Best packaged bank accounts

These accounts get you insurance and other perks for a monthly fee

You can get travel insurance, phone (and maybe gadget) insurance and breakdown cover with your bank account for a set monthly fee. 

Here are the main packaged bank accounts currently available and whether they’re worth the money.

What is a packaged bank account?

A packaged bank account is a paid-for bank account that includes extra perks, typically insurance. You’d usually get included travel insurance, for either you or your entire family as well as mobile phone insurance and breakdown cover.

You can sometimes get favourable limits and rates abroad and preferential travel money rates.

These are on top of the features you might get from the banks’ free accounts, such as cashback and freebies.

You don’t need to have these as your main bank account to use them, so they could just be additional accounts you open to get the cover, but you should check if each account has any requirements.

Pros and cons of packaged bank accounts

Pros

  • Save money. Paying for all three types of cover separately will usually be more expensive than the cost of a packaged account
  • Convenience. If you don’t need specialist insurance it can take out some of the stress of planning a holiday as it’s handled for a full year. Though, don’t pay more for the sake of convenience!

Cons

  • Potential cost for pre-existing medical conditions. You may need to ask for pre-existing medical conditions to be included in your plan, which could come at an additional cost
  • Not everything will be covered. There could also be add-on costs for things like longer trips and winter sports, though that’s often the case with all travel insurance
  • You might be getting more cover than you need. You might be getting cover you don’t need — such as worldwide insurance when you’re only going on European breaks, or breakdown cover that is supplied elsewhere
  • Other benefits might be a bit of a gimmick. Especially if you don’t bother using them

A packaged account worked for me

When planning a cruise a couple of years ago, I worked out that the six-month minimum term of Monzo Premium (at £15 per month) was cheaper than the ten-day insurance for me and my partner. And that was the case even without the other perks.

Since the cruise, I’ve stuck with this account even though Monzo has replaced it with Monzo Max. It works out better value for us as a couple for our trips abroad, as Monzo Max doesn’t cover your partner. I’ll likely shift over to Nationwide’s account once Monzo makes me move away from its Premium account.

What are the best packaged bank accounts?

Here are some of the packaged bank accounts available on the market at the moment. It’s worth checking if any of them are running switch offers which can get you some extra cash when you switch over your current account. 

We’ve listed the key benefits, but remember that these include insurance, so there will be exclusions and different payout levels across the different accounts. You should check the key policy documents for each account to ensure it will give you the coverage you need before you apply. 

Compare the best packaged bank accounts

These are our top picks for packaged bank accounts based on their cost, the types of insurance you can get with them and who the insurance covers.

AccountNationwide FlexPlusVirgin Money M ClubCo-operative Bank Everyday ExtraLloyds Silver
Cost£13 per month
£156 per year
£12.50 per month
£150 per year
£15 per month
£180 per year
£11.50 per month
£138 per year
Minimum termNoneNoneNoneNone
Travel insuranceWorldwideWorldwideWorldwideUK and Europe
Mobile phone insuranceYes, familyYes, plus gadgets, familyYes, individualYes, individual
Breakdown coverUK and Europe, individualUK only, individualUK and European, individualUK only, family

Nationwide FlexPlus: costs £13 per month 

  • Annual cost: £156 
  • Minimum term: No minimum term

What’s included?

  • Worldwide family travel insurance
    • Includes cover for winter sports
    • Includes travel disruptions, including trip cancellations, missed departures, travel delays and alternative travel arrangements
    • You can upgrade the insurance if you need it, such as if you need coverage for pre-existing conditions, longer trip cover, extended cruise cover or choosing to go home early.
  • Family mobile phone insurance 
    • Cover for your phone, your partner’s phone and any dependent children
    • Cover for loss, theft, damage and faults
  • UK and EU breakdown cover 
    • Cover for any vehicle you’re travelling in and any vehicles you own, even when someone else is driving it.

How it’s different to other options

✅ You get European breakdown cover as well as UK cover, which is particularly good. 
✅ Phone insurance is for the entire family
❌ Breakdown cover only covers the account holder

Is it worth it?

