Packaged bank accounts charge a monthly fee but bundle valuable perks like travel insurance, breakdown cover, and mobile phone insurance into a single account. For the right person they can represent excellent value — but only if you’d genuinely use what’s included.
This page is part of the Packaged Bank Accounts UK guide, which covers how these accounts work, how to calculate their value, and what to do if you were mis-sold one.
How Packaged Accounts Work
| What You Get | What You Pay |
|---|---|
| Travel insurance | £10–£25/month |
| Breakdown cover | (£120–£300/year) |
| Mobile phone insurance | |
| Car hire excess cover | |
| Other perks vary |
The key question: would you pay for these benefits separately?
Best Packaged Bank Accounts Compared
| Account | Monthly Fee | Annual Cost | Key Benefits |
|---|---|---|---|
| Nationwide FlexPlus | £13 | £156 | Worldwide travel insurance, breakdown, phone |
| Club Lloyds | £3 | £36 | Lifestyle benefits, 6 cinema tickets/year |
| Lloyds Platinum | £21 | £252 | Premium travel insurance, breakdown |
| Halifax Ultimate Reward | £17 | £204 | Travel, home emergency, phone |
| Santander Select | £20 | £240 | Travel, breakdown, phone, entertainment |
| Barclays Premier | £12 | £144 | Travel insurance, preferential rates |
| NatWest Reward Platinum | £20 | £240 | Travel, breakdown, tech, phone |
Nationwide FlexPlus
| Feature | Details |
|---|---|
| Monthly fee | £13 |
| Travel insurance | Worldwide, family cover |
| Breakdown cover | UK & European |
| Phone insurance | Up to £1,500 |
| Age limit | Travel: up to 74 |
Value Calculation
| Benefit | Standalone Cost |
|---|---|
| Family travel insurance | £80–£150/year |
| Breakdown cover | £60–£120/year |
| Mobile phone insurance | £80–£150/year |
| Total standalone | £220–£420/year |
| FlexPlus annual cost | £156/year |
Potential savings: £64–£264/year if you’d use all benefits.
Who It Suits
- Families who travel abroad
- Drivers without existing breakdown cover
- People with expensive phones not already insured
Club Lloyds
| Feature | Details |
|---|---|
| Monthly fee | £3 (free if £2,000 deposited monthly) |
| Interest on balance | Up to 5% on £1–£5,000 |
| Lifestyle benefits | Choose one per year |
| Cinema tickets | 6 per year |
Lifestyle Benefit Options
- 6 cinema tickets
- Magazine subscription
- Coffee subscription
- Gourmet Society membership
Value Calculation
| Benefit | Approximate Value |
|---|---|
| 6 cinema tickets | £60–£90 |
| Interest on £5,000 | Up to £250/year |
| Potential value | £310+/year |
| Annual cost | £36 (or £0) |
Excellent value if you can deposit £2,000/month to waive the fee.
Halifax Ultimate Reward
| Feature | Details |
|---|---|
| Monthly fee | £17 |
| Travel insurance | Worldwide, family |
| Home emergency cover | Up to £500/callout |
| Phone insurance | Up to £2,000 |
| Car hire excess | Included |
Value Calculation
| Benefit | Standalone Cost |
|---|---|
| Family travel insurance | £80–£150/year |
| Home emergency cover | £50–£100/year |
| Mobile phone insurance | £80–£150/year |
| Car hire excess insurance | £30–£50/year |
| Total standalone | £240–£450/year |
| Halifax annual cost | £204/year |
Suits those wanting comprehensive home and travel protection.
Santander Select
| Feature | Details |
|---|---|
| Monthly fee | £20 |
| Travel insurance | European or Worldwide |
| Breakdown cover | UK |
| Phone insurance | Up to £1,000 |
| Entertainment | Discounts and offers |
Requirements
- £500/month minimum deposit, OR
- £5,000 savings balance, OR
- Santander mortgage
Better for existing Santander customers who meet requirements.
Barclays Premier
| Feature | Details |
|---|---|
| Monthly fee | £12 |
| Travel insurance | Worldwide, family |
| Preferential rates | On mortgages, loans |
| Dedicated support | Premier phone line |
Requirements
- Annual income £75,000+, OR
- £100,000 in savings/investments
Exclusive account for high earners/high net worth individuals.
Are Packaged Accounts Worth It?
For a full worked-out calculation with real examples, see Is It Worth Paying for a Packaged Bank Account?.
Worth It If You:
- Travel abroad at least once per year
- Have a smartphone worth £300+
- Don’t have existing breakdown cover
- Would buy these insurances anyway
- Have dependents to cover
Not Worth It If You:
- Rarely travel
- Have insurance through work
- Have an older/cheaper phone
- Already have breakdown cover with your car
- Won’t use most benefits
Packaged Account Calculator
| Question | Yes = +1 | Your Score |
|---|---|---|
| Do you travel abroad at least once/year? | ||
| Do you have a smartphone worth £300+? | ||
| Do you lack breakdown cover? | ||
| Would you use home emergency cover? | ||
| Do you have family members to cover? | ||
| Total |
Score 3+: Packaged account likely good value
Score 1–2: Check if specific benefits match your needs
Score 0: Stick with a free current account
What to Check Before Signing Up
Insurance Exclusions
| Common Exclusion | Details |
|---|---|
| Age limits | Travel insurance often stops at 65–75 |
| Pre-existing conditions | Medical conditions may not be covered |
| Trip length | Usually max 31–45 days per trip |
| Phone condition | Must be in good working order |
| Breakdown | May exclude vehicles over certain age |
Claims Process
Before choosing, check:
- How to make claims
- Excess amounts
- Claims limits
- Customer reviews for claims handling
How to Switch to a Packaged Account
- Compare accounts — Use this guide
- Calculate value — Will you use the benefits?
- Check eligibility — Some have income requirements
- Apply online — Most banks offer online applications
- Use Current Account Switch Service — Moves everything in 7 days
- Register for benefits — Some perks need activating after account opening
Downgrading or Cancelling
If you find you’re not using the benefits:
- Review usage — Have you made any claims?
- Contact your bank — Ask to downgrade to free account
- Keep cover until switch — Don’t cancel if you have trips booked
- Consider alternatives — Buy only the insurance you need
Summary
The best packaged account depends on your circumstances:
- Best overall value: Nationwide FlexPlus (£13/month)
- Best budget option: Club Lloyds (£3/month or free)
- Best for premium benefits: Halifax Ultimate Reward (£17/month)
- Best for high earners: Barclays Premier (£12/month)
Always calculate whether you’d buy the included benefits separately — if the standalone cost exceeds the monthly fee, a packaged account could save you money.