Screenshot of Lloyds Bank Current Accounts Home Page

Current accounts provide the perfect platform for customers to start their financial journey with the bank. They allow consumers to do the necessary daily transactions to keep their financial affairs in order. These current accounts have the means to receive funds and make payments. With technological advancements, current accounts also offer other benefits such as access to additional services. In a review, we take a closer look at all these additional offerings as well. Lloyds Bank Current Accounts offer customers access to these services plus a little extra. Discover why we’re so excited about this current account review.

A current account review that caused quite a bit of confusion was by Credit Agricole. Discover what the problem was in our full review of this product.

About Lloyds Bank

Screenshot of History of Lloyds Bank

Lloyds Bank is one of the oldest financial institutions, founded in the 1700s. The bank was originally founded for those who found themselves in the mercantile and manufacturing industries. They did, however, see the need to establish a town bank which was the start of the Lloyds legacy. It was only in the late 1800s when the bank decided to expand beyond their single branch. This was only the start of a flourishing spree of expansion for the bank.

Takeovers and mergers established the bank further and a significant takeover of much of Lombard Street. During the 20th century, the bank took the opportunity to enter the global arena. The expansions increased and this solidified the bank’s position as one of the major banking players in the global economy.

Modern banking allowed the bank to provide additional services to their clients. This included the Cashpoint service and also the introduction to electronic banking. As one of the biggest domestic banks in the UK, Lloyds Bank is also a keen player on an international scale.

A full review of Lloyds Bank is available.

How To Pick the Perfect Current Account

Current accounts offer a variety of options, which make it easier for consumers to decide what to go with. Apart from merely just being a vessel to receive funds and make payments, current accounts should be chosen according to needs. Not all consumers may need all the bells and whistles, which make it important for banks to offer products that will suit a variety of clients.

Compare Pricing

This is one of the most important aspects of choosing an account. Consumers who wish to have all the fancy details added to their accounts can expect to pay a little extra. However, when an account is merely just a basic account there is no reason for the bank to charge an exorbitant fee. Modern banks place quite a bit of reliance on electronic channels to perform transactions, which allows them to reduce their overheads. These banks are often in a position to offer more cost-effective accounts. Pricing isn’t everything, however, as cheapest isn’t always the best. Consumers should consider the add-ons before making their choice.

Take a Closer Look at the Benefits

Sometimes there are some neat benefits offered on accounts. However, when consumers take a closer look at these benefits, the cost often outweighs their usefulness. These often include membership to rewards clubs and more. If not used to their full potential, the benefits are no longer real benefits.

Determine Needs

It’s important to not only sign up for the shiniest account because of all the add-ons. Or, for that matter, the cheapest account to save a few dollars. Go through the account specifications and determine which account ticks all the items actually required. An upgrade should also be available at a later stage.

Lloyds Bank Current Accounts Product Offerings

Screenshot of Current Account Options Lloyds Bank

Club Lloyds

This account is suitable for the customer who wishes to perform all their daily transactions with ease. Furthermore, the account also offers interest on positive balances.

  • The interest is a variable rate and offered on balances between £1 to £5,000.
  • Customers have the opportunity to waive the £3 monthly fee. They do this when they pay at least £1,500 into their accounts per month.
  • Also, customers enjoy exclusive access to Lloyds Bank products such as savings, mortgages, home insurance and more.
  • Furthermore, the account offers various Lifestyle benefits.
  • The account is suitable for those over the age of 18.
  • Finally, this account provides customers with the opportunity to apply for a planned overdraft.

Classic Account

Customers who prefer a straightforward account that doesn’t have too many frills or fuss will find this a great match. Furthermore, the account carries no monthly account fee.

  • There is no monthly fee on the account as long as customers remain in credit.
  • Also, customers enjoy cash withdrawals of up to £500 a day at cash machines.
  • The account is suitable for those over the age of 18.
  • Finally, customers have the option to load a planned overdraft facility on the account.

