We reveal which packaged accounts offer the best value based on cost, the quality of the travel insurance, breakdown cover and other benefits.
Chiara Cavaglieri Senior researcher & writer
In this article
Some current accounts come with extra benefits, such as travel insurance, car breakdown cover and mobile phone insurance.
In exchange you pay a monthly fee, which could be less than buying the insurances separately. But they're only great value if you actually use the benefits.
Here we reveal the best packaged accounts and explain whether they're worth buying.
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We've scored a range of leading accounts, all of which offer travel insurance, breakdown cover and mobile or gadget cover.
Score breakdownTable notes Correct as of 7 August 2023. Customer score Based on a survey of 4,550 current account holders in August 2023. Overall score Weighted by the annual cost and extras such as interest-free overdrafts or cashback and credit interest (30%), quality of travel insurance (30%), car breakdown (30%) and mobile phone insurance (10%). See full methodology. Since we completed our analysis, Monzo ditched 'Premium' and launched a new range of accounts in April 2024. These accounts will be included in our next round of analysis later this year.
Nationwide’s 'FlexPlus' account topped our table again with an overall score of 81% and was the second-cheapest option we analysed (£13 a month).
Our experts rated its travel insurance very highly and it doesn't have age limits.
Along with top policy scores for mobile insurance and breakdown cover, the FlexPlus account is also one of only three accounts to offer fee-free cash withdrawals and spending abroad, along with the Virgin Money Club M account and Monzo limits your fee-free overseas cash withdrawals to £600 a month.
The combination of a reasonable price, excellent policy scores and a customer score of 78% means Nationwide FlexPlus is a Best Buy packaged account. It also received our Eco Provider award for banking in September 2023.
Following closely behind Nationwide in our rankings is The Co-operative Bank's 'Everyday Extra' packaged account, scoring 76%.
It’s unique in that customers don’t pay any excess on travel insurance claims. However, only those under the age of 65 are covered for winter sports by its travel insurance.
The Co-operative Bank received our Eco Provider award for banking in September 2023.
Since we completed our analysis, Monzo ditched 'Premium' and launched a new range of accounts in April 2024.
Monzo Max (£17 a month) offers worldwide travel insurance, worldwide phone insurance and UK & Europe breakdown cover. You can also add family members to those policies for an extra £5 a month.
We will include this account in our next evaluation.
Barclays offers a different style of packaged account by giving you the option to add insurance to your existing current account.
You can choose between two levels of cover for both travel insurance (includes breakdown cover) and gadget insurance. Barclays’ bolt-ons continue to be relatively expensive – even choosing the least comprehensive insurance options (Barclays Tech lite and Travel) will cost you £100 more than Nationwide's FlexPlus account.
Barclays travel insurance was very highly rated by our experts.
Packaged accounts can be great value, particularly those at the top of our table, but only if you're actually using the benefits.
And some of the 'benefits' just aren't that much use. So if you're thinking of opening a fee-charging bank account, or already have one, ask yourself these key questions:
Take the time to see what else is on the market, making sure that you don't have duplicate cover elsewhere: mobile phones and gadgets may be covered by your home insurance, for example, and some car insurers include breakdown cover as standard.
To avoid wasting your money, keep an eye on annual statements, and switch to a free account if you're not making the most of the perks you're paying for.
If you do have a packaged account, you should be given ample notice of any changes, as well as an annual eligibility statement prompting you to assess whether the account is still worth paying for.
Think about the way you run your account. For example, if you tend to use an overdraft from time to time, a standard account may save you money on fees and charges.
You generally need to be over 18 to open a packaged bank account.
There aren't usually upper age limits for opening accounts - but there will be for some of the insurance they come with.
Standard travel insurance upper limits range from 70 to 80.
NatWest/RBS and Nationwide will theoretically offer cover whatever your age - but only if you pay an additional fee when you reach 70. This is £75 per person at NatWest/RBS and £65 per account at Nationwide, meaning joint account holders only pay once.
You'll still need to disclose any medical conditions, which may or may not be covered.
If standalone travel insurance is expensive because of your age or health, a packaged account may actually be the cheapest option.
Check with your chosen bank first, though, as pre-existing medical conditions (PEMCs) aren't covered automatically. You'll need to declare these when you open the account and you may be asked to pay extra, or accept limited cover.
Insurers also ask to be informed of any material changes to your health, at which point they may re-screen you, which could result in the terms of cover changing or the premium going up.
Most banks offer unlimited car breakdown cover . However, Virgin Money limit you to eight call-outs a year and The Co-operative Bank limit you to five call-outs a year.
The banks with the lowest scoring car breakdown policy scores (Bank of Scotland, Halifax, Lloyds and Virgin Money) won't cover you for car hire or alternative transport/accommodation while your vehicle is being fixed.
