Lloyds Bank Platinum / Gold Current Accounts Review

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2.2 stars
Average rating for this product is: 2.2 out of 5

From 3 ratings and 14 reviews

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macca160670's Review of Lloyds Bank Platinum / Gold Current Accounts

20th Feb 2007

Overall Rating

2.5 stars
  • Customer Service
    2.5 stars
  • Ease of use
    5 stars
Good Points

Easy bank to use


Bad Points

Can cost a lot if you don't listen closely and ask questions


General Comments

I went into my branch about 12 months ago. They took me to a side room and said they could save me money. Before I knew it I had upgraded my account. It wasn't until a month later, that upgrading meant I paid a monthly fee, as I wasn't leaving enough money in the account (well it was a current account! Who keeps spare money in them?)!! I cancelled the upgrade immediately, and I happily went back to a normal current account.

More recently I was looking to have a short term overdraft limit. I was looking for £4k, and it came to light that having £4k on overdraft was cheaper than paying for a car on credit card, and cheaper than having a car loan... Excellent I thought. Yet again I was being persuaded to upgrade my account, and was being told how the overdraft interest rate would be lower etc. I asked the girl at Lloyds to explain, and she told me on a current account the interest rate would be 1.44% per month, and if I upgraded it would be just over 1%. What was the downside I thought? And when pushed, the girl explained that for the first three months to have an upgraded account would cost me £10 a month, and thereafter £15 a month ... so how is that cheaper again?? Well, I'd get free AA cover (I already have it on my new car), free travel insurance (which I get with the holiday company I use)...

So to cut a long story short, it will cost me £69 for a year to be £4k overdrawn on my good old current account, yet if I upgraded my account it will cost me £169 for the year?! The girl on the other end of the phone eventually said "do you want the overdraft or not"!! Yep I wanted it, but I think I'll keep my current account thanks.

Ask lots of questions when you are opening any of the Lloyds Bank Platinum Gold and Current Accounts.

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft RateOverdraft Limit
Alliance & LeicesterPremier Direct AccountEarn a great rate of 6% AER (fixed for one year) on balances up to £2,500.Monthly6.00%0.00%£2,000.00
Alliance & LeicesterPremier CurrentEnjoy Free annual multi-trip European travel insurance and earn 0.50% AER on balances up to £2,500.Monthly0.50%0.00%£2,000.00
NatwestNatwest Advantage Gold AccountEnjoy benefits worth up to £704 for just £12.95 a month. Including Mobile phone cover, Travel Insurance and even tailored rates on other Natwest products.Monthly0.25%18.49%n/a