Would you select "SELECT" (Lloyds TSB)

Member Name: mazhar68

Product:	Lloyds TSB
Date:	30/07/01 (645 review reads)
Rating:

Advantages: The benefits package

Disadvantages: £4 charge, only the first £50 of the overdraft is free

Commission free travellers cheques & currency, AA break down cover, free card protection on all your debit/credit cards, home shopping service with a lowest price guarantee, extended warranties, free legal helpline & £10000 accidental death cover are just some of the many benefits of the select account…. what is a select account???
It’s a packaged current account from Lloyds tsb, yes you heard it Lloyds tsb.

I'm not a huge fan of all their products or services as there aren’t many compared to the other High street banks although they do share the disadvantages ...

The only account I feel is worth staying with them is the Select account, but it doesn’t come free, as there is a monthly charge of £4.
I have stayed with them because of the benefits package they offer with the account, many of which I actually use.
The most useful benefit of the select account I feel is the AA breakdown cover as I have a joint account we both have cover on any vehicle, I’m sure you’ll agree it is value for money as their own site offers the same joint cover for £55 to £64 (depending on how you choose to pay).

There are a number of other features which are listed below if you require further information its worth checking their website on www.lloydstsb.com.

1-Free £50 over draft & no fees on arranged overdraft over £50 although you pay interest. I use this quiet often, as I don’t like to be overdrawn for larger amounts.

2- Promises to save you at least £500 on new cars, other savings (not specified) on nearly new cars, arranges valuation for your old car (as I haven’t used them I’m not sure if it’s free.), extended warranties for lower charges compared to the manufacture.

3- Purchase protection on items over £50, not very interesting as it seems to be offered by many credit card providers, although with Lloyds tsb it’s for items bought both on credit &
debit card.

4- Direct Debit benefit which although I haven’t used but does seem useful. This benefit is payable if you’re unable to work after accident or illness they pay your direct debit up to £100 for 3 months.

5- Cheaper loans.

There are other saving which aren’t that exciting & are usually available weather you are a select account customer or not.

I think this account would probably suit someone who normally uses AA for there
Breakdown cover, isn’t usually overdrawn for more than £50 & does travel a lot as the free travellers cheques & currency offer does save quiet a lot especially if like me you travel often.

There are other high street banks which have these type of accounts such as Barclays additions & RBS royalties but their charges are slightly higher & I personally don’t find their packages all that exciting as many of the features I’d probably never use.

The main disadvantage of staying with Lloyds Tsb for me is their Internet banking
Which is only open from 12pm to 4am. Other problems have been their transfer of funds facility, weather you want to transfer money to a person or a company the
funds never leaves the account the day you make the payment even if you specify immediate payment, to them it means following working day & 2 days wait for weekends.
I personally have found this quiet a hassle, as it’s so easy to forget that you’ve set up payments & continue using the funds.

Summary: