MSE News: Lloyds halts packaged current account sales

Former_MSE_Jamie
Former_MSE_Jamie Posts: 98 Forumite
in Budgeting & bank accounts
"Lloyds TSB and Bank of Scotland will suspend the sale of paid-for current accounts in branches and over the phone..."
Read the full story:
Lloyds halts packaged current account sales

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Comments

  • michaels
    michaels Posts: 27,991 Forumite
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    Darn - more money I can't claim back cos I have never been foolish enough to see any value in this type of account :(
    I think....
  • Mobeer
    Mobeer Posts: 1,851 Forumite
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    michaels wrote: »
    Darn - more money I can't claim back cos I have never been foolish enough to see any value in this type of account :(

    These sort of accounts can be good value if you can take advantage of all the offers - don't just write them off because they have a fee.
  • innovate
    innovate Posts: 16,217 Forumite
    Combo Breaker First Post
    My heart bleeds.
  • Freebyman
    Freebyman Posts: 591 Forumite
    Can imagine someone now already thinking of a way to get more money out of people by doing "package saving account misselling" adverts?

    PPI all over again.
    Old Faithful we roam the range together,
    Old Faithful in any kind of weather,
    When the round up days are over,
    And the Boulevard’s white with clover,
    For you old faithful pal of mine.
  • thatsean
    thatsean Posts: 992 Forumite
    Mobeer wrote: »
    These sort of accounts can be good value if you can take advantage of all the offers - don't just write them off because they have a fee.

    I agree - I had a Santander one for a while, and at the time it suited my circumstances. I travelled a lot with work, owned an expensive phone and paid CPP and Equifax separately for card cover/credit file services.

    I closed it when I quit work to go back to uni, but for me their premium account was well worth the 20 quid a month it cost me.
  • thatsean
    thatsean Posts: 992 Forumite
    Freebyman wrote: »
    Can imagine someone now already thinking of a way to get more money out of people by doing "package saving account misselling" adverts?

    PPI all over again.

    Yep. You KNOW it's coming! "Were you missold something that you signed to agree to 8 times on the same document?" Yes?, well for only 28%+VAT we'll persue this for you...."
  • waqasahmed
    waqasahmed Posts: 1,926 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Mobeer wrote: »
    These sort of accounts can be good value if you can take advantage of all the offers - don't just write them off because they have a fee.

    This. My parents pay for the Halifax Ultimate Reward package deal, and we just wanted it for home emergency cover tbh, where we paid £15/month to Swinton, but just £10 to Halifax and we get all the other perks that come with it.

    It's not been mis-sold to us. It's a product that my parents actively chose. Im just glad that they're with Halifax, because my Mum's not all that good with money and my dad has no clue about what such a thing as a CCJ is, or that using credit cards aren't going to send me in to tonnes of debt :rotfl:
  • DaveW007
    DaveW007 Posts: 382 Forumite
    First Post First Anniversary Combo Breaker
    I used to work for Lloyds TSB in one of their telephone contact centres. All staff were put under tremendous pressure to sell these packaged accounts. I even knew of advisers who would "upgrade" customers accounts without their knowledge just so they would get a sale.

    If you didn't hit your targets you would be dismissed from the company. It was a real meat market with a very high staff turnaround.

    I only worked for them for around 4 months as this was around the time when Lloyds were making loads of staff redundant. 250 of us were made redundant from the contact centre one day without any prior knowledge.
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    At the end of the day however way you look at it you'll get the same cover as a packaged account 50% cheaper if you done it individually the reason people go for these packaged accounts is because £15 or £20 a month sounds cheaper a month then £200+ a year if paid annually.

    Worldwide travel is now cheap as chips along with cashback and roadside assistant and for the other jargon that's put there is as worthless as a plastic pound coin.
  • biglugs
    biglugs Posts: 2,945 Forumite
    Combo Breaker First Post
    As with all financial products you really should read about what you are buying and understand what you are getting for your money.

    If you do this you will find that for SOME people a packaged account will be good value, for others it won't. YOU need to decide if you will actually use the added benefits or not, and if you will does the account provide better or worse value.

    The problem we seem to have these days is that no-one appears willing to take responsibility for their own decisions, in the belief that if THEY screw up, they can blame someone else and claim their compensation.
    You don't get medals for sitting in the trenches.
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