Traditionally, packaged and premium current accounts have offered similar perks like travel insurance and breakdown cover. However, app-based banks have introduced targeted extras for specific customer profiles, making some accounts worth the £15-18 monthly fee for the right demographic.
Revolut's Metal account targets young professionals with perks including WeWork credits, a Financial Times subscription, MasterClass, Perplexity Pro, and travel extras. It offers a metal debit card in four colours, RevPoints redeemable for travel rewards, and worldwide travel insurance for trips up to 30 days. The account costs £14.99 a month, with cheaper Plus (£3.99) and Premium (£7.99) options, and a top-tier Ultra account (£55) for frequent travellers.
Monzo's premium account appeals to younger customers with freebies from Greggs and Vue cinemas, plus discounts on train travel and Uber Eats. The insurance package includes worldwide travel insurance for trips up to 45 days, phone insurance, and RAC breakdown cover. A Perks account (£7 a month) offers a stripped-down version without all insurance add-ons.
Santander's premium account focuses on practical benefits like healthcare services and cashback on bills. It includes worldwide travel insurance for trips up to 31 days, phone insurance, and Allianz Assistance breakdown cover. For financial perks only, the Santander Edge account (£3 a month) offers up to £10 cashback on bills and a competitive savings rate.
The combined value of perks often exceeds the monthly fee—Revolut's subscriptions are worth over £2,000 a year. However, value depends on usage. Consumers should assess which benefits they will actually use and compare costs to standalone purchases.
