Lloyds Lifetime Benefits Useless

Guapo58

I pay £22 a month to maintiain my account with Lloyds with an array of normally useful benefits. Now most of these are redundant but is Lloyds contacting customers to offer a switch to a lower bank tier?  No. 

My benefits include worldwide travel insurance - cant go anywhere ! Aa car break down- cant drive anywhere!  

In addition they offer an annual Lifetime Benefit which includes an option for 6 Vue cinema tix. I have always chosen this as the best value option. I did again in Aug last year, but with cinemas closed this is a useless benefit!! I phoned the Lifestyle Team to see if I cd change to a new benefit( not avail when I last selected) of 12 free Rakuten movies , one per month requiring a code!! I was told categorically by the Lifestyle Benefits team that computer says no. The period of the original offer selected must remain in force from Aug - September!! If this is a bank doing its utmost to help its customers and protect mental health, God help us. Im am so incensed that I will be phoning to cancel my 20+ years loyalty with them !!!

EarthBoy

Guapo58 said:

I pay £22 a month to maintiain my account with Lloyds with an array of normally useful benefits. Now most of these are redundant but is Lloyds contacting customers to offer a switch to a lower bank tier?  No. 

You don't need to wait for Lloyds to contact you in order to downgrade your account, you can do it yourself online, or on the app, anytime.  If the benefits ever become useful again, you can simply upgrade your account again. 

mab3000

You are still allowed to drive to the supermarket or anywhere else that sells essential products. Or drive to work if you can’t work from home. What are you going to do if you break down on the way?....

People are still booking holidays or even had booked holidays before the outbreak for a date that hasn’t arrived yet. What will they do if they have to cancel for a reason they are insured for?....

I presume they send out an annual eligibility  statement. As long as they do this it’s down to you to establish if you need the product or not and cancel. 

Retiredwelshman

I must be special then as my Lloyds Platinum only costs me £21 per month.

adamp87

I think OP is being a bit ridiculous. You can do
this online easily, and we’ve been almost 12 months into a pandemic. Could easily contact the bank

kaMelo

adamp87 said:

I think OP is being a bit ridiculous. You can do
this online easily, and we’ve been almost 12 months into a pandemic. Could easily contact the bank

Yes you could, however that means taking personal responsibility for decisions.
Why do that, it's fashionable to blame banks for just about everything and this is another example of "The bank never told me so"

Saver101101

I am not being funny but why are people paying for benefits ?, from Lloyds I get Home Emergency Cover, Card Loss Assistance, Worldwide Travel Insurance, AA Breakdown Cover, Mobile Phone Insurance, Home Emergency Cover, Identity Monitor, Automatic refund of £3 monthly Club Lloyds maintaining fee, One of the four Lifestyle Benefits every year - twelve digital movie rentals, a digital Gourmet Society dining membership, six cinema tickets, or a choice of magazine subscription. This costs me nothing per month !, okay I have to maintain a balance in the account each month, but I also get a £600 fee free overdraft and if I do go over it then its only 14.90% EAR. Banks should in effect be paying you to keep your money with them (Either as a cash benefit or some other incentive), not the other way around.

MDMD

Saver101101 said:

I am not being funny but why are people paying for benefits ?, from Lloyds I get Home Emergency Cover, Card Loss Assistance, Worldwide Travel Insurance, AA Breakdown Cover, Mobile Phone Insurance, Home Emergency Cover, Identity Monitor, Automatic refund of £3 monthly Club Lloyds maintaining fee, One of the four Lifestyle Benefits every year - twelve digital movie rentals, a digital Gourmet Society dining membership, six cinema tickets, or a choice of magazine subscription. This costs me nothing per month !, okay I have to maintain a balance in the account each month, but I also get a £600 fee free overdraft and if I do go over it then its only 14.90% EAR. Banks should in effect be paying you to keep your money with them (Either as a cash benefit or some other incentive), not the other way around.

Why do you not pay a fee for this? The Lloyds website suggests the fee is £21

https://www.lloydsbank.com/current-accounts/packaged-bank-accounts.html

Saver101101

The fee should be £25 a month for all the Benefits as it basically follows the old Lloyds Premier account, and the £3 Club Lloyds Fee is also waived, but as I said earlier you do have to maintain a balance in the Account (£10k), but at present £10k is not going to earn you £25 a month in interest, so its probably worth it.

T&C Below:

Monthly charge if you have a Club Lloyds Private Banking Premier Current Account or Private Banking Premier Current account If the cleared balance on your current account is at least £10,000 in credit throughout the monthly charging period or if you maintain a managed portfolio with Private Banking of £250,000 or more – there is no monthly account charge. If the cleared current account balance falls below £10,000 at any time during the monthly charging period and you do not have a managed portfolio with Private Banking of £250,000 or more – there is a monthly account charge of £25. Our monthly charging period for the Private Banking Premier Current Account, including Club Lloyds, runs from the 2nd of one month to the 1st of the next month, or is based on the day of the month you opened your account, depending on the type of account you may have held with us previously. If you open, upgrade or close your account part way through a month, you will only pay for the days you have used. Club Lloyds There is also a £3 monthly fee for your Club Lloyds account – however while you remain a Private Banking client this fee will be waived. You will see the account fee charged and refunded on the same day each month.

Rich2808

You get a year to use your six cinema vouchers. Yes they aren't open now - but hopefully will be by late spring.
And frankly so what if you don't - be grateful you aren't a Vue employee on furlough wondering if and when you will be able to go back to work.
I expect their mental health concerns about how to pay their rent and feed their kids are more extensive than yours about a few cinema trips.
Sorry but some perspective is needed as to what are real problems!

General_Grant

Saver101101 said:

I am not being funny but why are people paying for benefits ?, from Lloyds I get Home Emergency Cover, Card Loss Assistance, Worldwide Travel Insurance, AA Breakdown Cover, Mobile Phone Insurance, Home Emergency Cover, Identity Monitor, Automatic refund of £3 monthly Club Lloyds maintaining fee, One of the four Lifestyle Benefits every year - twelve digital movie rentals, a digital Gourmet Society dining membership, six cinema tickets, or a choice of magazine subscription. This costs me nothing per month !, okay I have to maintain a balance in the account each month, but I also get a £600 fee free overdraft and if I do go over it then its only 14.90% EAR. Banks should in effect be paying you to keep your money with them (Either as a cash benefit or some other incentive), not the other way around.

If you used the overdraft you would not have maintained the £10K balance, so it would cost you £25/month plus appropriate interest.