Lloyds Bank has a number of different current accounts to choose from. The Platinum Account allows you to manage your money while having a range of benefits, for a single monthly fee of £17.
The benefits include a variety of insurances to help keep you protected at home or abroad: worldwide travel insurance, breakdown cover and mobile phone insurance. Other benefits include a free overdraft up to £300 and card loss assistance.
What were the benefits of Lloyds Bank Platinum Account?
This account contains more premium benefits, which include:
- Worldwide travel insurance - Trips of up to 45 days and winter sports trips of up to 31 days are included for the account holder and their partner up to the age of 80.
- Breakdown cover - Account holders are offered roadside assistance, home start and accident management. A relay service is also included to transport the vehicle, driver and up to seven passengers back home or to another destination in the UK.
- Mobile phone insurance - Worldwide mobile phone insurance is included, which includes replacement after loss, theft and the cost of repair.
What is the Lloyds Bank Platinum Account monthly Fee?
The account has a monthly fee of £17.
How was the Lloyds Bank Platinum 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 packaged bank 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.