Gadget/mobile phone cover
Some packaged accounts will cover your (and sometimes family members’) mobile phones and other gadgets like laptops
Switch to a bank account with additional benefits
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A packaged bank account is a type of current account that comes with extra services or features included – typically insurance products like travel insurance and breakdown cover. But they may also come with other perks like airport lounge access. You’ll usually pay a monthly fee for your account’s benefits
Different packaged bank accounts come with different features and deciding on the best account for you can feel tricky. That’s where we come in. When you compare current accounts with MoneySuperMarket, you’ll be shown deals from different providers, so you can settle on a bank account that suits you.
There are a range of potential benefits that can come with packaged accounts, including:
Some packaged accounts will cover your (and sometimes family members’) mobile phones and other gadgets like laptops
Many accounts will offer travel insurance – just make sure to check any age limits and declare any pre-existing medical conditions so you’re fully covered
Breakdown cover in the UK will often be included, while some packaged accounts will cover UK and European breakdown, which could be reassuring if you drive on the continent
Many accounts include home emergency cover which can protect you against unexpected incidents like your boiler breaking or a loss of electricity supply to your home
Whether a packaged account is worth it will depend on whether the value of the benefits to you outweighs the costs. Not sure if a packaged account is right for you? Here are some alternatives to consider…
Rewards and cashback current accounts reward you with money back when you spend with certain retailers, for example, or pay utility bills from the account.
Many current accounts offer incentives when you switch to them, from cashback to days out and wine.
High interest current accounts pay you a competitive rate of interest on your balance when you’re in credit.
You may find a short-term or temporary van insurance policy is more useful and cost effective than annual cover if you need the vehicle for:
Unless you’re going to use the benefits included in your packaged account, you could end up wasting money on the account’s monthly fee. Make sure you’re going to use the benefits that come with the packaged account, whether it’s the travel or gadget insurance or breakdown cover. Don’t pay for benefits you won’t use
Try to measure the monthly fee against the benefits you’ll receive. You may get more benefits for a slightly higher fee elsewhere, or you may be paying too much for benefits you won’t use. Make sure to weigh up the monthly cost of having a packaged account – it may be cheaper to get those benefits elsewhere (like travel insurance or breakdown cover) and opt for a current account with no monthly fee
Be sure to check that the benefits of the packaged account suit your needs and are appropriate for you. While your packaged account may come with travel insurance as a benefit, there may be an age limit, or they may not cover your pre-existing medical conditions. You might find you’d be better covered taking out travel insurance separately, especially if you need cover for winter sports, which might not be covered by your packaged account
If you need an overdraft, you may want to look for an account with a cheaper borrowing rate over an account with benefits, as this will save you money in interest fees. Packaged accounts often have high overdraft limits, but you will be paying a monthly fee for the account as well as your overdraft interest. You may find you can get a better value overdraft elsewhere
"Packaged bank accounts come with a variety of features and also a monthly or annual fee. The calculation you need to make is whether the benefit of the features outweigh what you’ll be charged. If they do, then a packaged bank account can be ideal for you.
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We can take the hard work out of finding a current account to suit you by comparing a range of current accounts all in one place.
Click through to search the market to find the best current account for your needs, including any cash incentives to switch
Use our handy filters to narrow down your options based on the type of current account you need, such as high interest or student accounts
When you find the deal you want, click straight through to the provider to complete your application. Sit back while your new bank takes care of the switch
When you sign up for a packaged bank account your details will be given to any relevant partners, such as insurers providing the add-on benefits as part of your account deal. In some cases, such as with travel insurance, the insurer may need additional personal information from you – such as any pre-existing medical conditions, that could affect your cover. It is important to fully disclose any information or you could render your policy invalid and you would not be able to claim. Policy documents will be available online after you have signed up to your packaged account and you will have access to the insurers’ claims phone lines in the event you need to claim.
