Top five premium bank accounts in the UK

Jan 30, 2023




Which is the best bank for you?

When we speak of Premium bank accounts here, we’re talking about funds that pay the option of a monthly fee and offer a variety of advantages, including cashback and insurance in bank services.

The majority of banks have a premium account, but figuring out the value of this account isn’t always easy.

Most premium accounts provide benefits such as travel insurance and breakdown insurance as part of the banking options. However, if you don’t have a car or a vehicle, then the worth of breakdown protection is negligible.

Many accounts offer discounts on specific establishments, restaurants, and shops. We don’t consider them in our calculations since it’s challenging to determine what the typical spend of each user will be across different sites.

Top five premium bank accounts

Highest value rewards

Halifax Ultimate Reward Current Account

Halifax’s Ultimate Rewards account is a winner for the most valuable premium current account.

For only PS17 per month. Halifax’s accounts come with global travel insurance for account holders and their family members, mobile insurance, home emergency coverage, and UK breakdown insurance.

The number of its primary rewards minus the annual fee and the cost of some arrangements for credit card usage and foreign card usage – come in at more than PS325 annually. It’s more than PS25, more than the closest rival.

Additionally, you can get up to PS5 per month in money back (or a similar reward) if you meet its minimal deposit and spending criteria.

Monthly cost PS17

Value of total rewards (after cost): PS325.36 a year

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Best for customer experience

Nationwide FlexPlus

If you’re searching for a bank that provides excellent customer service and an extensive branch network, look at Nationwide. As its advertisements frequently make clear, it doesn’t make a bank in any way.

Nationwide is the most prominent building society – and this is another reason you should like it. As a member of the customers of its members or account holders instead of private shareholders, the company has a performance of prioritizing customers, and their bank account is a great value.

For PS13 per month, Nationwide’s FlexPlus account comes with international travel insurance coverage for the account holder and their family members, breakdown insurance along with mobile phone protection for the entire members of your family members.

In addition, there are no fees to pay when using your debit card abroad.

Nationwide’s FlexPlus account benefits from a change reward of as high as PS125, which could be another reason to join.

Monthly cost The cost is PS13.

Value of total rewards (after cost): PS271.48 a year

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Ideal for those who are ethically conscious

Co-operative Bank Everyday Extra

Co-op Bank has carved a name for itself as one of the most ethical banks, going beyond its rivals to ensure that it responsibly runs a business.

Co-operative Group. Although it’s still under the Co-op name, it’s not associated with the Co-operative Group. A range of US hedge funds controls it. However, it has an agreement that ensures it will continue to follow the values of the Co-op Group every year.

The premium account, Co-operative Bank Everyday Extra, costs PS15 per month. It also includes three family-wide travel insurance, mobile phone insurance, and the UK and European breakdown cover.

Additionally, you’ll have access to its daily rewards scheme that gives users up to PS2.20 monthly cashback (reduced by PS5 starting January 1, 2021).

Monthly cost PS15

Total reward value (after the fee): PS298.71 a year

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Ideal for those who enjoy eating out

RBS Reward Platinum

Royal Bank of Scotland is generally a replica of Natwest in recent years. Natwest name in the last few times or vice versa with the products and services identical between the two.

Both accounts provide global travel insurance for the account holder and their family members, mobile insurance, UK breakdown insurance discounts at the cinema, and a tasting card, which offers cashback when dining in or ordering a takeaway.

The monthly cost is quite hefty PS20, but you’ll get more back if you use the many advantages.

A monthly subscription is free PS20

Value of total rewards (after the fee): PS179.89 a year

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Ideal for frequent travelers

Virgin Money Club M

Following Clydesdale’s merger and Yorkshire Banks in 2019, Virgin Money has become one of the most prominent challenger banks.

In the past 18 months, the company has been working on a range of brand new products and trying to break the big five that have been in place for a long time.

This Club M account, which costs PS14.50 per month, was first introduced in 2021. It combines the best benefits of global coverage for travel and insurance of the owner and family, gadget insurance for the holder and their family members, and UK breakdown insurance.

Uniquely, it gives you access to an around the 24/7 GP service, which is available in your home or at a foreign location – and concierge services that can help you purchase tickets and more when you’re traveling.

There are no charges when you use your debit card overseas. The card only falls short of an excellent rating because the cost of a banker’s check is higher than the average for the industry.

However, it’s a fantastic account and should be incorporated into your plans for banking services, especially when you’re an avid traveler across the world.

New customers can earn new customers now receive 20,000 Virgin Points, which they can use to purchase rewards like clothing, food, experiences, and events and holidays. The amount of 20,000 points equals approximately PS100.

Monthly cost: PS14.50

Value of total rewards (after the fee): PS283.50 a year

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