Should I change bank account?

hufc2002

Hi all

My wife and I have been banking with Lloyds for over years. We both have a current account each and a joint Platinum account which we pay a fee of £17 per month for. This includes travel insurance, mobile phone insurance, AA cover, £300 interest free overdraft and other bits and pieces.

In that time we have used the AA once and the £300 interest free overdraft is useful but not a necessity.

Are there any other accounts that would suit our needs better?

Cheers

Herbalus

£17*12 is £204 every year.

If you want to stay with Lloyds for ease then get them to change the account to a free account.

If you can pay in £1500 each month to this account and have two direct debits then you could convert it to a Lloyds club account and get interest on your balance.

If you want to keep the overdraft facility, switch the joint account to First Direct (remember to open a savings account with £1 as well to avoid the monthly charge if you don't deposit the required amount in) - they'll give you £100 or £125 to switch and offers an interest free overdraft of £250.

grumbler

hufc2002 wrote: »

Hi all

My wife and I have been banking with Lloyds for over years. We both have a current account each and a joint Platinum account which we pay a fee of £17 per month for. This includes travel insurance, mobile phone insurance, AA cover,

If you really need all this, it costs £10 with Nationwide's FlexPlus.
Do you need worldwide travel insurance? European one comes for free with FlexAccount.

£300 interest free overdraft and other bits and pieces.

It's hardly worth paying £7 p.m. for this privilege.

In that time we have used the AA once and the £300 interest free overdraft is useful but not a necessity.

That's how all insurances work.
Are you prepared to drive without roadside assistance?

That said, full cover costs ~£40 p.a.

Mr_Goodkat

As per Grumbler above if you want all the insurances then Nationwide Flex Plus offers this for £10 per month saving you £7 per month and the only thing you would lose is the £300 interest free overdraft.


The above account also pays 3% interest on balances up to £2,500 so you can offset the monthly cost or if you don't have already look at a Halifax Reward account that could pay you 3 x £5 per month (one account each plus one joint) more than funding the insurances on the Flex Plus account.


If Interest free OD is important then First Direct offer a £250 interest free or a Flex Account with Nationwide will give you interest free OD for 12 months.


I have the flex plus account as one of our joint accounts as £120 for worldwide travel insurance for us both, breakdown cover on both cars, mobile phone insurance on two smart phones etc is worthwhile and the cost is offset with interest on that account plus interest / cash back from other accounts.


Good luck