This is probably one of the most cost-effective options, and is the account Editor-in-Chief Andy has opted for. It’s at the lower end in terms of its cost and will cover you and your family worldwide as well as giving you breakdown cover in the UK and Europe.

Virgin Money Club M: costs £12.50 per month

  • Annual cost: £150 
  • Minimum term: No minimum term

What’s included?

  • Worldwide family multi-trip travel insurance
    • Including winter sports, golf and weddings
    • 24-hour access to a nurse (and potentially a doctor) while abroad
    • Plus a concierge service to make reservations, transfers or just ask a question
  • Family mobile & gadget insurance
    • Loss, theft and accidental damage – including cameras, laptops and tablets.
  • UK breakdown cover
    • For the account holder only
    • Whether you’re the driver and passenger

How it’s different to other options

✅ Travel insurance includes weddings 
✅ You also get a concierge service, which can be handy but is unlikely to be used
✅ Gadget insurance covers laptops and tablets as well as your phone
❌ Breakdown cover only covers the account holder
❌ Breakdown cover is UK only

Is it worth it?

Worldwide family travel insurance is pretty good, especially with access to a doctor and a concierge service, though I’m not sure the latter would be used much in practice. 

It’s great that you can get mobile and gadget insurance for the whole family —  you can’t get laptops or tablets covered with any of the other offers, and some don’t offer mobile phone cover for the entire family (looking at you, Lloyds). 

The breakdown cover only covers the account holder, which isn’t very convenient if more than one person drives your car, and it’s UK only — the Nationwide FlexPlus account is better for this as it covers any cars you own as well as ones you are travelling in.

This is a good price for what you get, but we’d probably go with the Nationwide account over it. 

Co-operative Bank Everyday Extra: costs £15 per month

  • Annual cost: £180 
  • Minimum term: No minimum term

What’s included?

You can get this account as a sole account or a joint account, with no extra cost for joint accounts, so you can both be covered individually too. However, if you have a joint account with anyone who isn’t your partner, your partner can’t benefit from the insurance as well.

  • Worldwide travel insurance
    • Covers you, your spouse or partner (when travelling with you, unless you have a joint account) and dependant children up to 22 years old (even when travelling alone)
    • No excess 
    • Includes UK getaways
    • Includes winter sports 
  • Mobile phone insurance
    • Worldwide cover
    • Covers loss, theft, accidental damage, water damage and breakdown
    • Also covers accessories
  • UK and European breakdown cover
    • Covers you and any vehicle you’re travelling in
    • Includes three days of car hire and hotel accommodation

How it’s different to other options

✅ No excess on travel insurance 
✅ Can get a joint account for the same monthly cost
✅ Breakdown cover is in the UK and Europe
✅ Insurance covers you up to age 79
❌ Mobile phone insurance is for account holder(s) only — though you can add your partner by getting a joint account

Is it worth it?

This is a decent packaged bank account, especially as you can get a joint account for no additional cost, meaning that the travel insurance can cover the whole family and the mobile phone and breakdown cover can cover both you and your spouse or partner. 

It’s a little more expensive than Nationwide’s account, though this one can get both adults in the family breakdown cover, so it could be worthwhile.

Lloyds Silver: costs £11.50

The fee is rising from £10 to £11.50 per month on 1 July 2024.

  • Annual cost: £138 
  • Minimum term: No minimum term

What’s included?

  • European and UK family travel insurance 
    • You can make this Worldwide cover for £22.50 per month with the Lloyds Platinum account
    • Including cover for winter sports and golf
  • UK breakdown cover
    • For you and eligible family members whether you’re the driver or the passenger
  • Mobile phone insurance
    • Covers one phone per account holder
    • Covers breakdown, faults, accidental damage, loss and theft up to £2,000

How it’s different to other options

✅ Breakdown cover is for you and your family
❌ Travel insurance is only for the UK and Europe. Worldwide is an extra £11 per month
❌ Breakdown cover is UK only
❌ Gadget cover is for one person only

Is it worth it?

