Lloyds Premier current account review
- Incentive
- Earn 1% cashback on eligible debit card spend, max £10 per month.
- Account fee
- £15 per month (Account fee waived if account credited with at least £5,000 per month or £100,000 held in savings or investments)
- Interest (AER)
- 1.5% AER
- Overseas card transactions
- 2.99%
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable. Account fee of £15 per month (Account fee waived if account credited with at least £5,000 per month or £100,000 held in savings or investments)..
Our verdict
Lloyds Premier offers much more than your everyday bank account, but it’s up to you whether you need it.
Lloyds Premier offers much more than your everyday bank account, but it’s up to you whether you need it.
If you’re looking for a packaged account to suit your busy lifestyle, Lloyds Premier current account offers a range of exclusive benefits, many of which you won’t typically find with other accounts - such as a Bupa subscription or financial coaching. However, it does come with a monthly fee, which is refunded each month you meet the strict eligibility criteria. The same criteria that you must meet to qualify for the account.
Even if you do qualify, it’s always best with a packaged account to weigh up what value you’ll get from the benefits. For example, if you’ve already got private medical insurance through your job, do you really need it with your bank? Will the cashback make a difference? Are the preferential mortgage and savings rates competitive? As there is such a strict eligibility criteria for this account, it might not be right for everyone. However, if you’re interested, visit Lloyds’ website to apply, or if you want to do a bit more research, take a look at premier accounts from other banks here.
Pros
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Bupa Family GP & Wellbeing subscription service
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Financial coaching
-
In-credit tiered interest
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Cashback
-
Preferential mortgage and savings rates
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Interest-free overdraft up to £100
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Fee-free spending abroad
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Club Lifestyle perks
Cons
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Strict eligibility criteria
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Overdrafts over £100 incur interest
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No travel insurance or travel perks
Details
Product overview
| Account name | Lloyds Premier |
| Incentive | Earn 1% cashback on eligible debit card spend, max £10 per month. |
| Provider | Lloyds Bank |
| Account fee | £15 per month (Account fee waived if account credited with at least £5,000 per month or £100,000 held in savings or investments) |
| Interest (AER) | 1.5% AER |
| ATM withdrawal limit | £800 |
| Debit network | Visa |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £1 |
| Minimum opening balance | £1 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 2.99% |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | 2.99% |
| Foreign cash transaction fee in Europe | £0 |
| Foreign cash transaction fee in rest of world | £0 |
Overdraft information
| Arranged overdraft available | |
| Arranged overdraft rate | 0% |
| Overdraft Grace Period | 14:30 same day |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged interest at 0% EAR variable. Account fee of £15 per month (Account fee waived if account credited with at least £5,000 per month or £100,000 held in savings or investments).. |
What is the Lloyds Premier current account?
The Lloyds Premier account offers a range of benefits and perks, some of which you wouldn’t find in a regular packaged account. It includes the lifestyle benefits that you can get with Club Lloyds, as well as other exclusive perks which cater to many aspects of family life. The account does have a monthly fee, but this is refunded if you meet certain financial and eligibility criteria.
How does it work?
The Lloyds Premier current account offers the following key features:
- Bupa Family GP & Wellbeing subscription service. Providing remote access to GP or nurse consultations, physiotherapy treatment, mental health treatment and other wellbeing services.
- Cashback.1% cashback on eligible debit card spending, up to £10 each month.
- Discounted mortgage rates.On the standard rate for a one-year deposit saver.
- Savings bonus. You can manage your account 24/7 by phone, online or mobile banking.
- In credit interest.Tiered interest, paid when 2 direct debits are paid from the account every month.
- Investing.Ready-made investment portfolios with zero management fees for the first year.
- Financial coaching.Designed to help you make more informed financial decisions.
- Premier Planning hub.Exclusive mobile app tools, including a net worth calculator and wealth forecasting.
Lloyds Premier also includes Club Lifestyle perks, fee-free spending abroad and an interest-free overdraft.
Who is the account for?
To be eligible for the Lloyds Premier current account, you’ll need to pay in £5,000 each month or have £100,000 of savings or qualifying investments with Lloyds. Accounts are reviewed regularly, and you’ll be contacted by the bank if you’re no longer meeting the eligibility criteria.
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