Moving from LloydsTSB

kazzymac_2

Hello,
I have a Platinum plus account with Lloyds tsb and am being charged £15 per month - I had a letter yesterday increasing that to £17 per month from 1st April:mad: . This is my main account and I have a LLoyds loan (£8k)and platinum credit card with a £4k balance on. After reading lots of info on this site I am thinking of changing to Alliance & Leicester premium direct a/c (through Quidco;) ) but am concerned that Lloyds may withdrawn the credit card. Can they do that or is it a seperate entity? After being with them for 16 years I am very nervous about switching yet my head tells me that it is the right thing as I can get cheaper travel ins & breakdown cover elsewhere! Any thoughts/advice would be appreciated. Thanks.

kazzymac_2

I have called the credit card company and they have said closing the current account will not effect the credit card - phew:D

jonesMUFCforever

You can downgrade the Platinum to Classic or any of the other fee paying accounts - this will not affect your loan.
The only accounts affected are savings accounts.

cashprincezac

Why not try either the Halifax High Interest Account (free) or their Ultimate account (£10 per month), I have the Ultimate account and it has some great benefits

dunstonh

Switching to the classic account seems to make the most sense here. There is no charge on the classic account.

I am on the Lloyds classic account. Although did have a stint on the premier in the past. All you do is phone up Lloyds and tell them you wish to revert to the classic account. They word it as a downgrade but dont worry about that as it isnt. You keep same account number, PIN, cheque books. Only the cards will change.

Any loan already arranged will continue on same terms but overdraft limit and rate may be adjusted.

kazzymac_2

Thank you for your replies. I have applied for the A & L because of the good interest rate. I dont keep a lot in the account but do pay for my shopping etc on credit card & pay it off in full at the end of the month so i figured that I might as well earn interest on it! I was mainly concerned as the credit card was a platinum credit card & the loan was on a platinum preferential rate. I will def downgrade the Lloyds account anyway & keep it open incase A& L doesnt work out for us. I did think that the benefits in the account was worth having but after looking around today at breakdown cover/travel insurance I can save at least £6 per month & have better cover! Just goes to show how much loyalty costs!

kazzymac_2

I do feel very nervous about switching - I have read lots of posts on here and Martins articles about the best current account to have. I know it makes sense but why the nerves? Has anybody else felt like this or just me! LOL

cashprincezac

kazzymac wrote: »

I do feel very nervous about switching - I have read lots of posts on here and Martins articles about the best current account to have. I know it makes sense but why the nerves? Has anybody else felt like this or just me! LOL

i moved to Halifax about 3 years ago and had no problems, I upgraded to their Ultimate account about 5 months ago and its saved me a fortune. I know what you mean as I was nervous but personally it was great--even recommended to my Dad who had been with Barclays for over 40 years--he moved to Halifax as well.

cashprincezac

kazzymac wrote: »

I do feel very nervous about switching - I have read lots of posts on here and Martins articles about the best current account to have. I know it makes sense but why the nerves? Has anybody else felt like this or just me! LOL

Just looked at the details and if you have a Ultimate account and THEN apply for a loan with Halifax not only do you get a great rate but also cash back--the same applies for a mortgage

kazzymac_2

Thanks for you reply - I will have a look into that account as well.

MABLE

kazzymac wrote: »

Hello,
I have a Platinum plus account with Lloyds tsb and am being charged £15 per month - I had a letter yesterday increasing that to £17 per month from 1st April:mad: . This is my main account and I have a LLoyds loan (£8k)and platinum credit card with a £4k balance on. After reading lots of info on this site I am thinking of changing to Alliance & Leicester premium direct a/c (through Quidco;) ) but am concerned that Lloyds may withdrawn the credit card. Can they do that or is it a seperate entity? After being with them for 16 years I am very nervous about switching yet my head tells me that it is the right thing as I can get cheaper travel ins & breakdown cover elsewhere! Any thoughts/advice would be appreciated. Thanks.

So for the sake of £2.00 you are putting yourself through all this agony. Come on is it really worth it. I take Lloyds have always looked after you well considering you have a loan and cc.