Llloyds bank Premier Current and Lloyds Platinum account

Slinky

We have a premier current account with a monthly charge of £28 currently, I'm struggling to see the difference between it and the Lloyds Platinum which seems to offer the same benefits for £21 a month. I'd go in the bank and ask but I wondered if anybody else could tell me if I'm actually getting anything of value for my extra £7 a month.

TIA

jonesMUFCforever

Premier has £500 interest free overdraft, has top of the range motor breakdown policy, the travel insurance covers you for 61 days and has Home emergency, credit identity monitoring, mobile phone insurance.
You can find this out for yourself by logging into their website and look for accounts no longer offered for sale.
You can of course downgrade to Platinum if you want but take care - once its done it cannot be reversed back again.

Slinky

Thanks for this, I just couldn't see the difference between the two! Don't need the overdraft so that's no benefit, will take a view.

Gers

Slinky said:

We have a premier current account with a monthly charge of £28 currently, I'm struggling to see the difference between it and the Lloyds Platinum which seems to offer the same benefits for £21 a month. I'd go in the bank and ask but I wondered if anybody else could tell me if I'm actually getting anything of value for my extra £7 a month.

TIA

The main difference is that the Premier account also includes Home Emergency cover which the Platinum one doesn't.  I downgraded my account just last month - I made the same enquiry as you on the phone to Lloyds so got this from the agent at the time.

https://www.lloydsbank.com/current-accounts/all-accounts/premier-account.html

https://www.lloydsbank.com/current-accounts/all-accounts/platinum-account.html

Teekay40

jonesMUFCforever said:

Premier has £500 interest free overdraft, has top of the range motor breakdown policy, the travel insurance covers you for 61 days and has Home emergency, credit identity monitoring, mobile phone insurance.
You can find this out for yourself by logging into their website and look for accounts no longer offered for sale.
You can of course downgrade to Platinum if you want but take care - once its done it cannot be reversed back again.

Hi - the free overdraft facility was cut by 50% to £250 quite some time ago (it was reinstated to £500 temporarily during the early months of Covid to help customers, but is now back at £250). It's no coincidence that they reduced it at the same time they introduced new daily overdraft fees instead of a flat monthly rate! However, they didn't reduce the account fee to recognise that this 'benefit' was now vastly reduced. I don't use the facility personally, but a 50% reduction in the interest free amount after years of being £500 is appalling.