Could paying for a bank account end up saving you money?

Would you pay £156 a year to have your travel and mobile insurance taken care of for the whole family, plus breakdown cover?

For some the life admin savings alone would justify the price of the Nationwide FlexPlus Account, which topped our analysis of packaged accounts.

We looked at 13 of these accounts, which offer extra perks in return for a fee. 

Our experts found huge differences in quality and price between providers, with some challenger banks' accounts proving to be disappointing.

Here we reveal the highest-rated packaged accounts, the ones to avoid, and ask whether you even need a packaged bank account at all.

Accounts that stood out

Nationwide's FlexPlus account got the highest score (81%) and was the second-cheapest option we analysed. 

Costing £13 a month, it offers worldwide family travel insurance, family mobile phone insurance and vehicle breakdown cover for the account holder in the UK and Europe.

Along with top policy scores for mobile insurance and breakdown cover, the FlexPlus account was one of only three to offer fee-free cash withdrawals and spending abroad. 

The Co-operative Bank Everyday Extra account – with Everyday Reward (76%, £15 a month), and Halifax Ultimate Reward Current Account (70%, £17 a month) also scored highly in our analysis.

• Find out more: all our packaged bank account scores

False economies

Virgin Money's Club M account was the cheapest packaged bank account we analysed, at £12.50 a month, down from £14.50.

But its breakdown cover remains very limited, with no cover in Europe, and no alternative travel and accommodation if your vehicle breaks down. The account's travel insurance also received the lowest policy score in our analysis, with no cover if your airline or holiday provider goes bust. 

This is despite Virgin Money being just 50p a month cheaper than Nationwide's top-rated account.

The Monzo Bank Premium Account with Standard Breakdown Cover (60%, £20.75 a month) was the lowest-scoring account in our analysis, despite its moderately expensive fee.

Monzo's Premium Account with Advance Breakdown Cover (£23.50 a month), did slightly better but still ended up 10th in our table. 

It did well for breakdown cover and mobile phone insurance, but was let down by its travel insurance offering, providing no cover if your airline or travel provider goes bust, and high monthly fee.

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Watch out for restrictions

You don't want to open a packaged account only to discover you can't use the benefits. 

Look out for age limits on travel cover. These range from 70 to 79, depending on the account, but the Co-operative Bank’s Everyday Extra only provides winter sport cover for travellers under 65. 

Sometimes, you can circumvent age restrictions by taking out additional cover. For example, Nationwide’s FlexPlus allows you to buy cover for those aged 70 and over for an extra £65 a year. 

Also make sure you declare any medical conditions when you sign up – or when you become aware of them. This might impact your level of cover or the price.

• Find out more: what to do if you've been mis-sold a packaged bank account

Do you even need a packaged bank account?

Packaged bank accounts aren't necessarily great bank accounts – they may not offer cheap overdrafts, high interest, or cashback on bills.

It's therefore crucial that your packaged bank account saves you time and money.

Based on data from comparison GoCompare, the combined average cost of standalone mobile travel insurance, annual travel insurance (for a family of four) and breakdown cover is £197 a year.

That's more than the annual fee of many of the accounts in our table, including Nationwide and the Co-operative Bank's top-rated offerings.

If you’re older, your travel insurance premium might be considerably higher than the average if you were to buy it separately, meaning that getting cover through a packaged account could work out cheaper.

If you only need some of the cover offered by a packaged bank account, it's worth getting quotes directly from insurers and comparing them with the account fee.

Take a look at our guides on getting cheap travel insurance, breakdown cover and mobile cover.