Find Bank Accounts with additional benefits

Looking for a bank account that works harder? Compare packaged accounts that offer extra benefits like travel insurance and mobile phone cover.

This is a bank account that usually charges a monthly fee or requires you to pay a minimum monthly amount into the account in return for a bundle of added value benefits.  The package of benefits can include breakdown insurance, travel insurance, mobile phone cover, hotel, airport lounge and concert ticket discounts as well as access to preferential rates on other products such as credit cards, loans and mortgages.  As these accounts offer a package of additional benefits they are usually referred to as packaged accounts.

Who do they appeal to?

If you were thinking of buying some breakdown cover or travel insurance anyway, then one of these accounts may be for you.  It's wise to work out the cost of buying these extras individually to see how it stacks up against the monthly fee. 

Benefits

A with benefits joint account can be an advantage as you'll pay one fee but both benefit from the added value extras.

The value of some of these benefits, if you make full use of them can outweigh the monthly fee.  So make sure you use them!

Some of these accounts offer exclusive low loan, mortgage, savings and credit card deals to customers who take out a packaged account.

Negatives

Fees can vary significantly as can the number of benefits offered, so it's important to be realistic about which ones you're most likely to use before opening an account. Some accounts do offer a very good deal, but do make sure you factor the fee into all the features offered, such as credit interest and overdraft rates.

Make sure you register for all the benefits on offer to make the account work for you.  Some of these accounts require you to register for some of their insurances to make the most of the package on offer.

Overdrafts

Some with benefits accounts offer good rates on authorised overdrafts but be careful of high daily usage fees and penalty charges for going overdrawn, click 'details' next to the product you're interested in for more information about authorised and unauthorised overdraft charges. Visit our Bank Accounts with Overdraft Best Buys to compare accounts offering a pre-agreed overdraft facility.

Rewards

Earn a cash back reward each month as an alternative to earning credit interest.  Rewards usually come with packaged accounts that require you to pay a minimum monthly amount into the account.