Lloyds Bank Current Accounts Guide
Who is Lloyds Bank?
Lloyds Bank includes major brands such as Halifax and Bank of Scotland and also runs Cheltenham & Gloucester and Scottish Widows.
What types of current account does it provide?
The Lloyds Bank Classic account is the bank’s standard current account. It is free if you are in credit and is available online, over the telephone and via a banking app for use on smartphones, providing account holders with round-the-clock access to their money.
There is a £10 overdraft buffer, so you don’t pay any charges if you go overdrawn by £10 or less.
Internet users can access Money Manager, a free service that helps customers keep track of their expenditure by breaking down what they spend into categories such as entertainment, food and travel.
The Classic account does not pay interest. However, the bank has responded to growing competition in the current accounts market by introducing the Club Lloyds current account. The account costs £5 per month, but the fee is waived if you pay £1,500 or more into the account.
The account pays interest according to the size of the balance. You can earn 1.00% Annual Equivalent Rate (AER) before tax on a balance of between £1 and £1,999.99, 2.00% AER before tax on a balance of between £2,000 and £3,999.99 and 4.00% AER before tax on balances between £4,000 and £5,000. To earn interest you must pay at least two different Direct Debits from your account each calendar month.
Lloyds Bank also offers a range of Added Value accounts as an upgrade option for Classic Account holders, which carry a monthly fee and offer a range of benefits.
The Silver account costs £9.95 a month and includes European travel insurance for the account holder and his or her partner, AA breakdown cover and mobile phone insurance.
costs £17 a month and includes worldwide travel insurance for the account holder and his or her partner, AA breakdown cover including Relay and Home Start, mobile phone insurance and Sentinel® card protection.
Lloyds Bank also offers a range of youth accounts for people under the age of 19, as well as for students and graduates. These accounts include favourable terms for planned overdrafts and money management tools.
What are the advantages of using Lloyds Bank current accounts?
Lloyds Bank offers a comprehensive range of current accounts to cater for a wide range of needs and preferences. Its extensive branch network and online banking facilities mean it is also accessible and convenient for most people.
Why should you use MoneySupermarket to compare Lloyds Bank current accounts?
Many people never think of changing their current account because they assume all accounts are much the same – and they believe the switching process itself will be time-consuming and complicated. However, as the introduction of the Club Lloyds account by Lloyds Bank illustrates, current accounts are becoming more attractive, so it is important to use a comparison service such as MoneySupermarket to see what is available.
Lloyds Bank, in common with most other leading banks, also runs a switching service to take the hassle out of moving your current account and making it even more important to check out the products and services on offer.