10 Best Premium Bank Accounts

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A bank account is the financial lifeline of your business. Having the right one requires that it carries the right features that will allow you or your business unlimited access to funds and tools security and functionality tools that make management and administrative tasks easier.

Most features you would need with such an account aren’t available on your typical free accounts. This is where premium or packaged accounts come in.

These savvy options carry many perks and come with a monthly price for you to use the said features.

What are Premium or Packaged Accounts?

Premium or packaged accounts are basically current accounts with multiple added features and more generous credit rates.

The account comes with a monthly fee, which should be one of the factors you consider to ensure you’re getting the most value for your money. Typically, the convenience and features you get from the account should far outweigh the monthly fee you pay for the account.

You should read the small fine print before signing up for a premium account. There is a load of exclusions that financial institutions can throw on here that will catch you out, such as age limits on insurance.

Also, based on your needs, it’s vital to check the insurance price and what it offers and see if you’d be better off getting a free bank account and buying the insurance separately.

The best thing about premium bank accounts has been the introduction of challenger banks, which also offer a slew of features. While traditional banks have been clawing back on the features available on their premium accounts, these challenger banks are going all out to offer their clients unrivalled convenience and new ways to access, spend, send, and receive money. It is no wonder that these online banks are now giving the high street banks a run for their money and having some of the best premium bank accounts.

10 Best Premium Bank Accounts

Here is a list of the best premium bank accounts in the UK for business. This list considers the account’s monthly fee and compares it to what you get out of it.

Pay iO PLUS and Pay iO PLATINUM

Pay iO is one of the fastest-growing fintechs in the UK. Its offerings specifically target businesses, which have largely been an afterthought for most challenger banks.

All of Pay iO’s accounts are premium accounts, but the Pay iO Plus and the Platinum options are easily some of the best premium accounts that a business would want.

With the Pay iO Plus account, the business has access to business debit cards, high international payment limits, low-cost fees for local payments, round-the-clock customer support apps and web access, and direct debit services. Businesses can also get a GBP and EUR wallet to allow them to hold several currencies in their account.

The Pay iO Platinum account does even better. Unlike most packaged accounts, the Platinum account allows businesses to state their needs and have the cost of the account determined by the business’s needs. This way, you pay for the exact services you need.

The Platinum account also comes with a dedicated account manager, making it easier to run the account and easily solve any problems you might have with it. You still get all the other perks of Pay iO, such as 24/7 support, direct debits and business debit cards.

Besides Pay iO’s impressive perks, small and large businesses also stand to gain massively from its unique features. The account allows small businesses to get money directly from their customers and manage transactions and expenses in one place, massively cutting back on administrative work.

Large businesses get additional features such as sending and receiving global payments and managing the account from a centralised location. Should you happen to deal with multiple currencies, Pay iO offers the most competitive currency exchange rates, ensuring you always get the real mid-market rate for just one low fee.

Multiple money transfer methods mean businesses can stay on top of their obligations locally and internationally using fast money transfer options with low fees.

Other premium features available on Pay iO include open banking, using Pay iO API, instant account-to-account bank payments with no need for middlemen, and the company offers fast onboarding that allows you to set up and start processing payments in 24 hours rather than in weeks.

Revolut Metal

Revolut Metal is Revolut’s most premium subscription plan that comes with various exclusive features such as;

  • Cashback on purchases abroad
  • Travel Insurance
  • Discounted airport lounge access
  • Lowest fees when trading crypto through the app
  • No commission fees on stock trade
  • The highest free ATM withdrawal limit of £800

The stand-out benefit that Revolut Metal offers is access to the airport lounge, which can turn long and exhausting airport waits into a fairly pleasant experience.

The programme is available in over 1,000 airports in over 120 countries. You also get SmartDelay, a feature that gives you free access to certain airport lounges if your flight is delayed by more than an hour.

Revolut Metal also gives customers concierge services. You can request the concierge in the app, and a team member will respond to your request via email.

Whether it is a restaurant suggestion or help booking a last-minute trip, the concierge sets up the transaction but won’t process the deal until you’ve accepted the final price.

You also get similar parks with other Revolut premium packages, such as Revolut Premium. Customers also get comprehensive travel insurance covering worldwide emergency medical and dental treatment. You also get compensation for delayed flights and luggage.

Revolut Metal also offers various financial benefits, such as free domestic and SEPA transfers. You also get an unlimited amount of cross-border transfers. The account also offers 24/7 priority customer support.

