Warning over packaged bank accounts as fees soar by 15%

Banks have started to hike the fees for packaged bank accounts by as much as 15% – are they still worth it?

Young woman managing and transferring money on smartphone
(Image credit: Oscar Wong)

Several high street banks are hiking their packaged bank account fees, which could see you pay as much as 15% more for the extra perks.

Lloyds, Halifax and NatWest are among the banks that have hiked the price on their packaged bank accounts by around £24 (15%), consumer group Fairer Finance found. 

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Swipe to scroll horizontally
Bank accountOld annual feeNew annual feeFee change date
Lloyds Bank Silver Account£120£1381 July 2024
Club Lloyds Silver Account£156 (or £120 if you deposited more than £2,000 a month)£174 (or £138 if you deposited more than £2,000 a month)1 July 2024
Lloyds Platinum Account£252£2701 July 2024
Club Lloyds Platinum Account£288 (or £252 if you deposited more than £2,000 a month)£306 (or £270 if you deposited more than £2,000 a month)1 July 2024
Halifax Ultimate Reward Current Account£204£2281 July 2024
NatWest Reward Platinum account£240£26428 June 2024
Royal Bank of Scotland (RSB) Reward Platinum account£240£26428 June 2024

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.