheaper something is than you can find it elsewhere, if you buy it then never use it it's still a rip off.
Typical costs of included benefits if bought separately
What it would cost you each month to buy some of the more common benefits included in a packaged current account if you were to get them seperately.
How to choose the best packaged account for you
What you need to do to make sure your current account is working for you, not against you
Decide what matters most
Are you in this for the cashback or interest on offer?
Do you want to make sure you're covered on holiday or get cheap breakdown cover?
Before signing up to a packaged account, work out what features are nice to have an what you consider essential.
See if you can get it free
The benefits available in package accounts don't always cost you anything.
You can often find linked savings, cashback and even travel insurance free if you compare current accounts thoroughly enough.
So before signing up to a monthly contract, check you need to.
Make sure it all adds up
Check the benefits are worth the price - and that they're things you'll be able to use.
That means checking for exclusions and cover levels on any insurance policies to ensure you're happy with what's on offer.
If it all adds up after you've checked, then it's time to do a deal.
Is a packaged current account worth the fee?
There are two key advantages of packaged current accounts: Simplicity and cost.
The right package means you don't need to worry about renewing you breakdown cover or travel insurance ever again - and you might end up paying less overall too.
If you're in it for the money, rather than the insurance, then make sure you're spending or saving enough for the cashback and interest to to cover your fees.
But don't assume you'll get a good deal - it's always worth checking for free alternatives and if stand alone policies might be cheaper or better suited to you.
Pros and Cons
Pros
Can be cheaper than buying benefits seperately
Simpler than having to remember to renew policies
Cashback and linked savings can see you make money
Cons
Linked benefits might not be suitable for you
Fees could cost more than cashback if you don't spend enough
You might already have some of the benefits elsewhere
FAQs
Do you have to pay a monthly fee for a packaged account?
Not always. But you can get many of the benefits available from a packaged bank account without paying a monthly fee.
Many accounts come with included travel insurance, linked savings accounts, free use abroad and even cashback - but have no fee attached to them.
Will applying for a packaged current account affect my credit rating?
Any formal application for credit - including the overdraft element of a packaged bank account - results in a credit check.
That means banks will log a search of your credit history on your report before deciding to offer you a deal or not. This is visible to other lenders, but not part of your credit score.
How are the fees charged?
Any monthly fee for a packaged bank account is automatically deducted from your account in the same way that overdraft charges and overseas debit card usage fees are.
Can you open a joint packaged bank account?
Yes. But make sure the benefits are applied sensibly - for example you might only be able to sign up for breakdown cover for one car or get mobile phone coverage for one phone. If you want to double the benefits, a higher fee might be charged to reflect that.
Are banks still refunding mis-sold packaged bank accounts
In the past banks have found themselves in trouble for selling packaged bank accounts to people who couldn't use the benefits associated with them.
Rules now mean mean banks have to check that the extras are suitable for you. If you think you've been mis-sold a packaged bank account in the past, the Financial Ombudsman has a guide to common problems and how to complain here.
Which banks does Uswitch's comparison include?
We compare current accounts from a wide range of high street banks and newer challenger banks. Compare our current account providers to check which ones we include.
What does 'most popular' mean?
Bank accounts in our tables can be ranked by popularity, which we have judged according to how many clicks they got over the past 30 days. Those with the most clicks are at the top of the table, and those with the least at the bottom.
However, the most popular account might not be the account for you. You should still take time to filter and search all the accounts listed to see if there’s one that better fits your needs.
About the author
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Customer Reviews
by 21,852 people
Communication very good
Communication very good. Prompt replies to queries. Helpful advice. Pursued the AA for payment.
G. HEATHCOTE
Broadband Switch
I changed broadband providers at the middle of February 2023 using USwitch with a deal that included a £65.00 Amazon voucher and £30.00 cashback deal from TopCashBack. Inevitably when I tried to claim the voucher and cashback Community Fibre, USwitch and TopCashBack all referred me to each other and no offers were forthcoming. After emails to USwitch all issues were resolved after they agreed to try to resolve the issues with TopCashBack and Community Fibre. True to their word the problems were ...
Glyn Williams
Resolved my cashback issue
I purchased car insurance in January through TopCashback but due to an error I didn’t get my cashback bonus. I contacted USwitch and spoke to Anna in Customer Services. She was incredibly helpful and sorted payment out within a number of days.
Very happy with their service and highly recommend!
Louise Nicole
References
1. Current account switching service pay.uk: December 2022 data