Pros of Revolut Metal

  • Slick metal card
  • Increased free ATM withdrawal limit of up to £800 per month
  • Same perks as Revolut Premium, such as travel insurance
  • Additional benefits of concierge services and discounted airport lounge access

Cons of Revolut Metal  

  • The monthly account fee is £14.99
  • No overdraft available
  • The account is only helpful if you use additional benefits, such as airport lounge access. If not, you might benefit from using the standard account, which can just as effectively meet your financial goals.

Monzo Plus

Monzo Plus is a mid-range tier package for Monzo. Being a mid-range tier is what makes this one of the best premium bank accounts in the UK. It offers a great balance between features and cost, remains significantly cheaper and definitely more valuable than more expensive premium accounts, and offers the most sought-after conveniences.

Monzo Plus is aimed at power users who don’t necessarily need a lot of travel-oriented features like the ones that the Revolut Metal account offers but still want to enjoy as much functionality as possible in their banking app.

At £5 a month, Monzo Plus is priced slightly higher than Revolut Plus but cheaper than most premium accounts. Additionally, Monzo offers more features than the Revolut Plus accounts and others with a higher price tag.

Another pricing advantage that makes Monzo Plus a better choice is it has a shorter minimum duration, which is just three months at a time compared to up to a year for some of its competitors, ensuring you save money in the long run and you can switch over at any time if you’re not content with the services.

The Monzo Plus account promises to give you a clear overview of your money, letting you see how you earn it and how you spend it, helping you make better and more informed decisions.

The features supporting this function include integrating all your financial data. The Monzo app can directly and automatically sync with all your third-party bank accounts and credit cards. This allows you to easily check your balances and transactions and initiate transfers to other accounts at the touch of a button.

Monzo Plus also offers powerful budgeting features that categorise your spending automatically and allow you to create custom categories. You can also automatically export this finance data from the app to other platforms like Google Sheets if you want more advanced budgeting features.

Monzo Plus customers also get a 1% annual interest on balance. This is something that is almost never offered on a neobank current account. However, you can only accrue interest on up to £2,000. £20 may not be much, but it is enough to cover four months of Monzo Plus fees.

Monzo Plus allows you to enjoy unlimited spending in any currency without fees. Monzo Plus also comes with unlimited withdrawals with the UK and the EEA and up to £400 a month of fee-free ATM withdrawals abroad.

You can create up to nine virtual cards on Monzo Plus for business clients. Combined with the host of discounts and partnerships that Monzo offers on the Plus premium package, it is easy to see why this mid-range account is one of the best, particularly for people who conduct most of their business within the UK.

The Co-operative Bank’s Everyday Extra

High street banks may have slipped with the introduction of neobanks, but they’re not out of the game yet. Many traditional banks still offer exceptional premium bank accounts. One of them is the Co-operative Bank’s Everyday Extra premium bank account. It’s a bundled account that comes highly recommended by millions of consumers.

One of the perks of the Everyday Extra account is the free Everyday Rewards program that is available to customers who meet various requirements, including deposits of £800, make four debit card purchases, get paperless bills, and not go over the overdraft limit and use mobile or internet banking.

The international travel insurance is provided by AXA and also covers your travelling companion and any children under the age of 22 and grandchildren under the age of 18.

The insurance also covers other things like winter sports, lost baggage, personal accidents, emergency medical expenditures, UK holidays, and missing flights. The best part is there is no deductible pay out of pocket.

Like the Revolut Metal account, this account is ideal for frequent travellers who could use the extra perks. However, if you’re looking for more financial perks, features and tools, you should consider looking into other options that will meet your needs.

In addition to the perks, you should receive £125 if you refer a friend who opens a regular or packaged current account with the bank. The friend will also receive £125.

Monzo Premium

Monzo Premium is an upgrade of Monzo Plus. The big question is whether it is worth paying £15 a month.

For £15 a month, you can get everything you love about your Monzo Plus and much more. Besides the amazing financial features, you also get mobile phone insurance by Assurant for phones worth up to £2,000 and accessories like headphones and charges.

The insurance also covers those travelling with you if they’re under 19 years and you get a £50 excess for every successful claim.

With the Monzo premium account, you get the same perks as with other Monzo accounts. These include a £600 fee-free withdrawal limit every 30 days and unlimited in the European Economic Area. You also get discounted access to international airport lounges and variable interest on up to £100,000 in Personal Instant Access Savings Pots, including the Safety Net Pot, among other benefits.

As far as finances are concerned, the Monzo Premium account also has some impressive features. These include viewing and moving money from 14 different bank and credit accounts using the Monzo App. You also get 5 virtual cards. Each has its own unique details to shop online or manage subscriptions more securely. You have 5 free deposits per month, advanced budgeting features such as custom categories, £600 in fee-free withdrawals abroad every 30 days, and monthly credit score updates with TransUnion.

