Need a new current account, higher earner

I have a Barclays premier account which provided unique useful benefits (an annual BA upgrade voucher and a small amount of Avios). I’ve been disappointed with their service and had a dispute with Barclaycard and want to bank elsewhere. 

I’m therefore looking for a premier or packaged current account, or one that provides cashback or other benefits. 

So far I’m finding they all offer the same kind of thing, travel insurance, airport lounge access, breakdown cover. I have the first two via my credit card and I don’t own a car. Mobile phone insurance is already covered with my home insurance. Club Lloyd’s at least offered something interesting, whilst all of the above are included they also give an annual Disney+ subscription. 

I looked into some of the cashback accounts (% back on certain bills) but this would earn a few £ a month. 

I’m a higher earner and can meet the £75k or £100k threshold that some accounts ask for. 

Any recommendations or lesser known offers out there? I would’ve switched to nationwide but their switch offer expires. I do have a first direct account already which I’ll probably use as my main account should I not find a bundled alternative. 

Comments

  • I think the answer depends on what you value most?

    Personally for me, I have a NatWest Reward account that simply receives my salary, disperses a handful of DD's and then holds an almost zero balance as I move the rest out in to a savings account and utilise my credit card portfolios accordingly.
    If you believe you can, you will. If you believe you can't, you won't.

    Secured/Unsecured loans x 1 
    Credit Cards x 8 (total limit £55,050)
    Creation FS Retail Account x 1
    Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
    0% Overdraft x 1 (£0 / £250)
    Mortgage Outstanding - £137,707.00 (Payment 13/360)
    Total Debt = £7,400 (0%APR) @ £100pm - Stoozing

  • peter021072
    peter021072 Posts: 435 Forumite
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    edited 14 January 2024 at 2:59PM
    I think First Direct often comes near the top of surveys when it comes to service.

    I recently switched (internally) to a Santander Edge account. One version offers 3.5% up to 25k. another 7% on a linked £4k savings account. plus some cashback, both for a fee, which for most people will be recovered via their cashback schemes. Neither do they charge for using Santander Edge debit card outside the UK.

    I doubt if it's a good idea to keep a lot of money in a current account. It's better to find an account with a high variable or fixed rate making full use of cash ISAs if applicable, especially if you are a top rate taxpayer.  I have doubts on the true value of bank account perks, partly because as you say we are often covered through other means, but the first version offers some rewards.
  • Yorkie1
    Yorkie1 Posts: 11,973 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I haven't looked recently, but does Santander still offer a current account that gives you cashback on certain bills?
  • artyboy
    artyboy Posts: 1,551 Forumite
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    I think the answer depends on what you value most?

    Personally for me, I have a NatWest Reward account that simply receives my salary, disperses a handful of DD's and then holds an almost zero balance as I move the rest out in to a savings account and utilise my credit card portfolios accordingly.
    This...

    For the last 20 or so years, Mrs Arty and I have met the threshold for these sorts of accounts, but I've never felt a desire to pay any significant amount  for them as offer baubles like lounge access.

    Natwest Premier Reward and Santander Select has done us very nicely in terms of cashback. Plus both came with a 'sort of' relationship manager' that you could contact if something went wrong...


  • Futuristic
    Futuristic Posts: 1,162 Forumite
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    edited 14 January 2024 at 7:23PM
    NatWest premier black if you are eligible AND will fully use the benefits they give you, same for any other packaged account otherwise not worth it. 

    The salary is nothing special, just may give you access to quicker customer service at most banks premier account (Santander "select", Barclays premier). These days Chase etc have amazing CS so even that is not that great benefit. But how many times have you needed to contact your bank?
  • GeoffTF
    GeoffTF Posts: 1,930 Forumite
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    edited 14 January 2024 at 7:42PM
    artyboy said:
    Natwest Premier Reward and Santander Select has done us very nicely in terms of cashback. Plus both came with a 'sort of' relationship manager' that you could contact if something went wrong...
    Santander Select used to have relationship managers, but they are no longer advertised as a feature:
    I never contacted mine anyway. You can still have a relationship manager with a Private account:
    That would cost me more than my 123 Lite account, and I do not see any tangible benefits for me. It would just be a marketing opportunity for them.
  • Futuristic
    Futuristic Posts: 1,162 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 14 January 2024 at 8:11PM
    GeoffTF said:
    artyboy said:
    Natwest Premier Reward and Santander Select has done us very nicely in terms of cashback. Plus both came with a 'sort of' relationship manager' that you could contact if something went wrong...
    Santander Select used to have relationship managers, but they are no longer advertised as a feature:
    I never contacted mine anyway. You can still have a relationship manager with a Private account:
    That would cost me more than my 123 Lite account, and I do not see any tangible benefits for me. It would just be a marketing opportunity for them.
    You can have your "whole account status" upgraded to "Select" so you would be put through faster customer service line. It's no longer a special specific bank account. So you can have any of their normal reward bank accounts and be select customer.

    Not sure of any bank coming with a relationship manager for <£250k (not sure why anyone would need one as you are simply marketing contact to be sold rip off investment products).
  • GeoffTF
    GeoffTF Posts: 1,930 Forumite
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    You can have your "whole account status" upgraded to "Select" so you would be put through faster customer service line. It's no longer a special specific bank account. So you can have any of their normal reward bank accounts and be select customer.
    Santander upgraded my old 123 account to Select without any request from me. I downgraded my 123 account to a 123 Lite account and the Select status remained. I have always found the Select customer services team to be good, but I had to wait 15 minutes plus on the last two occasions when I had to call them. I have kept my plain old debit card. I have never wanted an "I am worth mugging" card. The latest cheque book has Select written on the cheques, but I do not see that as a significant issue.
  • Not premier nor lesser known as such, but these all offer ‘a few £’: Natwest Rewards offers monthly rewards which can be traded up (I go for caffe nero - pays for a couple of coffees a month); Club Lloyds you mentioned (I go for the cinema tickets); first direct free overdraft is more money to earn savings interest on (and all three have decent regular savers, useful if you’re saving every month). Santander 123 pays out cashback (and last year had a decent easy access saver). Virgin doesn’t offer much but I was glad I’d kept it because they did an exclusive ISA rate late last year. And Barclays Blue Rewards are worth it because I have my mortgage with them, but you’re leaving them.
  • gt94sss2
    gt94sss2 Posts: 6,022 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker

    So far I’m finding they all offer the same kind of thing, travel insurance, airport lounge access, breakdown cover. I have the first two via my credit card and I don’t own a car. 

    You don't say which credit card you have that gives you travel insurance/lounge access but you could consider an HSBC Premier Bank account which comes with free family travel insurance.

    They also have two Premier credit cards - where you earn points on your spending which can be used for vouchers etc and airport lounge access
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