With mobile phone insurance , most banks will only cover your phone and limit claims to two a year, though Barclays, Virgin Money and Nationwide are more generous.
Barclays Tech Pack will cover up to four mobile phones and unlimited gadgets if they cost up to £1,500. It allows unlimited claims for damage or breakdown, four claims for loss or theft of mobile phones, and four claims for any claims for gadgets.
Nationwide protects multiple phones owned by you and family members living at the same address. Virgin Money will cover phones and gadgets owned by you and family members living at the same address.
Ask your bank whether there are any other steps you need to take to qualify for the benefits, such as registering your smartphone online.
Sharing a packaged account with someone you live with is a good way of getting more value from the account - apart from Monzo 'Premium', all of the accounts in our table can be held in joint names, meaning two people can be covered under the one fee.
Joint bank accounts aren't without risk - because you are both liable for any debts, regardless of who spends the money - and not all packaged accounts offer value for money.
There are rules in place to prevent insurance mis-selling within fee-charging bank accounts.
These force providers to a) check whether you are eligible to claim under each policy and make sure you know that information; b) establish whether each policy is suitable for you and alert you if some aren't; and c) provide you with annual eligibility statements prompting you to check if the policies still fit your needs.
Here are some other things to watch out for:
If you think that the features of the packaged account weren't explained properly, or the benefits didn't apply to your circumstances, you might have been mis-sold the account.
First, lodge a complaint with your bank or building society. If after making a formal complaint, you disagree with their final decision, or if you don't hear from them within eight weeks, you have the right to take your complaint to the Financial Ombudsman Service.
There are plenty of accounts that charge a fee and offer perks. But to make our research useful to you, we only score accounts including the following:
A Which? Best Buy packaged bank account must prove it combines an excellent bank account, insurance policies and customer experience.
To do this we only make an account a Best Buy with an overall score over 75% and individual policy scores above 70%. A Best Buy account is also required to have a customer score of at least 70%.
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand to a friend.
We surveyed 4,550 members of the general public about their current accounts in August 2023.
Sample size as follows: Starling Bank (104), First Direct (113), Monzo Bank (191), Chase (141), Revolut (137), Nationwide Building Society (347), Bank of Scotland (131), Metro Bank (101), Ulster Bank (83), Halifax (415), The Co-operative Bank (76), Virgin Money (115), Lloyds Bank (460), Santander (434), NatWest (401), RBS (136), Danske Bank (54), HSBC (323), Barclays Bank (461), TSB (133), Bank of Ireland UK (106).
We analyse dozens of different elements, including rewards and benefits, fees and charges, how you can operate the account and the quality of the , to calculate a overall rating score.
Which? Limited is registered in England and Wales to 2 Marylebone Road, London NW1 4DF, company number 00677665 and is an Introducer Appointed Representative (FRN 610689) of the following:
1. Inspop.com Ltd for the introduction of non-investment motor, home, travel and pet insurance, who are authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635). Inspop.com Ltd is authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635) and is registered in England and Wales to Greyfriars House, Greyfriars Road, Cardiff, South Wales, CF10 3AL, company number 03857130. Confused.com is a trading name of Inspop.com Ltd.
2. LifeSearch Partners Limited (FRN656479), for the introduction of Pure Protection Contracts and Private Health Insurance, who are authorised and regulated by the FCA to provide advice and arrange Pure Protection Contracts and Private Health Insurance Contracts. LifeSearch Partners Ltd is registered in England and Wales to 3000a Parkway, Whiteley, Hampshire, PO15 7FX, company number 03412386.
3. HUB Financial Solutions, for the introduction of equity release advice and an annuity comparison service, who are authorised and regulated by the Financial Conduct Authority (‘FCA’) to provide advice and guidance on financial products for those who have retired or are approaching retirement (FCA Firm Reference Number: 455713). HUB Financial Solutions is registered in England and Wales to Enterprise House, Bancroft Road, Reigate, Surrey RH12 7RP, company number 05125701.
4. Alan Boswell Insurance Brokers Ltd (FRN 301), for the introduction of non-investment landlord insurances, who are authorised and regulated by the Financial Conduct Authority to provide advice and arrange insurance contracts. Alan Boswell insurance brokers Ltd is registered in England at Prospect House, Rouen Rd, Norwich NR1 1RE, company number 02591252.
Other financial services:
Mortgage service provided by London & Country Mortgages (L&C), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ. London & Country are authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
We do not make, nor do we seek to make, any recommendations or personalised advice on financial products or services that are regulated by the FCA, as we’re not regulated or authorised by the FCA to advise you in this way. In some cases, however, we have included links to regulated brands or providers with whom we have a commercial relationship and, if you choose to, you can buy a product from our commercial partners.
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