Whether you’re looking for an account that takes care of you when you travel or one with the right financial features that make it easy to manage and move your money, the Monzo Premium account is a complete package offering the best of both worlds.

Pros of the Monzo Premium Account

  • You get a sleek new metal card
  • Fee-free withdrawals abroad
  • Phone and worldwide travel insurance
  • Interest paid on account balances up to £100,000
  • Virtual cards are available for only purchases
  • Monthly credit score updates
  • Discounts at selected partners
  • Discounted airport lounge access
  • All the in-app banking features of a standard Monzo account
  • 5 free cash deposits per month

Cons of the Monzo Premium Account  

  • £15 monthly fee, which is high compared to competitors
  • Interest charged on overdrafts
  • No physical branches. Everything is managed digitally

Revolut Premium

The Revolut Premium account is not as prestigious as the Revolut Metal account, but it has its perks and costs less, so it might be a good second option if the metal account is out of budget for you.

The account is priced at £6.99 a month, putting it squarely in the middle-tier sector. Among its competitors, it is considered one of the pricier options on monthly cost alone. However, most of the alternative options that cost less come with fewer fancy features.

One of the downsides of this premium account is that it comes with a minimum contract duration of one year. If you can afford it, paying for the year upfront makes sense because that gives you a 20% discount, which takes the price down to about £6 a month.

Revolut Premium has many travel-oriented features. These include fee-free international transfers and a 20% discount on incurred costs, which is a downgrade from Metal’s unlimited transfers and payments to thirty supported currencies. If you need cash while travelling, you can withdraw up to £400 every month for free, though the limit also applies at home.

The account also comes with travel insurance that covers medical emergencies, delayed luggage, and late flights for trips of up to 40 days. You also get free lounge access if one of your flights is delayed more than an hour.

Besides the travel perks the account offers, you also get access to more of Revolut Premium’s “every day” features. These include purchase protection for up to £2,500 a year in case of accidental damages or theft. You can also get your tickets reimbursed if you’re planning to attend an event that ends up being cancelled.

These features are also included with Revolut’s cheaper Plus plan. But the purchase protection has a lower limit.

With the premium accounts, Revolut has also improved its saving features. The most basic saving feature on Revolut is the “vaults”, which are only available in the UK and the US. Using the vaults, users get a decent 2.25% APY on savings calculated daily. There’s also a 4.5% bonus on an amount of the savings equivalent to their spending with the Revolut Card over the last month.

Pros of the Revolut Premium Account

  • Besides the Revolut Premium features, you also get all the features you’d get with a Revolut standard account
  • Different card designs, and you can choose from three different colours
  • Higher free ATM withdrawal limit of £400 per month
  • A lower cryptocurrency service fee of 1.5%
  • Quick application and set-up process
  • No credit check is necessary

Cons of Revolut Premium Account  

  • It’s probably not worth the subscription fee if you’re not drawing out more cash or exchanging any cryptocurrency
  • The account is not covered by the Financial Services Compensation Scheme (FSCS)

Virgin Money Club M

The Virgin Money Club M account has been getting progressively attractive over the last few years. Currently, it is at its best with many additional features and offers various freebies and discounts to entice customers.

Perhaps the most interesting of the additions is the 2.20% interest on savings, which ranks among the highest, but it comes with several restrictions, most notably a requirement to maintain a balance of at least £1,000.

You might get various switching incentives if you choose to switch to a Virgin Money Club M account from another bank. There is currently no switching offer, but Virgin Money rotates between several combinations of perks, which include;

  • 20,000 Virgin Red points
  • A Virgin Experiences voucher
  • Boosted interest rates
  • Free wine
  • A charitable donation

Besides the amazing features that Virgin Money offers, it also has an app that gives the challenger banks a run for their money. It has offerings similar to the saving pots and budgeting features that have become synonymous with neo-banks.

The app also allows you to deposit cheques with your phone, and it’s compatible with Apple Pay and Google Pay.

However, there are areas where it falls short where other options like Starling and Monzo excel, such as round-ups PIN reveal or the ability to freeze and unfreeze your card.

The Virgin Money M Club account might not be all that effective if you already have accounts with other challenger banks. But if it is the first account you open and you tend to travel often, it might be useful for overseas spending. However, you are better off with some of the other options, such as Monzo and Starling.

