Current accounts with travel insurance a dime a dozen Go compare with our comparison table

Current accounts with travel insurance a dime a dozen

15 July 2010 / by Rachael Stiles

The vast majority of packaged current accounts offer travel insurance as part of the benefits package, market analysis has found.

According to financial research company Defaqto, 81 per cent of packaged current accounts come with travel insurance included in some form or another, across six different types, which might prove useful with the summer holidays coming up.

The study found that 75 per cent of packaged current accounts offer worldwide travel insurance, six per cent offer European travel insurance only, 60 per cent offer winter sports cover, 67 per cent include family travel insurance, 13 per cent include the accountholder and their spouse only, and one per cent cover only the accountholder.

Packaged current accounts also come with an array of other benefits, Defaqto found, such as commission free foreign currency exchange and travellers cheques, offered by 90 per cent of packaged current accounts, motor breakdown assistance is offered by 60 per cent of accounts, and 14 per cent offer European breakdown cover.

Access to priority airport lounges is offered by 38 per cent of packaged current accounts, while 67 per cent offer other holiday and travel discounts.

Commenting on the findings, David Black, banking specialist at Defaqto said: "Packaged current accounts generally offer a variety of benefits and many of these are travel related.

"However, there are often wide variations in the extent or coverage offered by particular types of benefits offered," he said. "For example, does the travel insurance policy just cover Europe or does it provide worldwide cover? Does it just provide cover for the current account holder or does it also cover other family members?"

Mr Balck says that "it is essential" that consumers compare current accounts and "check that what is offered is appropriate for their own circumstances."

© Fair Investment Company Ltd

Compare current accounts in the table below
 

 AccountInterest (AER)Overdraft RateFunding Required*Fee pmFeaturesApply
5.00%**0.0%£0.00NilUp to £300 Cashback when you switch your current accountMore Info >
0.00%Daily fees on agreed overdrafts£0.00Nil£5 cashback every month you deposit £1,000. More Info >
Up to 3%19.30%£0.00NilEasy switching process. Earn up to 3% AER on balances of £3,000-£5,000 with Vantage. £10 overdrafts buffer and grace period.More Info >
0.0%19.30%£0.00 NilTelephone and Online Banking - Simply, free and easy to useMore Info >
0.0%18.30%£300.00£5pmBenefits include mobile phone insurance, cardholder protection and much more for £6.50 per month.More Info >
0.0%18.30%£300.00£15Benefits include Travel Insurance, mobile phone insurance, breakdown cover and much more for £15 per month.More Info >
0.0%17.90 %£500.00£12.95Could provide you with up to £500 of benefits & services a year. £6pm for first 3 months. ID theft and personal safety assistance. Text Banking. HSBC Advance Specialist 24/7 on hand.More Info >
0.0%19.90 %£500NilOverdraft, award-winning online banking, access to 4% savings accountMore Info >
0%19.89%£0.00NilA flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only. More Info >
0.0%19.49%£100.00 £12.95For the third year running, the independent financial research company Defaqto gave Advantage Gold their 5 Star rating for product features, benefits and charges (February 2011).More Info >
£0.0019.24%£100.00£12.95Mobile phone insurance - includes iPhones; Green Flag car breakdown cover - even on your driveway; Annual world wide travel insurance - includes winter sports.More Info >
0%19.89%£0.00NilA flexible current account for day-to-day banking. Overdraft (subject to eligibility) - extra breathing space for your finances. Over 18s only. More Info >
0%18.9%£700 per monthNilPreferential rates on savings and loans. Free European travel insurance, discounts on home insurance. No monthly fee. (Pay in a minimum of £750 per month to get the benefits.)More Info >

*Some current accounts require customers to pay in a minimum amount each month.

**See Terms and Conditions