Eligible for "upgrade" on Lloyds Basic Bank Account

maddocks_2

I went in for a fairly unrelated reason (my mobile number still does not work with internet banking so I can't authorise any new payment recipients) and casually brought up an upgrade. The man tapped through, asked how long I'd been working and looked at what looked like a summary of my ins and outs per month, then said I was eligible for an upgrade. I was then told to book an appointment which is next weekend. However:

Reading around on this forum there are quite a few comments stating that upgrades do not exist for Basic Bank Accounts, so I'd have to "start again" with a new account number: is this correct?

Does "eligible" for an upgrade actually mean this? Or are they trying to sell me the "breakdown cover blah blah" add on? Or both?

I don't believe that my credit rating has improved since I opened the account - and when that occurred (back in 2006) they stated that I had to go for the Basic Bank Account. So if they just check again, they'll just say no again?

The letter states to bring details of savings, investments, pensions, NI number, income & expenditure details, but no ID.

If you need any details of my background to help, just ask. :-)

mrcow

It's a sales scam.

It's not an "upgrade". It's a package that they are trying to sell you.

It also has absolutely nothing to do with your credit rating. More to do with them seeing you coming.

maddocks_2

So I can just say no? That doesn't seem too hard.

mrcow

Of course you can. You don't have to go to any appointment either. They are just trying to sell you stuff. It's how they make their money.

maddocks_2

It did seem a little strange: I just mentioned it because I was in a good mood and they took me aside into a room and then booked an appointment. I don't visit any branches unless I've lost my card so I'm fairly unaccustomed to how it all works.

Surely if they really wanted the sell they would have done it on the spot? I don't work in sales but if I was trying to sell to someone who looked like they were in a good mood I'd take advantage of it that day rather than wait two weeks. Perhaps that's their ineptitude showing :rotfl:

ironlady2022

The Sales process involves building a rapport with the cuatomer and listening to their needs and advising on suitable products. Obviously some banks are more hard sell than others. Regarding the upgrade, a basic bank account will never build up a credit rating, and if this oncerns you, then get an 'upgraded' account and yes this means changing account numbers, dds salary etc. It's good they offered you it, as the basis of building a good report would be to get standard account. There will be free ones and fee paying ones, it's up to you to see whether you will benefit for paying for the extras like holiday and moible phone insurance. Always read the small print. I don't think you should not attend the appointment as this is a good basis if you need a loan / credit card or mortgage / remortgage in the future or even a small overdraft.

Bloomberg

maddocks wrote: »

I went in for a fairly unrelated reason (my mobile number still does not work with internet banking so I can't authorise any new payment recipients) and casually brought up an upgrade. The man tapped through, asked how long I'd been working and looked at what looked like a summary of my ins and outs per month, then said I was eligible for an upgrade. I was then told to book an appointment which is next weekend. However:

Reading around on this forum there are quite a few comments stating that upgrades do not exist for Basic Bank Accounts, so I'd have to "start again" with a new account number: is this correct?

Does "eligible" for an upgrade actually mean this? Or are they trying to sell me the "breakdown cover blah blah" add on? Or both?

I don't believe that my credit rating has improved since I opened the account - and when that occurred (back in 2006) they stated that I had to go for the Basic Bank Account. So if they just check again, they'll just say no again?

The letter states to bring details of savings, investments, pensions, NI number, income & expenditure details, but no ID.

If you need any details of my background to help, just ask. :-)

They will probably try and sell you an account with a monthly fee which supposedly has benefits for you. Depending on your situation they may offer investment or budgeting advice. Go there with an open mind but do not let them sell you anything which you feel is surplus to your requirements or poor value. All the best.

pmduk

Why not research their accounts online first? Calculate which ones have worthwhile benefits for you.

united66

With most banks when you have a 'Basic' bank account with them such as myself. You do have an internal score just as full current account customers do, your internal score is obviously upto the point now where they can offer you a better account. But as previous posters have said - be warey and go open minded but not comminted. You can say No, but weigh up your options before you go in as the previous poster to myself said. If you don't think you are ready for a current account with an overdraft, just say no. It won't affect your internal score and the offers will still be available to you years down the line should you change your mind.
What ever you decide - good luck. :money:

ironlady2022

Offers depend on circumstances which change all the time. What you get offered today is not guaranteed in years to come. If you are not ready fair enough.

united66

mayling03 wrote: »

Offers depend on circumstances which change all the time. What you get offered today is not guaranteed in years to come. If you are not ready fair enough.

Yes you are right, it is dependant on circumstances which do change. Maybe I worded it wrong, I said it on assumption that he/she will continue to operate their finances in a responsible manner (which they are hence the 'upgrade' offer).