Private bank or standard?

Lemon_Labs

I currently bank with Lloyds and have a Silver account which is fine for my needs but I have some inheritance money from my nan and granddad coming and I wondered if a private account would be any good. Personally I'm not bothered about the status of a bank card, I just want to know the money will be safe as it will be for my sons future rather than mine.

I looked at Lloyds private and they seem to help make your wealth grow by investing, though I'd be a little cautious about investing as I am not a gambler so would be worried about making a loss and not being able to access the money for years, just in case I needed it in a hurry.

Apart from this is there any reason to go private?

dunstonh

I looked at Lloyds private and they seem to help make your wealth grow by investing

As an IFA, i love coming across LPB clients. Most are usually disappointed with LPB due to high staff turnover, high charges and far too many own brand funds to really class themselves as independent (i.e. they use a lot of Scottish Widows). It makes it a doddle for an IFA to take over the investments.

I am not a gambler so would be worried about making a loss and not being able to access the money for years

investments will go down as well as up. So, either you accept that or you do not invest. However, if you do not invest and stick with cash then you replace investment risk with inflation risk and shortfall risk. These risks could be more damaging over the long term. It is all about finding balance.

Apart from this is there any reason to go private?

Pretty much covered the negatives above. Fine if you want to pay extra charges and get little for it. Otherwise avoid.