This used to be a great option for people only wanting European cover, but sadly a price hike on 1 July from £10 a month to £11.50 means there’s not much difference in the cost between Lloyds Silver and  Virgin Money and Nationwide’s accounts, which both get you worldwide travel and family phone cover.

It’s redeemed slightly by the fact that the breakdown cover is for the whole family and that it can be boosted to Club Lloyds Silver for no additional monthly charge if you deposit £2,000 per month (extra £3 per month if not), This gets you free cinema tickets or Disney+, which is a nice extra, but you can get them with the free standard Club Lloyds account too — details here, so isn’t a reason to go with this account.

This might be the right option for you if you’re likely to only go to Europe and can cover other mobile phones and gadgets with other insurance. 

The difference between Lloyds Silver and Lloyds Platinum is that you can get worldwide travel insurance rather than just European and UK insurance — this costs £11 more per month, so you want to make sure you have enough planned holidays going beyond Europe to justify the extra £120. 

Platinum is also £9.50 more than the Nationwide FlexPlus, so you could potentially be overpaying by £114.

Once more you can make this a Club Lloyds account to get the lifestyle benefit.

Other packaged bank accounts

These packaged bank accounts can still be worth considering depending on the cover you need.

Halifax Ultimate Reward: costs £19 per month

The fee is rising from £17 per month to £19 per month on 1 July 2024

  • Annual cost: £228 
  • Minimum term: No minimum term

What’s included?

  • Worldwide family travel insurance 
    • Cover for winter sports
    • Cover for golf trips
    • Includes UK breaks
  • UK Breakdown cover
    • Covers you and your family, whether driving or a passenger
  • Mobile phone insurance
    • For the account holder only
    • Covers breakdown, accidental damage, loss and theft
  • Home emergency cover
    • Covers emergencies that need immediate action to make your house secure 
    • Up to £250 per claim 

How it’s different to other options

✅ Worldwide family travel insurance
✅ Includes home emergency cover
✅ Breakdown cover is for the whole family
❌ Mobile phone insurance is for the account holder only
❌ Breakdown cover is UK only

Is it worth it?

This is the only packaged account listed that has home emergency cover included, but it’s a particularly expensive account, considering that you don’t get mobile phone insurance for the whole family. 

The home emergency cover can only benefit you up to a maximum of £250 in a year, so you may be better off with a different packaged bank account and opting to insure yourself separately.

Revolut Premium: costs £7.99 per month 

  • Annual cost: £95.88 
  • Minimum term: 10 months

What’s included?

  • Worldwide travel insurance for you and your under-18 dependants
    • Medical emergencies
    • Winter sports
    • Lost luggage
    • Delayed flights
  • Extra banking features
    • Priority support
    • Higher withdrawal limit
    • Revolut Pro
  • Discounted lounge access 
  • Free lounge access when delayed
  • Insurance on everyday purchases
  • Cashback on accommodation
  • Reduced investment fees

How it’s different to other options

✅ Extra banking features — though not any major upgrades
✅ Discounted lounge access and free lounge access when delayed
❌ Travel insurance is for the account holder and children only — couples will need to get it each.
❌ No mobile phone or gadget cover
❌ No breakdown cover

Is it worth it?

While this is a great cost for a packaged account, it only covers you and your under-18 dependants and doesn’t include mobile phone cover or breakdown cover. It can be a cost-effective option for single parents or for those who travel alone often, particularly if you don’t need breakdown cover.

You also get extra banking features, although I tend to resent having to pay more for things like priority customer service. You can withdraw up to £400 each month, as opposed to £200 per month with the free account. Cashback on accommodation is only when booked through the Revolut app, so you wouldn’t have much of an opportunity to shop around, however, you can get up to 5% back on this.

But since this is just travel insurance, it’s worth checking if you can get a cheaper standalone policy directly from an insurer (don’t forget to go via a cashback site for extra savings).

We have a review of Revolut’s free account if you’d like to get more of a grasp of what the bank account offers.

Revolut Metal: costs £14.99 per month

  • Annual cost: £179.88 
  • Minimum term: 10 months

What’s included?

