Compare  Packaged Current Accounts

One way of guaranteeing a good set of perks is by choosing a packaged current account. These types of accounts will usually come with travel insurance, mobile phone insurance, car breakdown cover, an overdraft, or all of the above. Since these accounts are highly sought after, it means you will usually pay a monthly fee to use it, so it’s worth using all of the perks to make it worthwhile.

What is a packaged current account?

A packaged current account is the same as a regular current account, but it comes ‘packaged’ with additional services, such as insurance or other rewards.

However, it does come with a monthly fee which you will have to pay in order to use the account. If you make use of all of the included perks, you’re likely to save money overall, though you will need to make sure you add the monthly fee onto your outgoings.

Which packaged current account would be best for me?

When you are trying to decide which current account is best for you, it can sometimes come down to which perks would suit your specific circumstances. Benefits of a packaged current account include:

• Travel insurance
• Breakdown cover
• Mobile phone insurance
• An arranged overdraft

A packaged account usually comes with a monthly fee, so it’s worth comparing fees just to see if you can get the same perks but by paying less. As long as you end up in profit by the end of each month, rather than paying for perks you aren’t using, getting a packaged current account is worthwhile for you.

Am I eligible to apply for a packaged current account?

If you’re eligible for a standard current account, chances are you will be accepted for a packaged current account, especially as you normally pay a monthly fee for the perks.

Before you apply for any current account, or apply to switch current accounts, it’s always worth checking your credit report just to see what your current credit score is. Banks and building societies will usually credit check you and will be able to see your financial history to make sure they are not taking a risk when accepting you. If you have a bad credit score, you might want to think about improving it prior to applying for any new accounts or financial products.