Pros of the Virgin Money Club M account

  • The account comes with a range of insurance policies, included
  • Interest is paid on the balance, albeit with some restrictions
  • There is a linked savings account
  • You can earn cash back at selected retailers
  • No fees for using your card abroad
  • FSCS protection
  • Arranged overdraft available

Cons  

  • Account fees are £12.50 per month
  • Interest is charged on overdraft
  • Interest only paid on balances up to £1,000
  • Breakdown cover only applies in the UK

Citibank Citigold Account

The Citigold account from Citibank is the perfect option when you’re looking to juggle multiple currencies. If you meet the eligibility criteria, the account is worth considering if you also want an account with travel insurance and fee-free international transfers.

The account has a joining incentive: a complimentary breakfast with selected hotels. However, before you get reeled in by the perks, you should know that the account fee is £75 a month. The fee is waived for the first 90 days if you don’t hold a previous or current account with Citibank or you have an average monthly balance of £150,000 or more across the current and savings accounts with Citibank UK.

You can enjoy various benefits and perks once you get the account up and running. For instance, you can use one debit card for different accounts. If you hold multiple accounts in different currencies, you can access them with the same single contactless debit card. This is a crucial feature that saves you the trouble of carrying too many cards and having to master the PIN of each card.

The account also provides fee-free international transfers. You can make fee-free global transfers to other Citi accounts in over 20 countries. You can also make up to 8 SWIFT payments every calendar month to non-Citi accounts without incurring a transaction fee. SEPA and Faster Payments are also fee-free.

Like most accounts listed before, the Citigold account also has annual worldwide travel insurance. The insurance covers you and your family, including a winter sports cover. But to be eligible, you must be a UK resident and under the age of 80.

Citigold also offers in-app banking with various features. You can use the app to monitor your account and investments on the go, see up-to-date balances, send money and even carry out foreign exchange trades.

Last, and perhaps the most interesting feature, is that you get an interest-free overdraft of up to £500 provided that you pay at least £50 a month into your account. Overdrafts of more than £500 are charged 9.9% EAR.

The Citigold account is perfect for those who regularly travel, need to switch currencies and want an account that can help them save on currency conversion fees. If you are eligible for the account, you must maintain a minimum average monthly balance of £150,000 across your Citi accounts, including investments. If you’re unable to keep up, the monthly fee of £75 will apply.

Pros of Citigold Account

  • Ability to hold multiple currencies in different accounts managed by one debit card
  • Fee-free international transactions
  • Worldwide travel insurance
  • Manage your account in the app, over the phone or online
  • Dedicated relationship manager
  • Interest-free overdrafts of up to £500

Cons of Citigold Account  

  • Strict eligibility criteria
  • A high monthly fee if you don’t meet the eligibility criteria
  • You need to arrange an appointment to open the account
  • The account only holds Sterling, US dollars and Euros
  • Overdrafts over £500 are charged interest

Nationwide Flexplus Account

The Nationwide Flexplus account comes recommended with years of providing stellar services to those who can afford the £13 monthly fee. The bank removed some features that made the account attractive in 2019. Some of the features removed included an interest-free overdraft of £250 and 3% interest on balances of up to £2,500.

Now, customers over the age of 65 have to pay £65 to update their accounts, while the maximum age for travel insurance has gone down from 75 to 70. Despite the modification, the account is still pretty decent, with various features that make it a top contender, particularly for globe trotters.

Nationwide enables you to make up to four monthly claims for phones owned by you or your family members up to £2,000 in value each. That’s a huge upgrade from a similar service offered by the Co-operative bank that only limits you to two claims per year.

If your phone is stolen, broken or malfunctioning, you are covered. Nationwide also offers an excess of £50 to £125 that covers damages and loss of Apple devices.

Nationwide also provides more comprehensive roadside assistance under the Flexplus account. With this package, you get unlimited roadside assistance in the UK and Europe, regardless of who is driving or riding shotgun. Up to two cars can be insured under a single joint account. 

The account costs only £13 per year, doesn’t require any minimum investment, and there’s an overdraft credit line available but only on request.

Once you sign up for the account, you can get up to £125 cash for switching over, and the insurance provided under the account covers winter sports, golf, business holidays and even weddings abroad.

All these are great features to have in the package, but only if you travel a lot, and perks like roadside assistance only limit that travel to Europe. If most of your business or leisure is within the EEA, then the Flexplus account is perfect for you. If not, you should consider other accounts with an entirely different approach and possibly offer more tools to improve your financial management.

