Current accounts with benefits

Current accounts that give you extra:

Want an account that gives you additional benefits, exclusive rates & products? There is often a fee but it can be worth paying. Find the deal that’s best for you and get switching.

Current accounts with benefits - Ordered by monthly fee - Lowest to Highest

    • Provider/Product name FlexAccount

      FlexAccount

    • Account Benefits
    • Monthly Fee No monthly fee
    • Customer Service Rating
      Great
      79%
      OK
      17%
      Poor
      4%
    • Go to site

      Phone

      More details

    Great for
    Free Multi-trip travel insurance
    Dedicated switching service to personally manage your account opening
    But be aware that
    Minimum monthly funding of £750 to qualify for the travel insurance
  1. Switching Gift Card!

    Earn up to £220 on an M&S gift card! Receive £100 when you switch and up to £120 when you stay! Conditions apply, see T&Cs

    Great for
    Switch to M&S and earn £100 on an M&S gift card plus £10 gift card top up per month for up to 12 months. See T&Cs
    Access to the 5% AER high interest rate M&S Monthly Saver account. See T&Cs
    But be aware that
    To qualify for the £100 gift card you must use the Current Account Switch Service and have two active direct debits
    To qualify for a £10 monthly top up on your gift card you must have two active direct debits and a minimum monthly funding of £1,000

    Representative Example:

    0% EAR variable on the first £100. 15.9% EAR variable thereafter.

  2. Cashback

    £150 Cashback when you switch your Current Account to the Co-operative Bank- T&Cs apply.

    Great for
    Receive £150 Cashback when you switch your Current Account to the Co-operative Bank. Subject to status and qualifying criteria
    The Co-op current account and £150 switch offer are subject to status and qualifying criteria. £150 offer requires a full switch with 4+ active Direct Debits to a qualifying current account.
    But be aware that
    £150 Cashback offer excludes existing customers paying in £800+ per month from 03/02/16 to 03/05/16 and any recipients of previous switching incentives. Offer can be withdrawn at any time. Terms apply
    This account is available to EU residents aged 16 or over. Overdrafts are only available to account holders 18 or over. Subject to status.

    Representative Example:

    The advance of credit of £1,200 at an interest rate of 18.9% EAR variable per annum.

  3. Great for
    Earn up to £15/month loyalty rewards
    Earn enhanced cashback at over 100 online retailers and Expedia when you shop through SmartSpend
    But be aware that
    £3 monthly fee
    Pack fees range from £6 to £15.50 per month
  4. 2016 SUPERS

    Winner of the Best 'Loyalty’ Current Account Provider

    Great for
    Monthly cashback on selected household bills
    Monthly interest of 3% AER (variable) payable on your entire balance up to £20,000, when you have at least £3,000 in your account
    But be aware that
    A £5 account fee will be taken from your account each month
    Rate of interest will be reduced to 1.50% from November 1st 2016
    • Provider/Product name FlexPlus

      FlexPlus

    • Account Benefits
    • Monthly Fee £10.00
    • Customer Service Rating
      Great
      79%
      OK
      17%
      Poor
      4%
    • Go to site

      Phone

      More details

    Great for
    UK & European Breakdown and Recovery Assistance (including Home Start)
    3% AER in-credit interest - (2.96% gross p.a.) variable on balances up to £2,500
    But be aware that
    The account costs £10 a month
    Exclusions and limitations apply with all of Nationwide's insurances
  5. Switching Gift Card!

    Earn up to £220 on an M&S gift card! Receive £100 when you switch and up to £120 when you stay! Conditions apply, see T&Cs

    Great for
    Switch to M&S and earn £100 on an M&S gift card plus £10 gift card top up per month for up to 12 months. See T&Cs
    M&S vouchers worth £222 every year (£127 worth of hot drinks vouchers, £40 vouchers for clothing and homeware, £45 for treats and delights and a £10 birthday treat)
    But be aware that
    £10 monthly fee
    To qualify for the £100 gift card you must use the Current Account Switch Service and have two active direct debits. To qualify for a £10 monthly top up on your gift card you must have two active direct debits and a minimum monthly funding of £1,000
  6. Great for
    3% back on seven household bills with unlimited rewards if paid by Direct Debit. Top 20% of NatWest Reward customers earn, on average £217 in Rewards per year. Based on their average Dec'15/Jan'16 Direct Debit amounts. Excludes monthly £12 fee
    Includes many lifestyle benefits such as European multi trip travel insurance, preferential rates on travel money, mobile phone insurance & tastecard membership. Account terms & conditions apply
    But be aware that
    £12 monthly fee
  7. Great for
    3% back on seven household bills with unlimited rewards if paid by Direct Debit. Top 20% of NatWest Reward customers earn, on average, £217 in Rewards per year. Based on their average Dec'15/Jan'16 Direct Debit amounts. Excludes monthly £18 fee
    Includes many lifestyle benefits such as Worldwide multi trip travel insurance, UK car breakdown cover, mobile phone insurance & tastecard membership. Account terms & conditions apply
    But be aware that
    £18 monthly fee

With benefits guide

What is a with-benefits account?

A 'with-benefits’ account is a current account that offers a raft of extras but also charges a monthly fee for use. For the right account holder, extras such as free breakdown cover, travel insurance, phone insurance, home emergency cover and discounts more than offset the monthly fee.

Because with-benefits accounts are laden with extras, they are often referred to as packaged or added-value accounts.

Who do they suit?

With-benefits current accounts are good for those who tend to buy the extras anyway and so will save money despite the fee. Some accounts have fairly high minimum monthly payments, so these are best suited to those earning a high salary who can meet this requirement.

They can also be useful as a joint account, as then you can both benefit from the perks while still paying just one fee.

Benefits

Although most of us expect our current account banking to be free, these deals are slowly catching on as the perks improve and people recognise the savings they can make. If you are considering a packaged account, be sure you will use the perks included.

The range of added benefits vary depending on the account and the monthly fee you opt to pay, so it’s important to take time to search the market and find the most suitable packaged account for your needs and circumstances. Common extras include travel insurance, breakdown cover and mobile phone insurance.

Many banks and building societies also offer preferential rates on other products such as savings and mortgages, to their packaged account customers.

Negatives

The fact there is a monthly fee will be a turn-off for many people.

Some of the perks that come with a with-benefits account need to be signed up for – you might need to register your phone for the mobile insurance, or provide information for your travel policy. Make sure you get around to registering, otherwise you’re wasting money.

Typically, as well as the monthly fee, there will be a minimum amount you will need to pay into the account each month in order to qualify. This can mean that some people’s wages aren’t enough to let them qualify for these kinds of account.

Alternatives

If you aren’t going to use the extras that come with a with-benefits account then it’s probably not worth paying the monthly fee to have one. Instead, consider how you use your current account. If you’re frequently overdrawn, go for a deal that gives you a generous interest-free overdraft. If you’re usually in credit, then a high-interest current account could be a better option.

High earners with more complicated banking needs may not find a packaged account is right for them and may prefer a premier account, which gives them access to a relationship manager.

There are even reward accounts that pay you an amount each month, so a fee-paying account is not always the best option.

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