Packaged account fees range from about £10 to £20 per month. The money is taken automatically from your account in the same way as overdraft charges or overseas debit card usage fees.
Typically, you will also need to pay a minimum amount of around, £1,500 into the account each month to qualify. If you believe you were mis-sold a packaged account because, for example, you could not use the free insurance, you can claim the fees back from your bank.
Different current accounts come with their own incentives and features, so what benefits are best will depend on what you features are most important to you. You may be after travel insurance that’s included with your current account, or you may prefer to receive cashback on your spending. It’s important to weigh up what benefits are most important to you, so you can find the right current account that suits you and your finances.
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But you might have other questions. Do we provide access to all the companies operating in a given market? Do we have commercial relationships or ownership ties that might make us feature one company above another?
We commit to providing you with clear and informative answers on all points such as this, so we have gathered the relevant information on this page.
A current account is a bank or building society account that lets you manage your day-to-day spending.
You can have your salary paid into it, set up direct debits and standing orders, and negotiate an overdraft. Some accounts also pay interest on balances and offer cashback on spending.
There are lots of types of current account to suit all sorts of personal situations. These include:
Standard: For managing ordinary income and expenditure, usually with a debit card, a cheque book and an overdraft
Basic: No-frills accounts which come with fewer features, designed for people with bad or no credit history
Packaged: These come with various bonuses, including things like interest-free overdraft, insurance add-ons and discounts for other banking products. They usually have monthly fees and eligibility requirements
Student/graduate: Current accounts designed to cover the particular financial pressures faced by students and recent graduates, normally including larger interest-free overdrafts
Joint: Accounts designed for two or more people, to cover household expenses or couples’ expenditure
Children’s: These have few features and are designed to introduce children to banking and saving
Some current accounts come with extra benefits for the account holder, like a cash bonus for signing up, better interest rates or even breakdown cover. The accounts might only be available to certain customers, like those with high credit ratings.
Some current accounts include fees if you use them in a certain way – some banks might charge you for resending a printed account statement or for accessing your account abroad. You may even be charged a fee for going into your overdraft without telling your bank beforehand.
The traditional idea of banking is being changed by digital or challenger banks, who provide most of their services through the internet or a mobile app rather than in branch or over the phone. Many are designed to be more open and transparent with customers and less focused on banking products.
It’s more attractive than ever to compare current accounts: healthy competition means there are a number of incentives available for those willing to switch. But if you don’t compare current accounts, you could be missing out on a great deal – and some free cash!
Switching current accounts is simple because most of the legwork is done for you and, at the end of it, you can benefit from an account that’s much better for your pocket and lifestyle.
If you’re looking for the best current account, you’ll benefit from a wide range of products to choose from. Many of the best current accounts offer:
High interest rates
Cashback and rewards on spending
Competitive overdraft rates
The best current account is different for each person, as it depends on your spending habits and level of savings.
Switching current accounts has never been simpler, and many providers offer lucrative incentives for moving your account to them.
The Current Account Switch Guarantee makes switching current accounts very easy indeed, and your bank will do most of the legwork for you, including transferring money, direct debits and standing orders, and informing your employer.
When you switch your current account to a new bank or building society, you could get £100 or more in cashback as a reward for switching. Just make sure that you’re applying for an account that suits your needs, not just the one with the highest cashback.
If you tend to stay in credit and never go overdrawn, you could get rewarded regularly by your bank or building society. By switching to a rewards current account, you could get a monthly reward payment and earn cashback on your spending. Some providers will also offer a cash incentive for switching your current account to them.
Many rewards accounts have requirements such as paying in a minimum amount eachmonth, or having a minimum number of direct debits, so make sure you can meet the criteria to get the rewards.
If you’re fed up with getting poor customer service from your bank, switch your current account to a provider that’s known for looking after its customers.
As well as making your life easier, some of these accounts offer extra benefits such as competitive overdrafts or cashback for switching.