Pros

  • The account includes travel insurance, mobile phone insurance and breakdown cover
  • Arranged overdraft is available
  • Access to exclusive products
  • Easy to apply for
  • FSCS protection
  • No fees for using your card abroad

Cons  

  • Monthly fees apply
  • The account has restrictions on account holders aged 75 and above on the insurance policies
  • No interest paid on credit balances
  • Interest charged on overdraft

Halifax Ultimate Reward

The Halifax Ultimate Reward account is ideal when you’re looking for a current account with a vast range of extras at a small monthly fee. The account is diverse enough to offer something for everyone. Its offerings include breakdown cover, travel insurance, mobile phone insurance, and home emergency cover. Customers pick and choose the rewards that best suit them and their lifestyles.

But, before settling on the account, you have to check their criteria to ensure you qualify and also that you don’t double up on your cover.

The account also offers additional features, such as reward extras, that can save you money. With this feature, you can choose between three digital magazines, one cinema ticket anywhere in the UK or £5 in your account each month. You also get up to 15% cashback extras at selected retailers.

Customers can also choose to round up their card payments to the nearest pound to save as they spend. More importantly, you can benefit from an interest-free overdraft for six months.

Clearly, you should consider the Halifax Ultimate Reward account for plenty of reasons. The £17 monthly fees might put the brakes on your intention to consider the account, not to mention whether you will make use of the full perks on offer.

On the bright side, the account doesn’t have the strict standard that other banks have on their premium bank accounts. You must only be at least 18 years old and a UK resident. To qualify for the Reward Extras, you must either spend £500 on your debit card each month or keep £5,000 or above in your account each month. You must also pay at least £1,500 into your account each month and stay in credit.

Pros

  • Offers various perks, including travel insurance and breakdown cover
  • Option to choose the extra rewards that suit you the most
  • New customers get a 6-month 0% overdraft
  • Earn cash back at certain retailers
  • Option to open single or joint accounts
  • Easy to open and manage the account online

Cons

  • There’s a monthly fee
  • You need to meet certain eligibility criteria to benefit from the rewards
  • Overdraft charges are high once the interest period ends
  • You may not fully use the perks on offer, in which case your paying the fees will be wasted.

Top Premium Accounts Guide

Evidently, getting the best premium account takes more than hopping on the one with the most features. It requires careful consideration to ensure the account you choose gives you the most value for your money. Otherwise, if you can make the most out of the features and perks that come with the account, you will be wasting money on the monthly subscriptions.

Age limit

Travel insurance is a well-marketed perk with most premium bank accounts. However, in the fine print, there are crucial details such as the age limit of the traveller, which, in some cases, you’re required to make extra payments if you’re above a certain age. The typical maximum age covered by the tourist’s insurance is anywhere between 69 and 80.

If you’re above 70 years old, you should tread cautiously and ensure you qualify for the perks in the account you choose.

Illnesses and injuries

The insurance offered under this account is not any different from your regular insurance. Therefore, older or sicker travellers should know that pre-existing issues are not always insured. If you have any pre-existing conditions, you must disclose them at the time of the account opening, or you might be subject to additional fees or reduced coverage.

You should also report any significant changes to your health status to your insurer so they can re-evaluate you for coverage.

Fine print

As in many other cases, the devil is always in the details. When opening a premium account, don’t get carried away by the large fonts. You should always take time to read the fine print to determine the extent of the truth in the marketing claims.

Most banks will hide vital details like the age limits for insurance or the number of claims you can make in a year on your mobile phone insurance, among others. Take time to fully understand your obligations and what is required of you. Know what you’re getting from the premium or packaged account. Sometimes, you can get a better deal elsewhere and for less.

The Verdict

When opening a packaged account, you should know that service providers are mandated to determine whether you’re eligible to make a claim under each policy and inform you of this fact. They are also mandated to determine whether each policy makes sense for you and offer you yearly eligibility reports so you can check if the policies still work for you.

However, that is not to say that some providers will not try to short-change you. Therefore, you should keep an eye out for red flags such as;

  • Enrolling without realising happens when your bank is switching all of its clients from a free account to a bundled account. It is the only acceptable reason a bank would enrol you into a premium account without your permission
  • Also, you should know that in order to get the perks, you must activate them. Verify whether this is necessary during account opening. Failing to do so may render your insurance useless, notwithstanding your payment of premiums.

When you look around, there are plenty of premium bank accounts. Possibly more than free ones. Each bank has gone to extreme lengths to get an edge over its competition and provide packages that attract the masses. Whether for business or personal use, you can get premium accounts matching your needs and requirements.

However, it’s not a decision you should rush into. You should carefully look into each option, weigh the perks vis-à-vis the premium and determine whether you will use the perks regularly. This is the only way to ensure you get a deal that works in your favour and is worth paying the premium for.

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