Account namePlatinum
Free travel accident insurance – covers account holder, partner and dependent children up to 18 years old.
ProviderLloyds Bank
Account fee£21 per month
ATM withdrawal limit£500
Debit networkVisa
Card typeCash / Debit
Minimum eligibility age18 Years
Mininum operating balance£1
Minimum opening balance£1
Direct debits
Current account switch guarantee
Cheque Book

Founded in 1765, Lloyds Bank is the largest retail bank in Britain, with branches throughout England and Wales. It is the principal subsidiary of Lloyds Banking Group which formed when Lloyds TSB acquired HBOS in 2009.

What is the Lloyds Platinum current account?

The Lloyds Platinum current account is a packaged account. For a fee of £21 a month, account holders can enjoy a range of benefits, including worldwide travel insurance, mobile phone insurance, breakdown cover and cashback.

The account can be managed via mobile, Internet and telephone banking or in branch, and it can be opened on an individual and joint basis.

How does it work?

The Lloyds Platinum current account offers the following key features:

  • Worldwide multi-trip travel insurance. For you and your family, including cover for winter sports, golf equipment and UK breaks. Includes cancellation, medical costs and personal belongings cover.
  • Mobile phone insurance. Worldwide cover for your mobile phone – covers 1 phone per account holder. Covers breakdown, faults, accidental damage, loss and theft up to £2,000.
  • AA breakdown cover. Includes roadside assistance across the UK, Channel Islands and Isle of Man, personal cover, at-home cover and National Recovery.
  • Everyday Offers. Earn up to 15% cashback when you pay by debit card, credit card or direct debit with certain retailers.
  • Cheque scanning. Pay cheques up to £1,000 into your account by taking a photo of the cheque and uploading to the app.
  • Arranged overdraft. £50 interest-free buffer. Rate of 39.9% EAR (variable) applies after that.
  • Preferential exchange rates. Get preferential exchange rates when ordering travel money with Lloyds Bank.
  • Save the Change feature. When you buy something with your Lloyds debit card, the amount is rounded up to the nearest pound and the difference transferred to an eligible Lloyds savings account.

Who is it for?

To be eligible for the Lloyds Platinum account you’ll need to be:

  • Aged 18 or over
  • Someone who lives in the UK
  • An EU national or have the right to stay in the UK for 12 months or more

The account is likely to best suit those who are looking for a little extra from their current account and who will be able to make the most of the benefits on offer, provided they are happy to pay £21 a month.

What are the benefits?

The main benefit of the Lloyds Platinum current account is the range of insurance policies that are included. In return for a monthly fee, you’ll be able to enjoy travel insurance, mobile phone cover and breakdown cover.

On top of that, you’ll also be able to earn cashback on your spending at selected retailers.

How to apply

It’s easy to apply for the Lloyds Platinum account online, but if you’re an existing Lloyds customer you can also open or upgrade your account through Internet banking. Alternatively, the account can be opened over the phone or by booking an appointment at your nearest Lloyds branch.

You’ll need to provide some personal details and if you’re not an existing Lloyds customer, you’ll need to provide proof of ID such as a UK passport or driving licence.

Is it safe?

Yes, Lloyds Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person (up to £170,000 for joint accounts).

Pros and cons of the Lloyds Platinum account


  • Easy to apply for
  • Includes travel insurance, mobile phone insurance and breakdown cover
  • Earn cashback at selected retailers
  • Preferential exchange rates on travel money
  • FSCS protection
  • Arranged overdraft available


  • Monthly fee applies
  • Interest charged on overdrafts
  • No interest paid on balances

Our verdict

For anyone looking for a current account that comes with a number of perks such as insurance, the Lloyds Platinum account is definitely worth considering.

However, its fee is a little on the high side at £21 a month, or £252 a year. By contrast, the Nationwide FlexPlus account offers similar benefits but only charges a fee of £13 a month, so you may find this a more competitive option.

Before applying for any type of packaged account, it’s crucial to check that you don’t already have the cover provided elsewhere – for example, your mobile phone might already be covered under your home insurance. Also consider whether you’re likely to make full use of the benefits and whether there are any policy exclusions that could prevent you from being able to claim if needed. If so, the fee is unlikely to be worth paying.

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