Best packaged bank accounts – Be Clever With Your Cash 

What’s a packaged checking account?

A packaged checking account is a paid-for checking account that features further perks, usually insurance coverage. You’d normally get included journey insurance coverage, for both you or your complete household in addition to cell phone insurance coverage and breakdown cowl.

You possibly can typically get beneficial limits and charges overseas and preferential journey cash charges.

These are on prime of the options you may get from the banks’ free accounts, equivalent to cashback and freebies.

You don’t have to have these as your predominant checking account to make use of them, so they might simply be further accounts you open to get the quilt, however it is best to verify if every account has any necessities.

Execs and cons of packaged financial institution accounts

Execs

• Lower your expenses. Paying for all three sorts of cowl individually will normally be dearer than the price of a packaged account
• Comfort. In case you don’t want specialist insurance coverage it will probably take out a few of the stress of planning a vacation because it’s dealt with for a full 12 months. Nonetheless, don’t pay extra for comfort!

Cons

• Potential price for pre-existing medical situations. You might have to ask for pre-existing medical situations to be included in your plan, which might come at an extra price
• Not every part can be lined. There may be add-on prices for issues like longer journeys and winter sports activities, although that’s typically the case with all journey insurance coverage
• You may be getting extra cowl than you want. You may be getting cowl you don’t want — equivalent to worldwide insurance coverage once you’re solely happening European breaks, or breakdown cowl that’s provided elsewhere
• Different advantages may be a little bit of a gimmick. Particularly in the event you don’t trouble utilizing them

A packaged account labored for me

When planning a cruise a few years in the past, I labored out that the six-month minimal time period of Monzo Premium (at £15 per thirty days) was cheaper than the ten-day insurance coverage for me and my companion. And that was the case even with out the opposite perks.

Because the cruise, I’ve caught with this account though Monzo has changed it with Monzo Max. It really works out higher worth for us as a pair for our journeys overseas, as Monzo Max doesn’t cowl your companion. I’ll probably rethink my choices as soon as Monzo makes me transfer away from its Premium account.

What are the most effective packaged financial institution accounts?

Listed below are a few of the packaged financial institution accounts obtainable available on the market in the meanwhile. It’s price checking if any of them are working swap presents which might get you some further money once you swap over your present account. 

We’ve listed the important thing advantages, however keep in mind that these embrace insurance coverage, so there can be exclusions and totally different payout ranges throughout the totally different accounts. It is best to verify the important thing coverage paperwork for every account to make sure it provides you with the protection you want earlier than you apply. 

Evaluate the most effective packaged financial institution accounts

These are our prime picks for packaged financial institution accounts based mostly on their price, the sorts of insurance coverage you may get with them and who the insurance coverage covers.

Virgin Cash Membership M: prices £12.50 per thirty days

• Annual price: £150 
• Minimal time period: No minimal time period

What’s included?

• Worldwide household multi-trip journey insurance coverage
  • Together with winter sports activities, golf and weddings
  • 24-hour entry to a nurse (and doubtlessly a physician) whereas overseas
  • Plus a concierge service to make reservations, transfers or simply ask a query
• Household cell & gadget insurance coverage
  • Loss, theft and unintended harm – together with cameras, laptops and tablets.
• UK breakdown cowl
  • For the account holder solely
  • Whether or not you’re the driving force and passenger

The way it’s totally different to different choices

✅ Journey insurance coverage consists of weddings 
✅ You additionally get a concierge service, which might be helpful however is unlikely for use
✅ Gadget insurance coverage covers laptops and tablets in addition to your telephone
❌ Breakdown cowl solely covers the account holder
❌ Breakdown cowl is UK solely

Is it price it?

Worldwide household journey insurance coverage is fairly good, particularly with entry to a physician and a concierge service, although I’m unsure the latter could be used a lot in follow. 

It’s nice that you could get cell and gadget insurance coverage for the entire household —  you’ll be able to’t get laptops or tablets lined with any of the opposite presents, and a few don’t supply cell phone cowl for the whole household (taking a look at you, Lloyds). 

