Maximising Benefits: The Best Packaged Bank Accounts for High Earners in the UK

Explore the premier banking solutions tailored for high earners. Uncover how premium packaged accounts can enhance your financial management with exclusive benefits and services.

In the competitive world of personal finance, packaged bank accounts stand out for offering bundled services that cater to the distinct needs of high earners. These accounts combine convenience with a range of exclusive benefits, transforming everyday banking into a comprehensive financial tool.

The accounts we will cover require you to earn a minimum gross salary of £75,000 or have savings / investments of £50,000 or more with the respective bank. If you’re interested in packaged bank accounts in general but don’t meet these thresholds, then I’d encourage you to read my previous article on packaged bank accounts here.

What are packaged bank accounts?

Packaged bank accounts are a type of current account where the account holder pays a monthly fee in exchange for a range of extra benefits. Typically bundled services include worldwide travel insurance, mobile phone insurance, car breakdown cover, and sometimes even preferential rates on loans and savings.

For high earners, these accounts are not just about handling money but enhancing lifestyle and financial management through added perks such as airport lounge access, dedicated financial advice and priority banking services.

Top packaged accounts for high earners

Let’s compare some of the UK’s top packaged accounts:

How to choose the right account

Looking at the above accounts, the Natwest Premier Black account offers the most perks but comes in at a hefty monthly fee of £31. However, this is easily reduced to £21 with 2 direct debits over £4.50 and logging into mobile banking once a month. It provides comprehensive insurance coverage with travel, breakdown and mobile phone insurance. The added benefit of unlimited airport lounge access is incredibly handy if you’re a consistent traveller especially considering most credit cards don’t even offer this.

If you’re someone whose permanently situated in the UK and enjoys a few holidays a year then this is a brilliant option to consider.

On the other hand, the HSBC Premier account is likely better suited to those who travel consistently with its multi-currency setup especially if you use other currency accounts regularly. However, the entry requirements to have a high income alongside a financial product from HSBC make it more tedious to qualify for the account. If you’re tied into the HSBC ecosystem then this is definitely an account worth considering, especially as it also gives you access to the HSBC Premier credit cards. We’ll dive deeper into these credit cards in a future article.

The Barclays Premier account offers the least perks and benefits. The only real redeeming quality are the cashback benefits with Barclays blue rewards or if you’re geared up towards maximising Avios earnings then the Avios rewards for £12 a month are worth considering.

Personally, I believe the Natwest Premier Black account offers the most value for money especially if you can meet the requirements to get it for £21 a month. But again, this entirely depends on your individual financial and lifestyle choices.

Making the most of your packaged bank account

If you’re interested in taking out one of these accounts, then you should also consider existing perks and insurance coverages you already have in place via credit cards, work perks and other bank accounts to understand where you’re overpaying and what you’re potentially missing out on.

For example, I moved from Monzo Premium to Nationwide Flexplus was because I was paying Monzo £180 (£15 per month) mainly for phone and travel insurances. I’d then pay an additional £50 per year for my car breakdown cover bringing my total insurance outlay to £230 annually.

Switching to Nationwide’s Flexplus account has allowed me to do all of that now for £156 meaning I save £74 for arguably better insurance coverage which can also be extended to a future family setup.

Outro

Packaged bank accounts for high earners offer more than just basic banking - they provide a suite of services designed to cater to a luxurious and efficient lifestyle. By carefully selecting and actively managing these accounts, high earners can significantly enhance their financial management and personal convenience. Before diving in, weigh the costs against your actual needs and usage to ensure you're making a financially sound decision.

See you next week 👋

Legal disclaimer:

The content provided is for informational purposes only and is not intended as financial advice. While efforts are made to ensure accuracy, the author accepts no liability for errors, omissions, or any loss or damage arising from its use. Readers are advised to consult with a professional for financial decisions. Offers and links mentioned are subject to change without notice and are not guaranteed by the author.