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
      74%
      OK
      21%
      Poor
      5%
    • 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. £120 cashback

    £120 when you switch your current account using the Current Account Switch Service. T&Cs apply

    Great for
    £120 when you switch to the HSBC Advance Bank Account using the Current Account Switch Service within 30 days of account opening
    Access to a fixed rate of 6% AER/gross on HSBC's Regular Saver for 12 months
    But be aware that
    Minimum monthly funding of £1,750 or six-monthly funding of £10,500 required
    Minimum and maximum monthly deposit limits apply to HSBC's Regular Saver. No partial withdrawals are permitted

    Representative Example:

    assuming a formal overdraft of £1,200 on the HSBC Advance Bank Account, the overdraft rate is 17.9% EAR variable. Therefore, if you used £500 for 10 days, you would pay £2.27 in interest

    EAR is Effective Annual Rate. This takes account of the interest rate and how often interest is charged, and does not include any other fees or charges.

    Overdrafts are subject to status.

  2. Exclusive

    Get £100 for switching when you apply through MoneySuperMarket - plus up to £5.50 per month. Ts&Cs apply

    Great for
    Rewarding you up to £5.50 every month for simply doing Everyday Banking things
    To be rewarded £4 per month and 5p per debit card transaction (max £1.50), each month: pay in £800+, stay in credit/within agreed overdraft limit, log in to Online or Mobile Banking, remain opted in for Paperless Statements & pay out 4+ Direct Debits
    But be aware that
    Overdrafts are only available to account holders 18 or over. Subject to status.
    To qualify for Everyday Rewards you must meet all the qualifying criteria and opt in to the scheme. Account Terms & Conditions apply

    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
    Must pay in at least £800 & pay out at least two direct debits every month to be eligible
  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
    You must pay in at least £500 each month 
    • Provider/Product name FlexPlus

      FlexPlus

    • Account Benefits
    • Monthly Fee £10.00
    • Customer Service Rating
      Great
      74%
      OK
      21%
      Poor
      5%
    • 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. £100 M&S gift card

    £100 M&S gift card if you switch using the Current Account Switch Service

    Great for
    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)
    Access to the 6% AER high interest rate M&S Monthly Saver account
    But be aware that
    £10 monthly fee
    • Provider/Product name Select Silver Account

      Select Silver Account

    • Account Benefits
    • Monthly Fee £10.00
    • Customer Service Rating
      Great
      43%
      OK
      39%
      Poor
      18%
    • Sorry, we have no link

      Phone

      More details

    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
    Available in RBS branches in England and Wales only
  6. Great for
    3% back on household bills with no limit on the Rewards you can earn on the seven eligible household bills
    European travel insurance including winter sports, plus mobile phone insurance
    But be aware that
    £12 monthly fee
    Household bills will need to be paid by Direct Debit
    • Provider/Product name Reward Silver Account

      Reward Silver Account

    • Account Benefits
    • Monthly Fee £12.00
    • Customer Service Rating
      Great
      43%
      OK
      39%
      Poor
      18%
    • Sorry, we have no link

      Phone

      More details

    Great for
    3% back on household bills with no limit on the Rewards you can earn on the seven eligible household bills
    European travel insurance including winter sports, plus mobile phone insurance
    But be aware that
    Available in RBS branches in Scotland only
    £12 monthly fee
  7. £100 Cashback

    Get £100 for switching to Halifax

    Great for
    Get £100 for switching to Halifax. Plus get a range of benefits including travel insurance, mobile phone insurance and breakdown cover for a monthly fee of £15
    Monthly fee reduced to £10 if in the previous month you pay in £750+, pay out two different direct debits and stay in credit.
    But be aware that
    Account terms and conditions apply
    To qualify for the £100 offer you must use the Current Account Switch Service and close your account held elsewhere. If you've had cashback for switching since January 2012, we're sorry but you don't qualify

    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.

    • Provider/Product name Select Platinum Account

      Select Platinum Account

    • Account Benefits
    • Monthly Fee £16.00
    • Customer Service Rating
      Great
      43%
      OK
      39%
      Poor
      18%
    • Sorry, we have no link

      Phone

      More details

    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
    Available in RBS branches in England and Wales only
  8. Great for
    3% back on household bills with no limit on the Rewards you can earn on the seven eligible household bills
    Worldwide travel insurance and preferential rates on Travel Money
    But be aware that
    £18 monthly fee
    Household bills will need to be paid by Direct Debit
    • Provider/Product name Reward Platinum Account

      Reward Platinum Account

    • Account Benefits
    • Monthly Fee £18.00
    • Customer Service Rating
      Great
      43%
      OK
      39%
      Poor
      18%
    • Sorry, we have no link

      Phone

      More details

    Great for
    3% back on household bills with no limit on the Rewards you can earn on the seven eligible household bills
    Worldwide travel insurance and preferential rates on Travel Money
    But be aware that
    Available in RBS branches in Scotland only
    £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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