New. Get a year's FREE family travel & mobile insurance & breakdown cover - worth £100s

Three 'packaged' bank accounts paying up to £225 to switch

While they're called packaged bank accounts, in reality they're more like a bundle of decent insurance - typically travel, mobile & breakdown cover - with a bank account on the side. You pay £12 to £20/mth, and get the cover on top, which bought separately could cost up to £500.

Right now, three banks pay you up to £225 to switch to their packaged accounts - enough to cover the first year's fees, so effectively you get the insurance for FREE for that time. 

These accounts can be one of the cheapest ways to get insurance - especially for those with a family at home who all have mobile phones. Plus for those with pre-existing health conditions, while you may be charged more, many MoneySavers have told us this was the cheapest way they found to get travel cover. But remember....

Packaged accounts are great if you'd pay for all the insurance anyway. If not, you're likely better with just the up to £225 free cash with fee-free bank accounts & get the cheapest standalone insurance

Switching's usually quick & easy. Use the bank's seven (working) day switch service. It closes your old account and moves all your money, Direct Debits and standing orders for you. You'll need pass a not-too-harsh credit check, and most require you to have 2+ Direct Debits to get the cash. 

It's worth noting that insurance can be complex, loaded with terms, conditions and exclusions. We give the big picture here, but always check the small print to make sure the policies cover you in the way you need them to. We've far more detail in our full packaged accounts guide.