According to the bank, the account - a type of current account - is the first of its kind to give consumers a choice about what they get.
Packaged accounts offer consumers a range of free benefits, such as travel insurance and breakdown cover, in exchange for a monthly fee. The benefits are typically selected by the bank rather than the consumer.
The new Privilege and Privilege Premier current accounts will offer customers a range of core benefits, including family travel insurance, mobile phone cover, an interest free overdraft of up to £300 and access to certain savings accounts.
Customers will also be able to select one of three packages of benefits, offering free insurance for gadgets such as cameras, laptops and MP3 players, or cover against identity theft and handbag insurance, or a traveller option giving people access to airport lounges and a luggage recovery service.
The bank says the benefits are worth more than £700 a year. The Privilege current account costs £8.50 a month, while the Privilege Premier option costs £12 a month.
Copyright © PA Business 2008
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