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Moneyfacts.co.uk issues accounts advice

Packaged bank accounts might not offer such good value as it initially seems, analysts at Moneyfacts.co.uk suggest.

According to the financial website, the 'extras' commonly bundled in with such accounts can generally be found for cheaper by customers elsewhere.

The 'better' interest rates advertised by banks for their packaged accounts were also found by Moneyfacts.co.uk to be counterbalanced by competitive rival rates.

More generally, consumers are advised to shop around for the best value products in order to pay less.

Packaged accounts charge a monthly fee - often totalling £25 - for advantageous interest rates for credit and personal loans, along with other bundled products such as car insurance and mobile phone cover.

Moneyfacts.co.uk analyst Michelle Slade commented: "These benefits can be quite attractive but only if you take full advantage of them, so make sure you register for them and make sure they fully meet your needs.

"How beneficial is car breakdown cover if it only covers you on a limited distance from your home? Alternatively, how often do you lose your mobile phone?"

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