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Bank accounts with benefits

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In the UK we’re pretty lucky in that personal banking is generally free. So why would you want to pay for a current account then? Accounts where you pay a monthly fee have benefits attached to them. Whether or not it’s worth the money depends on what you get and how much you’re saving.

Here’s a selection of bank accounts with benefits:

Natwest – Select Platinum Account

What do you get?
  • Worldwide travel insurance
  • Mobile phone insurance
  • UK breakdown cover including Homecall
  • Two family day passes per year for over 300 National Trust sites
  • Tastecard membership
  • Preferential rates on foreign exchange


How much?

£16 per month

Barclays Bank Account

What do you get?

It’s up to you. This is a basic bank account with ‘packs’ that you can add on to make your own packaged account. Discounts are available when you add more than one pack.

  • Home Protection Pack
    • AA boiler and central heating cover
    • Home essentials and appliance cover
    • Optional boiler service (additional fee)
  • Tech Pack
    • Mobile phone insurance for up to 2 phones
    • Worldwide gadget insurance cover for up to £750
  • Travel Pack
    • European family travel insurance
    • RAC UK breakdown cover
    • Card Secure


    How much?

    Home Protection Pack £12 a month
    Tech Pack £7.50 a month
    Travel Pack £8.50 a month

    Halifax Ultimate Reward Current Account

    What do you get?
  • Travel insurance
  • Mobile phone insurance
  • Breakdown cover
  • £125 for switching your main current account to Halifax

    How much?

    £15 a month, or reduced to £10 a month if you pay in more than £750, pay out at least 2 different direct debits and stay in credit in the previous calendar month

    Yorkshire Bank Signature Current Account

    What do you get?
  • Travel insurance for you and family
  • Mobile phone insurance
  • Gadget insurance
  • ID defender
  • UK breakdown cover
  • Discounts on travel, leisure and shopping

    How much?

    £13.50 a month

    Nationwide FlexPlus

    What do you get?
  • UK and European breakdown and recovery assistance
  • Worldwide family mobile phone insurance
  • Worldwide family travel insurance
  • Extended warranty on appliances
  • 3% AER in-credit interest on balances up to £2,500
  • Commission-free cash withdrawals abroad
  • Identity theft and emergency card assistance

    How much?

    £10 a month

    Santander 123 Current Account

    What do you get?

    This account is a little different as you don’t get any products included in your monthly fee but cashback and in-credit interest instead. How much you get depends on how much money you keep in your current account and how much you pay out in bills.

  • 1% cashback on water, council tax and Santander mortgage payments
  • 2% cashback on gas and electricity bills
  • 3% cashback on mobile, home phone, broadband and paid for TV packages
  • Tiered in-credit interest so the higher your balance, the more interest you receive

    How much?

    £2 a month

    Are paid-for bank accounts worth it?

    Well, it depends. It can be easy to look at how much the banks are telling you the products are worth but you need to think about whether you’re going to use them. Work out how much the account’s going to cost you over the whole year and then tot up the cost of all the individual products that you would normally buy.

    It’s also worth finding out if you can open a joint account and share the benefits for one monthly fee. My hubby and I pay £10 per month for an account that gives us both European travel insurance, AA roadside assistance and mobile phone insurance. The price of phone insurance alone makes this account worth the tenner a month it costs us.

    I like knowing that we have travel insurance covered so have one less thing to worry about when we go on holiday. If you have any pre-existing medical conditions though you should call up the medical screening hotline to make sure you’re covered.

    If you could get any one benefit free with a bank account what would it be? Tell us in the comments below!

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