The best packaged bank accounts

Virgin Money Club M

Fee: £12.50 a month (£150/year)

What you get: Family mobile phone and gadget insurance, worldwide family travel insurance (up to age 74), UK breakdown cover for account holders, 1% interest on balances up to £1,000.
Pros:

Mobile phone and gadget insurance covers devices owned by family members at the same address. Each device is covered up to £2,000 and you’re limited to two mobile and two gadget claims in 12 months.

Travel insurance that covers winter sports, wedding and golf cover for you, your partner and up to four children, under 18, living at the same address.

The 1% interest could help recoup some of the monthly cost. You can also earn 2.5% AER on savings balances up to £25,000 in the linked Club M Saver account. This comes down to 2% on balances above £25,000. Interest is paid every three months.

Cons:

Watch out for the overdraft rate – it can be up to 39.9% APR. Have a look at Virgin Money’s overdraft calculator to get a better understanding of the potential costs.

The Co-op Bank Everyday Extra

Fee: £15 a month (£180/year)

What you get: Mobile phone cover for account holders, worldwide family travel insurance (up to age 79), and UK and European breakdown cover for account holders.

Pros:

The travel insurance has the oldest age limit of all packaged accounts we’ve seen and it includes golf cover and winter sports (but for those the age limit drops to 64 years). It’s available as a sole or joint account.

Debit card holders can enter a promotion to win up to £2,500 cash direct into your account simply by spending on your card.

Cons:

Mobile phone insurance only covers the account holder/holders.

Nationwide FlexPlus

Fee: £18 a month

What you get: Family mobile phone insurance, worldwide family travel insurance for trips up to 31 days (for up to age 69, or 70+ if you pay a £65 a year upgrade), UK & European breakdown cover for account holders.

Pros:

Worldwide family travel insurance includes most winter sports.

The phone insurance covers all family members living at the same address with up to four claims per year up to a maximum of £2,000 per claim. The ability to continue the plan once you’re over 70 is a great perk too, and although it does come at a cost, other package account providers will cut off your coverage once you reach a certain age.

Cons:

Nationwide charges 39.9% APR on its overdraft, so if you’re likely to go overdrawn this is not the account for you. Plus, the building society hiked its FlexPlus current account fee by £5 a month in December, so it’s worth checking if you’re taking advantage of its perks if you’re an existing customer.

Halifax Ultimate Reward

Fee: £19 a month (£228/year)

What you get: Mobile phone insurance for account holders up to £2,000, worldwide family travel insurance (under the age of 71), UK breakdown cover for account holders, and home emergency cover up to £250 per claim.

Plus, if you pay in £1,500 or more a month, stay in credit and spend either £500 a month on your debit card or keep a minimum balance of £5,000 in your account you can choose from the following extra rewards: £5 a month cash, three digital magazines, a free cinema ticket.

Pros: If you want home emergency coverage as well as other insurance, this account could offer good value. The travel insurance covers winter sports and golf.

Customers also get fee free spending when using their debit card abroad.

Cons: The phone insurance only covers the account holder, not family members. You are limited to two claims a year.

This is the most expensive account unless you can get the £5 cashback, but there are a lot of hoops to jump through to get it. You must choose if you are going to spend £500 a month on your debit card or maintain a balance of £5,000 in your account. You can only change your option after 12 months.

Club Lloyds Silver Account

Fee: £11.50 a month (£138/year), plus a £3 monthly Club Lloyds fee.

The £3 monthly fee for Club Lloyds is waived if you pay at least £2,000 per month into your account.

From June 2, the monthly account fee will increase from £3 to £5. This account fee will continue to be waived if £2,000 or more is paid in each month, and customers can still earn up to £90 in credit interest each year, when qualifying criteria is met.

What you get: UK roadside breakdown family cover, European and UK family insurance (up to age 65), mobile phone insurance for sole and joint account holders, fee-free spending when you use the card abroad, and up to 15% cashback at selected retailers including Sainsbury’s, Costa and Just Eat.

Pros:

Travel insurance includes winter sports, golf equipment and UK breaks.

You get to choose from the following lifestyle rewards: a free 12-month Disney Plus subscription, six cinema tickets, an annual digital Coffee Club or Gourmet Society membership or an annual magazine subscription.

Lloyds if currently offering customers £175 when they switch to one of three accounts and this includes Club Lloyds Silver. See our guide for the best switch offers.

Cons:

The family travel insurance is only eligible in the UK and Europe.

The travel insurance only covers the account holder and their partner up to the age of 65.

You are only allowed to make two successful mobile phone insurance claims per account holder within a 12-month period.

Monzo Max

Fee: £17 a month (£204/year)

What you get: Worldwide travel insurance, phone insurance cover (for phones worth up to £2,000), UK and Europe breakdown cover and take advantage of Monzo’s instant access savings pots and cash ISA returning 3.85% AER variable.

Pros:

Unlike the other packaged accounts, this one comes with a savings account and cash ISA offering a higher rate than most high-street banks.

You get a free annual Railcard every year.

There’s a free treat from Greggs every week.

When abroad, you can withdraw up to £600 fee-free every 30 days. If you also invest with Monzo, you pay a discounted platform fee of 0.35% (usually 0.45%), plus a 0.14% fund fee.

You also get fee-free spending when you use the card abroad.

Cons:

Travel insurance and mobile phone insurance only cover the account holder. To get family cover for both, you’ll pay £5 extra a month on each policy.

This account has a pricier monthly fee than the others, so it’s only worth it if you’re going to take advantage of all its perks.