What is a Packaged Bank Account?
A Packaged Bank Account is a current account that comes with other goods or services. Generally, these include at least one insurance product (such as travel or mobile phone insurance), but it may also include a range of other non-insurance goods or services (such as airport lounge access). You usually have to pay a monthly fee for a packaged bank account. They might be called things like “reward”, “premium” or “gold” accounts – and there’s usually a monthly fee attached them.
What features and benefits do you get with them?
- Breakdown cover
- Travel insurance
- Insurance for gadgets and phones
- Exclusive savings account rates
- Home insurance
- Airport Lounge Access
How much they cost?
Packaged bank accounts charge a monthly fee, usually between £5 to £50 per month.
Some also have requirements like:
- Paying a certain amount into the account each month, e.g. £1,000 or more
- Paying out a number of direct debits from the account each month, e.g. two
Some bank accounts charge a lower monthly fee as long as you meet its requirements.