Lloyds TSB Select Bank Account Review

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1.3 stars
Average rating for this product is: 1.3 out of 5

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Guest's Review of Lloyds TSB Select Bank Account

5th Jan 2008

Overall Rating

0 stars
  • Customer Service
    0 stars
  • Ease of use
    0.5 stars
Good Points

Treat you like royalty when you're in the money.


Bad Points

Ridiculous bank charges
If you find yourself in financial difficulty, watch out!
Will dip their hands into your money as and when and not necessarily on the agreed date
Will make changes to your account without notifying/consulting you
'Protection' packages are a joke


General Comments

Have been banking with Lloyds TSB for 14 years. Stay well clear of them. For years friends have been telling me that Lloyds TSB isn't a good bank to deal with, but I didn't listen, as I always had money going in regularly.

As a reviewer said, they offer you all the perks when you don't need it, and when you need it they're not interested. Have been banking with them for 14 years, and in the past 6 months where i've been going through some financial difficulties, they've behaved appallingly. After I told them of my difficulties, they still continued to slap on hefty charges and then sent my details on to collectors who sent a letter demanding the full balance (and i didn't owe them thousands).

I telephoned Lloyds TSB, who told me that I hadn't exceeded my overdraft limit after all. However, when she told me my overdraft limit, it didn't coincide with my agreed limit on paper. I then discovered that Lloyds TSB had extended my overdraft limit so that they can pay themselves all the ridiculous charges every month. There was I, trying to get out of debt with them, and there they were extending my overdraft without my knowledge, as though due to my unexpected circumstances, I was suddenly nobody worth talking to. To date I am just over £500 into my overdraft, and they're still treating me like something scraped off a shoe.

So those thinking of going to Lloyds TSB - forget it.

I was loyal to them for 14 YEARS with my money, however within the 6 months I had of financial difficulty, they didn't want to know, and used it to extract even more money from me.

(Oh yes, and to those thinking of getting a credit card from them - under my circumstances I was covered by the payment protection I took out on it but they cancelled the card, making the payment protection null and void.)

My situation is a temporary one, so the day WILL arrive when i'll be back in credit. However when that day arrives I'll be in that bank closing my account.

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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%N/A