Packaged Current Accounts
Packaged Current Accounts
Packaged current accounts can offer a number of benefits for people who want more from their current account than just a debit card and a cheque book. In return for a monthly fee which is usually about £25, they often provide higher in credit interest rates and lower overdraft rates, in addition to a benefits package which varies from one provider to another. Packaged current accounts vary in how much they cost, and, like standard current accounts, differ in what they offer. Common benefits of a packaged current account include:
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Annual travel insurance
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Car breakdown cover
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Mobile phone insurance
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Interest-free overdraft
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Commission-free currency
Many providers also offer packaged, or premier, account holders preferential rates on other products available from them as an incentive to get all your financial services from the same place. Obviously there are some benefits to packaged current accounts, but there are also drawbacks, such as paying for benefits you already have from another provider, and not all banks offer the most competitive deals.
Furthermore, some customers have found that their accounts have been upgraded automatically by their bank without their consent, so customers should check their statements to make sure they are not paying for something they don't want.
The market is becoming more competitive as more banks start to offer packaged current accounts, so compare the different ones available and think about what you really need from your accounts before choosing the right one for you.
Alternatively click on current accounts advertising links below: