Packaged bank accounts

Wednesday, 25, Oct 2006 12:00

Packaged bank accounts are current accounts that come with a host of add-on benefits included. The majority of packaged account providers charge a monthly fee, typically £10, for which you may be entitled to discounts on holidays, restaurants, and leisure activities, discounted loan and insurance products, and commission free currency exchange amongst others.

However, even with discounts included, better deals on the same products can often be found elsewhere; while packaged account interest rates will tend to be relatively low. It is worthwhile comparing packaged accounts with other bank accounts that do not offer such incentives but are more competitive and provide better rates before opting for a packaged account.