The breakdown cowl solely covers the account holder, which isn’t very handy if multiple individual drives your automotive, and it’s UK solely — whereas the Nationwide FlexPlus account is healthier for this because it covers any automobiles you personal in addition to ones you might be travelling in. Nonetheless, it comes at the next price, which is about to rise additional in December.

Co-operative Financial institution On a regular basis Additional: prices £15 per thirty days

• Annual price: £180 
• Minimal time period: No minimal time period

What’s included?

You may get this account as a sole account or a joint account, with no further price for joint accounts, so you’ll be able to each be lined individually too. Nonetheless, in case you have a joint account with anybody who isn’t your companion, your companion can’t profit from the insurance coverage as properly.

• Worldwide journey insurance coverage
  • Covers you, your partner or companion (when travelling with you, except you’ve gotten a joint account) and dependant kids as much as 22 years previous (even when travelling alone)
  • No extra 
  • Contains UK getaways
  • Contains winter sports activities 
• Cell phone insurance coverage
  • Worldwide cowl
  • Covers loss, theft, unintended harm, water harm and breakdown
  • Additionally covers equipment
• UK and European breakdown cowl
  • Covers you and any automobile you’re travelling in
  • Contains three days of automotive rent and resort lodging

The way it’s totally different to different choices

✅ No extra on journey insurance coverage 
✅ Can get a joint account for a similar month-to-month price
✅ Breakdown cowl is within the UK and Europe
✅ Insurance coverage covers you as much as age 79
❌ Cell phone insurance coverage is for account holder(s) solely — although you’ll be able to add your companion by getting a joint account

Is it price it?

It is a first rate packaged checking account, particularly as you may get a joint account for no further price, which means that the journey insurance coverage can cowl the entire household and the cell phone and breakdown cowl can cowl each you and your partner or companion. 

This packaged account can get each adults within the household breakdown cowl, so it might be worthwhile in the event you’re a multi-car family.

Lloyds Silver: prices £11.50 per thirty days

• Annual price: £138 
• Minimal time period: No minimal time period

What’s included?

• European and UK household journey insurance coverage 
  • You may make this Worldwide cowl for £22.50 per thirty days with the Lloyds Platinum account
  • Together with cowl for winter sports activities and golf
• UK breakdown cowl
  • For you and eligible members of the family whether or not you’re the driving force or the passenger
• Cell phone insurance coverage
  • Covers one telephone per account holder
  • Covers breakdown, faults, unintended harm, loss and theft as much as £2,000

The way it’s totally different to different choices

✅ Breakdown cowl is for you and your loved ones
❌ Journey insurance coverage is just for the UK and Europe. Worldwide is an additional £11 per thirty days
❌ Breakdown cowl is UK solely
❌ Gadget cowl is for one individual solely

Is it price it?

This was once an amazing choice for individuals solely wanting European cowl, however sadly a value hike on 1 July from £10 a month to £11.50 means there’s not a lot distinction in the associated fee between Lloyds Silver and  Virgin Cash’s packaged account, which will get you worldwide journey and household telephone cowl.

It’s redeemed barely by the truth that the breakdown cowl is for the entire household and that it may be boosted to Membership Lloyds Silver for no further month-to-month cost in the event you deposit £2,000 per thirty days (further £3 per thirty days if not).This will get you free cinema tickets or Disney+, which is a pleasant further, however you can get them with the free standard Club Lloyds account too, so isn’t a motive to go together with this account.

This may be the correct choice for you in the event you’re prone to solely go to Europe and might cowl different cellphones and devices with different insurance coverage. 

The distinction between Lloyds Silver and Lloyds Platinum is that you could get worldwide journey insurance coverage somewhat than simply European and UK insurance coverage — this prices £11 extra per thirty days, so that you need to be sure you have sufficient deliberate holidays going past Europe to justify the additional £120. You can even make this a Membership Lloyds account to get the life-style profit we talked about above.

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Different packaged financial institution accounts

These packaged financial institution accounts can nonetheless be price contemplating relying on the quilt you want.

Nationwide FlexPlus: prices £18 per thirty days

• Annual price: £216
• Minimal time period: No minimal time period

What’s included?

