Lloyds TSB, Account Review - What's that all about??

RussWWFC

Got a call from Lloyds TSB where I have held an account for over 10 years saying I was due a "personal account review" I was busy at the time so they are ringing back this week to fix an appointment.

Has anyone else had one of these. Is it just going to be a sales pitch to try and get me to take out a loan or what??

I don't want to waste my time if it's not going to benefit me

penrhyn

Its about this:

http://www.lloydstsb.com/current_accounts/personal_review.asp

Don't let them sell you anything!

System

Yeah they tried to get me to change my account, to one that had so called 'more benefits'. However, i had to pay £7 a month for the privilege. I declined their very 'generous' offer.

kingarhu

They can be quite helpful so long as you don't let yourself be talked into anything you don't want. The last time I went the advisor pointed out that a unit trust I was paying into was performing really badly and suggested I should cash it in or transfer to something else (even though it was one of their own products). If you feel you could do with a bit of a financial shake up go ahead and listen to what they have got to say, but I would advise you to then go home and consider everything before signing on any dotted lines.

worried_and_confused

Probably just a sales pitch, personally I'd tell them I'm not interested.

Mark7799

Providing you're happy you can stay in control of the situation and that you won't be talked into buying any products you don't want (and you can spare the time) it may be worth doing - if you can't trust yourself on all the above I'd steer clear.

RussWWFC

I can trust myself but to be honest I cant be bothered with it. Thanks for the replies anyway

Tim_L

It's a pure sales pitch. There is absolutely no point in attending - it's just a waste of an hour, and you'll be better off spending the time visiting an IFA. If they persist in asking you, ask them whether they have a statutory obligation to give best advice or are they in fact tied agents selling their own products.

newfoundglory

I always avoid Lloyds "account reviews". But if you do go, be aware of what they might try and sell. Examples of pitfalls... BEWARE:

loans which look a great deal, but come WITH overpriced payment protection insurance. loan "consolidation" of overdrafts seems to be quite popular with all banks.

as someone has said, advice which is tied to Lloyds' products only... including other banks it owns (scottish widows, C&G etc..). only if you are particularly wealthy are you likely to get an independent advisor.

stock market investments, which will the majorty of the time be over-priced and under-performing. white elephants if you like. check both the initial and annual fees. the initial fee will take away a chunk of your invetment, and annual fees can also be high. this goes for stock market ISAs too! there are FAR better ways of investing in these type of products (read martins articles!)

current accounts with monthly fees... ask yourself... do i really need/will i use what they are actually offering?

But, on the other hand, as an MSE'er you might walk out with a free current account paying more interest... or a 0% credit card you can use to your advantage. Maybe if you have an existing overdraft you can negotiate the interest rate down so its more competitive, ask them for a better deal on any insurance you have with Lloyds which will no double be over priced currently too.

Bargain_Rzl

I got a letter from them the other day about this (have banked with them for 15 years).

Given the fact that I've already upgraded myself to their no-fee current account earning 4% in-credit interest, that the only reason I have their platinum credit card is that it allows me to stooze 8k of their money in a savings account which pays better than any of theirs, and that I'm perfectly happy with all of my other financial products (from several providers) I think I shall be ignoring their kind invitation.

System

Bargain_Rzl wrote:

I think I shall be ignoring their kind invitation.

Just to warn you though, they are persistant, i kept telling them i wasnt interested but each time i went to the customer service desk or the tills i got the same 'we would like to review your account' story. I told them i wasnt interested each time, but amazingly, once i gave in and reviewed my account they left me alone.