Lloyds Silver account: Is it worth it?
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Cashback
- Account fee
- £11.5 per month
- Interest (AER)
- 0% AER
- Overseas card transactions
- 0%
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 29.9% EAR variable. Account fee of £11.5 per month.
Our verdict
If you’re looking for a packaged bank account, but don’t want to pay a huge monthly fee, Lloyds Silver has a lot going for it. Its monthly fee of £11.50 is cheaper than some of its competitors and it’s packed with perks such as family travel insurance, mobile phone cover and breakdown insurance.
There’s even the option to upgrade the account further with Club Lloyds.
However, while on the whole this is a pretty competitive account, keep in mind there are some restrictions. For example, travel insurance is limited to Europe only (not worldwide), and breakdown cover only protects you when you’re out on the road - not if you break down at home.
But for some people, these limitations won’t matter. So, if you’ve read the terms and conditions, compared the cost of standalone insurance policies, and reviewed how the account stacks up against other packaged accounts, there’s nothing to stop you from signing up if you’re happy.
Pros
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Cheaper monthly fee than some accounts
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Benefit from travel insurance, mobile phone cover, breakdown cover and fee-free spending abroad
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Breakdown cover applies to all eligible family members
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Option to upgrade account further to include lifestyle benefits and interest paid on account balance
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FSCS protected
Cons
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Some insurance policies have limitations
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Monthly fee applies
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You may not make full use of all the benefits
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Additional fee of £5 applies for Club Lloyds - though you may get this refunded
Details
Product overview
| Provider | Lloyds Bank |
| Account fee | £11.5 per month |
| Interest (AER) | 0% AER |
| ATM withdrawal limit | £800 |
| Debit network | Visa |
| Minimum eligibility age | 18 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 0% |
Overdraft information
| Arranged overdraft available | |
| Arranged overdraft rate | 29.9% |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged interest at 29.9% EAR variable. Account fee of £11.5 per month. |
What is the Lloyds Silver account?
Lloyds Silver is a packaged bank account that offers a variety of benefits in return for a monthly fee. It’s a step down from the Lloyds Platinum account and compared to some of its competitors, Lloyds Silver’s fee of £11.50 a month is pretty reasonable.
There’s also the option to add Club Lloyds benefits to the account for an extra £5 a month – this is then refunded each month you pay in £2,000 or more.
How does it work?
If you apply for the Lloyds Silver account, you’ll be able to enjoy the following key features:
European family travel insurance
European and UK multi-trip travel insurance for you and your family. Includes cover for winter sports.
AA breakdown family cover
Roadside assistance across the UK, Channel Islands and Isle of Man. This covers the account holder and all eligible family members, not the vehicle. Note that this doesn’t include at home cover.
Mobile phone insurance
This insures one phone for sole accounts and 2 for joint accounts against loss, theft, damage and breakdown. Includes repair or replacement cover up to a maximum of £2,000.
No fees overseas
You won’t pay any fees overseas when you use your card to pay for items or withdraw cash.
Cashback
Earn up to 15% cashback when you spend on your card at selected retailers.
Save the change feature
When you spend on your card, Lloyds will round up your spending to the nearest pound and transfer the extra into a savings account.
Preferential travel money rates
Enjoy preferential exchange rates when ordering travel money.
Paying for Club Lloyds on top gives you access to the following benefits:
Lifestyle Benefit
Each year, choose from 12 months of Disney+, 6 cinema tickets, an annual digital Coffee Club and Gourmet Society membership or an annual magazine subscription.
Savings and mortgage offers
Benefit from preferential savings rates and mortgage offers with Lloyds.
Frequently asked questions
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