Platinum Account

When an account needs to deliver more than just transaction capabilities, this one steps up to the mark. Furthermore, customers pay a monthly account fee of £17.

  • Customers enjoy AXA Worldwide Travel Insurance for themselves and their families including Winter Sports cover.
  • The account also includes AA Breakdown Cover and UK Roadside Assistance. Furthermore, this cover applies whether the customer is in their own vehicle or someone else’s. The cover also includes Relay and Home Start.
  • Also, customers also benefit from Mobile Phone Insurance which covers worldwide for loss, theft, damage, and breakdown.
  • Finally, customers have the option to add a planned overdraft facility to the account.

Club Lloyds Platinum

This is the ideal account for those who are thrilled by add-ons and special features. Furthermore, customers stand the opportunity to earn a variable interest on credit balances between £1 to £5,000.

  • The account carries a monthly charge of £17. There is also a Club Lloyds fee of £3, however, this is waived if customers pay in £1,500 in their account every month.
  • Customers enjoy AXA Worldwide Travel Insurance for themselves and their families, which includes Winter Sports cover.
  • Furthermore, the account includes AA Breakdown Cover and UK Roadside Assistance. The cover applies whether customers are in their own vehicles or someone else’s. The cover also includes Relay and Home Start.
  • The account provides customers with the opportunity to apply for a planned overdraft facility.
  • Customers have access to worldwide cover in the form of Mobile Phone Insurance. This covers loss, theft, damage, or breakdown.
  • This account also provides the perfect platform for access to other Lloyds Bank products, such as savings, mortgages, credit cards, and home insurance.
  • Finally, customers have the option to choose their lifestyle benefit every year.

Student Account

Students need accounts that meet their needs but are still affordable. This account is the perfect fit.

  • Customers have access to a planned overdraft facility of up to £1,500. Furthermore, the overdraft is interest and fee-free.
  • The account also provides access to contactless payments.
  • Also, the account is free of charge as long as the account remains in credit.
  • Finally, the account is available to those over the age of 17. However, the planned overdraft is only available to those over the age of 18.

Under 19s Account

Parents who wish to teach their children some financial responsibility should encourage them to open this account.

  • Customers have access to their funds with a debit or ATM card.
  • Furthermore, customers enjoy a competitive variable interest rate on balances up to £2,500.
  • The account doesn’t carry a monthly account fee and is available to those between the ages of 11 to 17.
  • Also, customers can manage their funds through internet banking, telephone banking, mobile banking, and more.

Club Lloyds Private Banking Current Account

This account is for the elite group of customers who have at least £250,000 in savings or investments with the bank. They can also have a mortgage of £750,000 with Lloyds Bank.

  • Customers access their funds with an exclusive Private Banking branded debit card.
  • Furthermore, customers enjoy access to the Private Banking Service Centre.
  • Finally, the account also offers a dedicated Private Banking and Advice Manager.

A bank that offers a fair selection of current accounts, is Standard Bank.

Critical Reviews Rating Lloyds Bank Current Accounts Review – 8 of 10

Screenshot of Existing Lloyds Current Account Holder Options

When it comes to a decent range of current accounts, we can’t help but feel excited. We dig into the review with gusto and it is only as we work through the products that we realize there are some minor flaws. In this particular mix of products, it is tough to rate the product down due to these flaws.

The first point we have to consider is something that many banks find to be their Achilles Heel, and that is non-disclosure of fees. Or shall we call it lack of transparency? Customers have to click through quite a bit of information before they get to the ones they need. This is a bit frustrating as these products are on a level of their own, rivaled by only a few banks across the world.

The second reason we had to deduct a point was that the accounts can do with a bit more variety. This may seem strange in a range such as this one, but there is still a massive market that needs a unique product. This is those who have gone into retirement.

We reluctantly give a score less than a perfect 10 on this range. However, we feel a bank who has been around for centuries can do more for their entire customer base. Transparency is also a biggy in our books.

To see how the German competitor, Deutsche Bank, compares in current accounts, read the full review.