Lloyds changes bank account fees and customers face losing £300 a year

James Rodger

3 July 2024 at 10:44 am·2-min read

Lloyds is making a huge change to bank account fees in a blow for customers. The monthly fee for the Club Lloyds Silver account is rising from £10 a month to £11.50, while the Club Lloyds Platinum account monthly fee is also going up, from £21 to £22.50 a month.

The monthly cost for both the Lloyds silver and platinum club accounts went up on July 1. Customers will soon be expected to pay an extra £18 per year for the accounts. Club Lloyds Silver is now £10 a month (plus a £3 Club fee unless you deposit £2,000 each month) will rise to £11.50 a month from July 1.

Club Lloyds Platinum is now £21 a month (plus a £3 Club fee unless you deposit £2,000 each month) will rise to £22.50 a month from July 1. There will be no changes to any free Lloyds account with no fees the high street bank has also confirmed.

A Lloyds Bank spokesperson: “Our Silver and Platinum accounts continue to offer a wide range of valuable benefits, including travel insurance, AA Breakdown cover, mobile phone insurance and, from July this year, fee-free debit card spending abroad."

Alastair Douglas, CEO of TotallyMoney said: “While this doesn’t sound like much, it does translate to an extra £18 per year, or in the case of the Platinum account, it can bring the cost up to more than £25 per month, or £300 per year."

He warns: "It’s important to remember that you’re essentially paying for this. And if you already have phone cover, or if you carry a card which doesn’t charge you for spending abroad, then you’re really not going to see all the benefits.

"That’s because your phone is already covered, and your holiday money was already free in the first place." He says: "There are even some current accounts which will pay you to switch, so you could end up quids in, simply for moving your money.”

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