The Lloyds Premier current account offers private healthcare, cashback of up to £10 per month, a 0.2% discount on residential mortgages and a ‘lifestyle perk’, which can include free Disney+.
The account costs £15 per month, but this is refunded to you if you pay in £5,000 per month or have £100,000 of savings or qualifying investments with Lloyds, meaning it is essentially free to high earners.
The bank claims that the perks are worth over £100 per month.
Perks and payments
The Lloyds account gives customers access to the Bupa Family GP & Wellbeing subscription service, providing remote access to a range of services – such as GP or nurse consultations, physiotherapy treatment, mental health treatment and other wellbeing services. This is worth around £20 per month.
Customers can also access 1% cashback on eligible debit card spending, with customers able to earn up to £10 each month. The account pays interest at 1.5% for balances up to £4,000 and 3% between £4,000 and £5,000.
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Other privileges include a 0.2% discount on Lloyds residential mortgage rates, financial coaching and ready-made investment portfolios with zero management fees for the first year.
Customers can also choose one ‘lifestyle benefit’, and choices include 12 months of Disney+ Standard with Ads, six cinema tickets, an annual digital Coffee Club or Gourmet Society membership or an annual magazine subscription.
Worth it for some
James McCaffrey, spokesperson for fintech group Totally Money, said the account was worth it for those who would make full use of the perks.
He said: “What’s important with any packaged account is that you calculate its value to you. Ask yourself if you already have healthcare, are you locked into a mortgage elsewhere, and is Disney+ something you’ll make the most of?
“You should also read the small print, because there’s a £15 monthly fee. However, if you pay in at least £5,000 per month, or have at [least] £100,000 sitting in a Lloyds account, they’ll refund the charges.
“But again, you might be better off moving your savings to a bank offering a more competitive rate, so consider all your options before jumping in.”
Other packaged accounts available offer free breakdown cover, cashback, gadget insurance and travel insurance, but most come with a monthly fee that is not refundable.
Earlier this year, Lloyds Bank announced a £175 switch offer for its packaged bank account range.
