The Silver Account from Lloyds Bank provides a range of benefits while being able to manage your money for a single monthly fee.
The Silver Account is there to complement your lifestyle by including AA Breakdown Cover to help get you moving again and travel insurane giving you peace of mind when you're on holiday, plus much more.
This account however, is no longer available for new customers.
What were the benefits of Lloyds Bank Silver Account?
This account has the following basic provisions that could be beneficial to anyone:
- UK and European travel insurance - Trips of up to 45 days are covered. The account holder and their partner are included in the policy.
- Breakdown cover - Customers will be provided with roadside assistance and accident management following an incident where they are claiming under their motor insurance.
- 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 Silver Account monthly Fee?
The account has a monthly fee of £9.95.
How was the Lloyds Bank Silver 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 mis-sell you your Silver 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.