Silver, with the chemical symbol Ag, is a radiant transition metal. It sounds like something trusty and reliable, right?
As with other package bank accounts that have been provided by Lloyds, the Silver account was given a fancy name to entice customers. With a charge of £9.95 a month, this account included features and benefits such as European and UK travel insurance, breakdown cover, mobile insurance and more (see full list below). This account hasn’t been available to new customers since 1st January 2013, however there are a lot of existing customers still paying for this account. Not sure if you have a Silver account? Check out the image at the bottom of the page.
Why did Lloyds stop selling the account?
Reports have suggested that Lloyds were mis-selling these accounts to customers or, in some cases, not telling the customers that they had been upgraded and just adding the monthly charge to their account. The Financial Services Authority, who investigated the packaged bank accounts and their value for customers, declined to comment on this.
The accounts have been mis-sold in numerous ways. The most common being when a customer would ask for an overdraft, loan or a mortgage. The banks response would be that the customer wasn’t eligible for these products unless they upgraded their account to a silver, gold or platinum. This simply isn’t the case. Having a packaged bank account will hold no bearing on a customer’s credit score and will not affect eligibility for an overdraft, loan or mortgage. Too many customers have felt pressured into one of these accounts because they felt like they had no choice.
Do I qualify for a refund on my Lloyds Silver bank account fees?
If you have been reading this and thinking about whether you might be able to claim for a refund, you can contact us and we can have a look for you. You can call us on 0800 007 3777 and one of our customer consultants will be happy to help. Alternatively, you can fill out our online application form.
Benefits that came with the Lloyds Gold Account
- European and UK Travel Insurance
- Breakdown Cover
- Mobile Phone Insurance
- Planned Overdraft
- Card Loss Assistance
- Everyday Offers
- Money Manager
Lloyds Silver Account – Example Statements: