TSB silver account

thebaileys

Hi,

My other half was told today that the select account was scrapped some time ago, he pays £8.95 a month for this.

He was told the equivalent is a silver account at £7.95 a month, saving him a £1.00 a month.

At the moment he has an interest free overdraft of £50.00, they customer advisor said he would now pay interest of about 25p for using this, but when I have read the small print it states there is a monthly overdraft useage fee of £5.00. Does anyone know if this is if you exceed your overdraft, or if it is payable if you use your £50.00 overdraft?

Thanks In Advance

jonesMUFCforever

If you stay with select then as long as you do not exceed the £50 there is no interest or £5 to pay.
With Silver there is no free overdraft and you would pay the £5 fee + £7.95 monthly fee.

thebaileys

The guy in the bank made out the select is not available, and said he had to change to the silver-very sneaky! Not saving any money at all if we are in the overdraft.

iereboy

Select account is no longer offered. Its an old account. The majority of customers shifted from Select to Gold Accounts.

Gold account is £12 per month and gives you an interest and fee free overdraft up to £100 and worldwide travel insurance as well as the other benefits. (Overdraft subject to status).

coolesticeking

You can stay on the Select account although as you have found they do try the dam hardest to move you to Silver or above if your credit score allows it.

If you only dip a little into your overdraft of £50, stick with the Select account as others have said it will be cheaper than moving to the Silver account.

thebaileys

He has already signed for the silver, on the advice of the guy in the bank.

Not very happy as feel he has been mislead, as he always uses the overdraft-maybe time to come out of it!

coolesticeking

I would follow Lloyds TSB's Complaint Procedure:
http://www.lloydstsb.com/contact_us/complaints_procedure.asp