Packaged accounts: is your current account worth paying for?

A leading regulator of UK banks said that 'free banking' is a myth and warned that the banking model could change – but is it worth paying for a current account?

Banking chief Andrew Bailey has blamed so-called 'free banking' for a series of mis-selling scandals over the years. The argument is that banks can only offer free current accounts by charging excessive fees when you use an overdraft or by flogging products like payment protection insurance.