The Lloyds Current Account
Lloyds have no less than 11 current accounts on offer so you’ve a lot to choose from. If you’re struggling to open a standard current account, then they do offer a basic bank account – ideal if you’ve got either a limited income or have had difficulty with managing your money in the past.
The standard Lloyds account is the Classic Account which offers free, everyday banking. You’ll be able to withdraw up to £500 daily from a cashpoint and you’ll also get an agreed overdraft limit – the first £25 of which is interest and fee free. A debit card comes with the account and depending on your circumstances it could be a contactless card. Plus, you’ll enjoy up to 15% cashback as part of the ‘Everyday Offers’ scheme but this is subject to terms and conditions, so if it’s rewards you want make sure you know what the deal is.
If you’re looking for extras, then Lloyds have a selection of current accounts that you might like the sound of. The Club Lloyds accounts (there are two to choose from in this range, the Club Lloyds or the Club Lloyds Platinum) give you from 1% up to 4% AER interest on up to £5000 in your account.
Depending on the specific account you choose you’ll also get a range of other benefits such as worldwide travel insurance, breakdown cover and free cinema tickets and magazine subscriptions. You do have to have two direct debits leave your account every month and deposit £1,500 a month otherwise there’s a fee for the benefits (£5 per month for the Club Lloyds account or £17 for the Platinum account).
In between the Club and Platinum accounts you’ve got the Silver account – there’s a fee payable on this account of £9.95 but you’ll also get UK and European travel insurance and breakdown cover.