• Worldwide household journey insurance coverage
  • Contains cowl for winter sports activities
  • Contains journey disruptions, together with journey cancellations, missed departures, journey delays and different journey preparations
  • You possibly can improve the insurance coverage in the event you want it, equivalent to in the event you want protection for pre-existing situations, longer journey cowl, prolonged cruise cowl or selecting to go house early.
• Household cell phone insurance coverage 
  • Cowl in your telephone, your companion’s telephone and any dependent kids
  • Cowl for loss, theft, harm and faults
• UK and EU breakdown cowl 
  • Cowl for any automobile you’re travelling in and any autos you personal, even when another person is driving it.

The way it’s totally different to different choices

✅ You get European breakdown cowl in addition to UK cowl, which is especially good. 
✅ Cellphone insurance coverage is for the whole household
❌ Breakdown cowl solely covers the account holder

Is it price it?

This account isn’t price it anymore. Till the hike to the price, this was one of the cost-effective packaged financial institution accounts obtainable. It’ll cowl you and your loved ones worldwide in addition to providing you with breakdown cowl within the UK and Europe. At £18 per thirty days, this one of the costly packaged financial institution accounts obtainable.

Halifax Final Reward: prices £19 per thirty days

• Annual price: £228 
• Minimal time period: No minimal time period

What’s included?

• Worldwide household journey insurance coverage 
  • Cowl for winter sports activities
  • Cowl for golf journeys
  • Contains UK breaks
• UK Breakdown cowl
  • Covers you and your loved ones, whether or not driving or a passenger
• Cell phone insurance coverage
  • For the account holder solely
  • Covers breakdown, unintended harm, loss and theft
• Residence emergency cowl
  • Covers emergencies that want fast motion to make your home safe 
  • As much as £250 per declare 

The way it’s totally different to different choices

✅ Worldwide household journey insurance coverage
✅ Contains house emergency cowl
✅ Breakdown cowl is for the entire household
❌ Cell phone insurance coverage is for the account holder solely
❌ Breakdown cowl is UK solely

Is it price it?

That is the one packaged account listed that has house emergency cowl included, but it surely’s a very costly account, contemplating that you just don’t get cell phone insurance coverage for the entire household. 

The house emergency cowl can solely profit you as much as a most of £250 in a 12 months, so chances are you’ll be higher off with a special packaged checking account and opting to insure your self individually.

Revolut Premium: prices £7.99 per thirty days 

• Annual price: £95.88 
• Minimal time period: 10 months

What’s included?

• Worldwide journey insurance coverage for you and your under-18 dependants
  • Medical emergencies
  • Winter sports activities
  • Misplaced baggage
  • Delayed flights
• Additional banking options
  • Precedence help
  • Greater withdrawal restrict
  • Revolut Professional
• Discounted lounge entry 
• Free lounge entry when delayed
• Entry to subscriptions
• Insurance coverage on on a regular basis purchases
• Cashback on lodging
• Diminished funding charges

The way it’s totally different to different choices

✅ Additional banking options — although not any main upgrades
✅ Discounted lounge entry and free lounge entry when delayed
❌ Journey insurance coverage is for the account holder and youngsters solely — {couples} might want to get it every.
❌ No cell phone or gadget cowl
❌ No breakdown cowl

Is it price it?

Whereas this can be a nice price for a packaged account, it solely covers you and your under-18 dependants and doesn’t embrace cell phone cowl or breakdown cowl. It may be an economical choice for single mother and father or for individuals who journey alone typically, notably in the event you don’t want breakdown cowl.

You additionally get further banking options, though I are inclined to resent having to pay extra for issues like precedence customer support. You possibly can withdraw as much as £400 every month, versus £200 per thirty days with the free account. Cashback on lodging is simply when booked by means of the Revolut app, so that you wouldn’t have a lot of a possibility to buy round, nevertheless, you’ll be able to stand up to five% again on this.

However since that is simply journey insurance coverage, it’s price checking if you may get a less expensive standalone coverage immediately from an insurer (don’t overlook to go by way of a cashback site for further financial savings).

Now we have a overview of Revolut’s free account in the event you’d wish to get extra of a grasp of what the checking account presents.

Revolut Metallic: prices £14.99 per thirty days

• Annual price: £179.88 
• Minimal time period: 10 months

What’s included?

