The bank accounts with the best perks (whatever your age)

The bank accounts with the best perks (whatever your age)
The bank accounts with the best perks (whatever your age)

It was the best of bank accounts, it was the worst of bank accounts – depending on whether you have children, hit the slopes in the winter and are under the age of 70.

Packaged bank accounts commonly cost about £15 a month, and come with benefits such as travel insurance, breakdown cover and cashback deals. They can be a clever way to save hundreds of pounds a year – however, if the terms and exclusions render the perks useless, or you double up on your cover, they can also be an easy way to leak cash with little to show for it.

“For every person who likes packaged bank accounts, you’ll find another who avoids them like the plague,” said Laura Suter of AJ Bell. “They are a great option for those who would have paid for everything on offer, but for many, they may get little or no benefit.”

With lots of accounts to choose from, and perks that can freeze out older customers, Telegraph Money finds the best packaged bank account deals.

What is included with packaged bank accounts?

Typically, a packaged bank account includes travel insurance, mobile phone insurance and breakdown cover, but how extensive this cover is varies from account to account.

Some accounts will include worldwide travel cover for the whole family, including the USA, while others restrict travel insurance to Europe.

When it comes to breakdown cover, some policies only cover roadside assistance and a towing service in the UK, while the more extensive insurers also offer home service and European cover.

Mobile phone insurance can range from covering one phone for the policyholder, to a range of gadgets for the whole family.

Such differences mean it’s vital to check the terms for each insurance policy when weighing up whether or not a packaged account is worth paying out for.

The best packaged bank accounts

The table below outlines what’s on offer from some of the best packaged bank account deals currently available, from the cheapest to most expensive.

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