What is a packaged bank account?
A packaged bank account is a current account with added benefits. Usually for a monthly fee, cover you might otherwise buy separately, such as travel insurance, mobile phone insurance and breakdown cover, may be included in the package. You may also get banking benefits, such as preferential overdraft rates and commission-free cash withdrawals abroad, along with cashback and discounts.
As names like ‘plus’, ‘platinum’, ‘premium’, ‘flexplus’ and ‘gold’ suggest, they are upgraded versions of a current account, which bundle extras for a monthly fee.