Packaged bank accounts

Wednesday, 22 November 2006 11:43

Packaged bank accounts are current accounts that come with a suite of other products included.

Typically banks will charge a monthly fee for packaged accounts, but this can sometimes be waived if customers take out additional products or run a certain amount of money through the account.

Fees tend to be around £10 a month.

Common incentives include free travel insurance, free breakdown cover, linked high-interest savings accounts, discounted loans, will writing, discounts on days out and theme parks, and commission-free foreign currency exchange.

But while banks claim to offer linked products worth hundreds of pounds for a £10 a month fee, consumers are advised to consider how often - if at all - they would use these features, and how they compare with the best-value deals elsewhere.

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• bank accounts
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• packaged accounts
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