The Gold Account from Lloyds Bank is designed to make your life easier by providing a range of benefits while providing flexible ways to manage your money, all for a single monthly fee of £12.95.
The Gold Account comes with AA roadside assistance and accident management, worldwide travel insurance, mobile phone insurance as well as a free overdraft up to £150 and Sentinel card protection.
This account is no longer available to new customers.
What were the benefits of Lloyds Bank Gold Account?
This account contained the following benefits:
- Worldwide travel insurance - The account holder and their partner will be covered for trips of up to 45 days, with unlimited trips per year.
- Breakdown cover - Customers will be provided with roadside assistance and an accident management service.
- Mobile phone insurance - Worldwide mobile phone insurance is included, which includes replacement after loss, theft and the cost of repair.
How much was the Lloyds Bank Gold Account monthly Fee?
The account had a monthly fee of £12.95, regardless of whether the account was in credit or not.
How was the Lloyds Bank Gold PBA mis-sold?
Like payment protection insurance (PPI), PBAs were often mis-sold by banks because the suitability of the product wasn't adequately assessed against the consumers’ needs and what the account offered was not properly explained to them.
When Lloyds Bank sold customers a Packaged Bank Account, it was their responsibility to outline all the benefits to the customer to ensure that the decision to take out a PBA was right for them.
Did Lloyds Bank do any of the following to have mis-sold you your Gold current account?
Many consumers did not want or realise they actually had a packaged bank account after the bank upgraded their account without telling them.
Before considering a packaged bank account, consumers should be made aware of alternative, free accounts that could also work for them.
Many consumers found that there were too many limitations on the policy that they would not have had if they had taken the insurance as a standalone policy. Additionally, consumers may have tried to make a claim on the policy only to find out that they were not covered.
Many consumers did not fully understand how much a packaged bank account was going to cost them per month.
If you are unlikely to use certain packaged bank account benefits, you could lose out. For example, if you don’t drive then breakdown insurance will not be suitable or applicable to your needs.
Please Note: Lloyds Bank no longer sell the Gold Account.