Current accounts offering additional benefits are becoming more and more common. Indeed, you may find that every visit to your local bank includes a friendly customer adviser trying to tempt you to upgrade your current account!
The problem is that these 'packaged' current accounts aren't suitable for everyone. But the question is: are they suitable for you?
'Packaged current account' is a term given to bank accounts that come with a package of benefits. These can include:
In return for these extra benefits, your bank or building society may charge you a monthly fee.
These current accounts can be fantastic - they can save you a bundle if the package offers several benefits you already have individually.
But the flipside is that if the benefits aren't relevant to you, or don't save you money, you're effectively paying over the odds for your bank account.
Insurances can vary in the level of cover offered, so check what's offered on your existing policy and the current account policy to make sure you don't miss out.
Additionally, banks and building societies have to ensure that customers who take out a packaged bank account can use the benefits that come with the account. If you don't fit the bill, you won't be able to apply for one.
Find the best bank account with benefits for you with our current account search
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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