Lloyds TSB and their useless advantages!

jonesMUFCforever

exel1966 wrote:

I have a LLoydsTSB account and get all the above and it doesn't cost me a monthly fee and I still get all the (free) benefits. I just keep the minimum balance (£2000) in the account.

Ok I could move the 2k to a savings account and earn approx £75 per year interest after tax (all tax free optioons are currently used up), but travel insurance (I travel 2-3 times pm), phone insurance ( replacement would cost me £350), AA cover etc would all cost me more than that to purchase seperately unless you know different.

So to me it's very much worth having the account !

The option of keeping £2k in the account to get the benefites for'free' is no longer available to new customers or customers who convert an existing account.

virgin_moneysaver

madfrenchgirl wrote:

OK asandwhen... you got a point!

but hey, there does not seem to be anything out there that they can actually tailor for me... I mean I am a 24 yo aspiring FTB, every penny I spend I consider carefully because I want a house. It just puzzles me to only see stuff for young people being an invitation to debt (loan or overdraft).

& a mortgage isn't a debt?!

exel1966

ejones999 wrote:

The option of keeping £2k in the account to get the benefites for'free' is no longer available to new customers or customers who convert an existing account.

So this is one of those extremely rare occacsions when it actually pays to have been a long standing customer ! It's nice that certain offers are only open to new customers, but it's also damn annoying most of the time when you're not open to them because you already are a loyal customer.

jonesMUFCforever

exel1966 wrote:

So this is one of those extremely rare occacsions when it actually pays to have been a long standing customer ! It's nice that certain offers are only open to new customers, but it's also damn annoying most of the time when you're not open to them because you already are a loyal customer.

But it also means that you would lose out if upgrading from Select to Gold or Platinum or Gold to Platinum.

Zydeco_Joe

exel1966 wrote:

It's nice that certain offers are only open to new customers, but it's also damn annoying most of the time when you're not open to them because you already are a loyal customer.

Annoying? You can say that again! :mad: I've been with LloydsTSB since it was just TSB - how loyal is that? (Actually, it's been mainly laziness on my part; just too much hassle to move.)

Having recently discovered MSE and read the Best Current Account article, I applied to 'upgrade' my account to Classic Plus and was told that the £50 offer is only for new customers. Well, they will have just one more chance. I shall go to my local branch and offer to keep my account with them if they will treat me as a new customer - otherwise, I shall become an ex-customer.

Inertia is a terrible state, but this (after years of increasing dissatisfaction) might just be enough to get me moving.
:santa2:

madfrenchgirl

zydeco joe... dont bother... i have tried that in the past after a lot of mistakes from their part, thought they would try to compensate for it... they told me no and i could go to the ombudsman if i wanted to.

virgin_moneysaver;;; yep a mortgage is also a debt (look at my sig)... but everyone regardles of an age bracket has to get a mortgage: it is not a debt reserved to young people. Now what annoys me is that there is no such thing as an account aimed at young people that has something else than "bigger overdraft" or "loan accepted in 5 minutes"

... this is starting to make me believe that all young profesionals are happy to be in debt!

dchurch24

virgin_moneysaver wrote:

& a mortgage isn't a debt?!

It's a debt for which you have assets to show. An overdraft/(small)loan will not really provide assets unless you are very savvy and have a lot of borrowing power.

A mortgage is the most cost effective way of borrowing and you end up with a rather large asset.

madfrenchgirl

thx dchurch!

FTD

I'm going to upgrade to platinum in May when i go to the States to mainly take advantage of the travel insurance and the airport loung passes! then downgrade in June when I decide it 'isn't for me'. Nothing in the T&C's that I can see say you can't do that as long as you pay the monthly fee for a month or two!!

FTD

jonesMUFCforever

FTD wrote:

I'm going to upgrade to platinum in May when i go to the States to mainly take advantage of the travel insurance and the airport loung passes! then downgrade in June when I decide it 'isn't for me'. Nothing in the T&C's that I can see say you can't do that as long as you pay the monthly fee for a month or two!!

FTD

Quite right , You are correct.