  • Travel insurance for you, your spouse or cohabitant and dependants
    • Medical emergencies
    • Winter sports
    • Lost luggage
    • Delayed flights
  • Extra banking features
    • Metal card
    • Priority support
    • Higher withdrawal limit
    • Revolut Pro
  • Discounted lounge access 
  • Free lounge access when delayed for you and a friend
  • Car hire excess insurance
  • Personal liability insurance
  • Insurance on everyday purchases
  • Cashback on accommodation
  • Reduced investment fees

How it’s different to other options

✅ Extra banking features and a metal card — though not a reason to choose an account
✅ Discounted lounge access and free lounge access when delayed
❌ No mobile phone or gadget cover
❌ No breakdown cover

Is it worth it?

This upgrade is better than Revolut Premium, but not as good as the Nationwide account, which is a lot cheaper and includes breakdown cover and mobile phone cover.

The metal card and extra banking features aren’t a decent enough reason to choose a bank account, and as I mentioned above, I’m not a fan of having to pay for better customer service. You can withdraw up to £800 each month, as opposed to £200 per month with the free account and £400 with the Premium account. Once again, cashback on accommodation is only when booked through the Revolut app, so you wouldn’t have much of an opportunity to shop around, however, you can get up to 5% back on this.

We have a review of Revolut’s free account if you’d like to get more of a grasp of what the bank account offers.

Monzo Max: Costs £17 per month or £22 per month with family (insurances and breakdown cover only)

  • Annual cost: £204 or £264 with family upgrade
  • Minimum term: Three months

What’s included?

  • Worldwide travel insurance
  • Worldwide phone insurance
  • UK and Europe breakdown cover
  • Extra banking features
    • Higher withdrawal limits
    • Connect other accounts
    • Virtual cards
    • Advanced roundups 
    • Fee-free cash deposits
  • Discounted investment fees
  • Weekly Greggs
  • Annual Railcard

How it’s different to other options

✅ Annual railcard
✅ Weekly Greggs
✅ Can cover family on travel and phone insurance for additional £5 per month
✅ UK and European breakdown cover
✅ Extra banking features
❌ No lounge access

Is it worth it?

Monzo Max is a really expensive account once you’ve factored in the extra £5 per month to include your family. It does include a lot of features, some of which are excellent, including worldwide travel insurance, phone insurance and UK and Europe breakdown cover.

The extra banking features are okay and can be useful, but it’s silly that they’re hidden behind a paywall at all.  

The included Railcard is a nice touch if you’d have bought one anyway and you’re eligible. The free Greggs seems like a decent benefit, but perhaps shouldn’t be the decision-maker in this instance and won’t be worth it if you never claim it.

 We have a whole guide on Monzo Max if you want to learn more about it and whether it’s worth it. 

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Which packaged bank account should you go for?

Zoe’s analysis

Which of these is best for you depends purely on what benefits you’re looking for and your circumstances — for example, the Revolut Premium account doesn’t have good cover for families but could be great for those travelling alone or single parents. 

It’s worth doing the maths to work out how much the individual factors will cost you. You can get a quick quote to find out how much separate annual insurance or individual trip insurance would cost for your planned holidays. You can also get quotes for gadget insurance and breakdown cover pretty easily.

Editor-in-Chief Andy has decided on the Nationwide FlexPlus account, while I’m currently on the (discontinued) Monzo Premium account until they make me move, after which I’ll likely also move to Nationwide’s account. 

But remember if you only need one of the included policies, you’re potentially better off getting an individual insurance policy and sticking with a free bank account, as these aren’t likely to be cost-effective if you don’t need all of the included perks. 

3 thoughts on “Best packaged bank accounts

  1. Actually missing some extra details, like Revolut plans having free seubscriptions for services like VPN or Tinder, which would be much more expensive than the account monthly cost.

  2. These accounts are great value if you hold them as joint accounts, that way you pay only one monthly fee but they cover two people. Otherwise iny experience for just one person uou can often get a lot of the perks for cheaper separately if you shop around and buy annual policies ahead of time, especially if you wouldn’t make use of all the benefits

  3. Tl;dr

    If anybody needs this much excruciating detail then they have too much spare time and money.

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