UPgrading a bank account, is it worth it????

N9eav

Lloyds have asked me to think about upgrading my personal account to a platinum.

It costs £15 a month, but you get loads of free stuff.

But of course it's not free is it?? I am totally against paying for a bank account,
But I need to renew my AA as £112 (joint policy). I also use travel insurance, card protection and mobile insurance...

So is it worth it?

Platinum current account


The current account that takes you further.
Save up to £421 a year by upgrading to a Platinum account. It’s a unique package of benefits worth up to £601 a year*, including worldwide travel insurance, AA Breakdown cover, mobile phone insurance, £250 interest free overdraft and airport lounge access and a 6.5% discount on your holidays with the Lloyds TSB Travel Service.

Hereward

It is only worth it if you will use the other features of the account, but I would check the AA cover as it is probable not the same as you currently have. You could always move your account to another provider who will provide a similar service for less (some providers’ offer these incentives free) or it may be cheaper to purchase them separately.

asandwhen

I have a lloyds platinum account and think it is great - The AA cover is the top cover including home start - the travel insurance is an annual policy for the whole family not just yourself (this saves quite a few bob) - I have recently used the mobile phone insurance (this was very easy) - in total it cost you £180 a year I think its a bargain.

EagerLearner

Martin does not recommend these types of account as they cost so much - however, maybe add up everything you would 'save' by having all those features and compare it against the cost of £180 for the bank account. This means, adding up cost of separate travel ins, AA, mobile phone insurance etc.

Also:

- Will you use the airport lounge enough?
- Do you travel enough to warrant worldwide travel insurance?
- Mobile phones can normally be covered under home insurance.

For 2 people you can get worldwide travel insurance for £60-ish online. But do you just need European for example?

EagerLearner

Wyndham

And, of course, this site can help you save money on many of the things which are here as 'features' of the account. For example, I've gone for a pay and claim breakdown cover at £32 for the year, rather different to the £100 I was paying before, and I don't mind the extra hassle. Travel insurance is similar, lots can be saved if you're prepared to do some digging for it.

I also commend the words of EagerLearner!

N9eav

Thanks. I will probably go for it anyway. I like the AA because it covers me in ANY vehicle. This seems to have been my only AA calls to date. Saved my brother a packet when his boat trailer broke and I was in the car.

CopperPlate_2

You can get decent breakdown cover (never had to use thankfully) for £69 a year all in. That is the equivalent of the top grade cover from AA and RAC or Green Flag. It's with GEM and is a pay as you need it/reclaim service. Basically you call them on their recovery line, they organise the nearest recovery service to come and get you, etc. and you get the receipts and claim it back. Martin did an article on this type of thing a while back and GEM was highlighted in it. Covers anyone on the policy to drive any vehicle - also cover accommodation, travel onward to destination, homestart, etc.