• Journey insurance coverage for you, your partner or cohabitant and dependants
  • Medical emergencies
  • Winter sports activities
  • Misplaced baggage
  • Delayed flights
• Additional banking options
  • Metallic card
  • Precedence help
  • Greater withdrawal restrict
  • Revolut Professional
• Discounted lounge entry 
• Free lounge entry when delayed for you and a pal
• Automobile rent extra insurance coverage
• Private legal responsibility insurance coverage

• Insurance coverage on on a regular basis purchases
• Cashback on lodging
• Diminished funding charges

The way it’s totally different to different choices

✅ Additional banking options and a steel card — although not a motive to decide on an account
✅ Discounted lounge entry and free lounge entry when delayed
❌ No cell phone or gadget cowl
❌ No breakdown cowl

Is it price it?

This improve is healthier than Revolut Premium, however inferior to different packaged financial institution accounts obtainable, such because the Virgin Cash Membership M account, which is loads cheaper and consists of breakdown cowl and cell phone cowl.

The steel card and further banking options aren’t a good sufficient motive to decide on a checking account, and as I discussed above, I’m not a fan of getting to pay for higher customer support. You possibly can withdraw as much as £800 every month, versus £200 per thirty days with the free account and £400 with the Premium account. As soon as once more, cashback on lodging is simply when booked by means of the Revolut app, so that you wouldn’t have a lot of a possibility to buy round, nevertheless, you’ll be able to stand up to five% again on this.

Now we have a overview of Revolut’s free account in the event you’d wish to get extra of a grasp of what the checking account presents. If you wish to contemplate Revolut’s different paid plans, we’ve additionally reviewed Revolut Plus and Revolut Premium.

Monzo Max: Prices £17 per thirty days or £22 per thirty days with household (insurances and breakdown cowl solely)

• Annual price: £204 or £264 with household improve
• Minimal time period: Three months

What’s included?

• Worldwide journey insurance coverage
• Worldwide telephone insurance coverage
• UK and Europe breakdown cowl
• Additional banking options
  • Greater withdrawal limits
  • Join different accounts
  • Digital playing cards
  • Superior roundups 
  • Payment-free money deposits
• Discounted funding charges
• Weekly Greggs
• Annual Railcard
• Month-to-month cinema ticket

The way it’s totally different to different choices

✅ Annual railcard
✅ Month-to-month cinema ticket
✅ Weekly Greggs
✅ Can cowl household on journey and telephone insurance coverage for added £5 per thirty days
✅ UK and European breakdown cowl
✅ Additional banking options
❌ No lounge entry

Is it price it?

Monzo Max is a extremely costly account when you’ve factored within the further £5 per thirty days to incorporate your loved ones. It does embrace a variety of options, a few of that are wonderful, together with worldwide journey insurance coverage, telephone insurance coverage and UK and Europe breakdown cowl.

The additional banking options are okay and might be helpful, but it surely’s foolish that they’re hidden behind a paywall in any respect.  

The included Railcard is a pleasant contact in the event you’d have purchased one anyway and also you’re eligible. The free Greggs looks like a good profit, however maybe shouldn’t be the decision-maker on this occasion and gained’t be price it in the event you by no means declare it.

 Now we have a whole guide on Monzo Max if you wish to be taught extra about it and whether or not it’s price it. 

Which packaged checking account do you have to go for?

Zoe’s evaluation

Which of those is finest for you relies upon purely on what advantages you’re searching for and your circumstances — for instance, Revolut Premium doesn’t have good cowl for households however might be nice for these travelling alone or single mother and father. 

It’s price doing the maths to work out how a lot the person components will price you. You may get a fast quote to learn the way a lot separate annual insurance coverage or particular person journey insurance coverage would price in your deliberate holidays. You can even get quotes for gadget insurance coverage and breakdown cowl fairly simply.

I presently have the (discontinued) Monzo Premium account till they make me transfer after which I used to be going to go for Nationwide FlexPlus, however with the value rise, I’ll should rethink my choices. 

However keep in mind in the event you solely want one of many included insurance policies, you’re doubtlessly higher off getting a person insurance coverage coverage and sticking with a free checking account, as these aren’t prone to be cost-effective in the event you don’t want the entire included perks.