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
      69%
      OK
      25%
      Poor
      6%
    • Go to site

      Phone

      More details

    2014 SUPERS

    Highly Commended provider of 2014

    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
  1. Market leading

    Best rate for balances between £3,000 and £20,000

    Great for
    Cashback on your household bills
    1% cashback on your Santander Mortgage
    But be aware that
    £2 monthly account fee
    Minimum monthly funding of £500
    • Provider/Product name FlexPlus

      FlexPlus

    • Account Benefits
    • Monthly Fee £10.00
    • Customer Service Rating
      Great
      69%
      OK
      25%
      Poor
      6%
    • Go to site

      Phone

      More details

    2014 SUPERS

    Highly Commended provider of 2014

    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
  2. Great for
    Ticket booking service, receive 25% cashback on tickets for theatre, dance, opera, concerts and more
    European travel insurance including winter sports, plus mobile phone insurance
    But be aware that
    Monthly fee of £10
  3. Great for
    Ticket booking service, receive 25% cashback on tickets for theatre, dance, opera, concerts and more
    European travel insurance including winter sports, plus mobile phone insurance
    But be aware that
    Monthly fee of £10
  4. £150 M&S gift card

    £50 M&S gift card when you open an account and a £100 M&S gift card if you switch using the Current Account Switch Service

    Great for
    M&S vouchers worth £212 every year (£127 worth of hot drinks vouchers, £40 vouchers for clothing and homeware and £45 for treats and delights)
    Exclusive access to high rate monthly saver
  5. £100 reward

    £100 reward for switching

    Great for
    £100 reward for switching. Your switch is covered by the Current Account Switch Guarantee
    Worldwide family travel insurance, car breakdown cover, mobile cover and more, provided by selected third parties
    But be aware that
    To qualify for £100, use the Current Account Switch Service to transfer and close your old account held elsewhere. Excludes anyone who's had £100 for switching since Jan 2012
    £15 monthly fee. This is reduced to £10 in each calendar month you pay in £750 or more, pay out two different Direct Debits and stay in credit

    Representative Example:

    If you use a planned overdraft of £1,200, then Halifax charge you a daily fee of £1. For Ultimate Reward Current Accounts, you will pay the higher monthly account fee of £15 rather than £10 if you use your overdraft. This means there will be an additional indirect cost of £5 if you use a planned overdraft on this account. Overdrafts are subject to status.

  6. Great for
    Worldwide travel insurance and preferential rates on Travel Money
    Other benefits such as National Trust site visits and a free tastecard
    But be aware that
    £16 fee per month
  7. Great for
    Worldwide travel insurance and preferential rates on Travel Money
    Other benefits such as National Trust site visits and a free tastecard
    But be aware that
    £16 fee per month
  8. £150 M&S gift card

    £50 M&S gift card when you open an account and a £100 M&S gift card if you switch using the Current Account Switch Service

    Great for
    M&S vouchers worth £212 every year (£127 worth of hot drinks vouchers, £40 vouchers for clothing and homeware and £45 for treats and delights)
    Exclusive access to high rate monthly saver
    But be aware that
    £17.50 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 break-down 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 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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