£228 warning issued to people who have 'packaged' bank account

James Rodger
·2-min read
£228 warning issued to people who have 'packaged' bank account
-Credit: (Image: Reach Publishing Services Limited)


UK bank account holders have been warned over having a "packaged" bank account. "Packaged" current account holders have been warned over how the "freebies" offered by leading banks and financial providers actually stack up.

Many packaged accounts waiver the fee, typically 2.75% to 2.99% of the transaction fee, that banks charged for using your card abroad. “Whether or not packaged bank accounts offer good value comes down to one simple question,” says Sam Richardson, the deputy editor of Which? Money. “Will you use the additional perks frequently? If the answer is yes, then there are some good options on the market.”

“If you are thinking of switching to a packaged bank account, also make sure you’re not doubling up on cover,” he adds. “Mobile phone and gadget cover may already be part of your home contents insurance.” Nationwide's FlexPlus charges £18 from 1 December (£216 a year) while the Virgin Money Club M account charges £150 a year, which shakes down at £12.50 every calendar month.

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Co-operative Bank Everyday Extra charges £180 a yearor £15 a month and the Halifax Ultimate Reward costs up to £228 a year. Club Lloyds Silver costs £138 a year, NatWest Reward Silver will set customers back £120 a year, and Monzo Max is £17 a month or £204 a year.

The Nationwide account comes with annual worldwide travel insurance, including the US and winter sports cover, for you and your family, which means a partner you live with, and any dependent children aged under 23, the Guardian newspaper reports.

"Of all the travel insurance attached to packaged accounts, this may work out as the best-value for older people who travel a lot, as there is no upper age limit," the newspaper reported, adding: "Which? rates Nationwide’s travel insurance as one of the best on the market as a result."

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