Get travel, phone and breakdown cover with your bank account
Lloyds Platinum is a packaged bank account where you pay a set price for a bundle of insurance policies – but will it save you money? Here’s what you need to know.
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Club Lloyds Platinum vs Lloyds Platinum
You can convert this account into a Club Lloyds Platinum account for £3 extra per month (refunded if you deposit £2,000 per month). This gets you a free lifestyle benefit, such as a year of Disney+ or free cinema tickets. We have a full review of Club Lloyds for more about how it works.
Other than that, the insurance features are exactly the same.
What’s included with the Lloyds Platinum packaged bank account?
Lloyds has two paid for packaged bank accounts, Silver and Platinum. The Platinum account gets you worldwide travel insurance, mobile phone insurance and breakdown cover which is the focus of this review. The Platinum account is one of the pricer options out there, costing £22.50 a month.
We have reviewed the cheaper Silver account separately, which offers the same, except with just European and UK travel insurance.
Under each heading below you’ll see an estimated value of each policy. This is designed to show you how much each benefit might cost you based on searches we’ve done on comparison sites. We’ve searched for similar cover for a family of four, or individually if this is the cover the benefit gets you.
Worldwide family travel insurance
- Provided by: AWP Assistance UK
- Estimated value: £130
- This is based on quotes we found for a family of four getting a worldwide multi-trip annual insurance policy
One of the main perks of the account is that you and your family get multi-trip worldwide travel insurance. It includes cover for winter sports and golf and trips within the UK when you spend two or more nights away from home. You’ll be covered for cancellation, curtailment, personal accidents and travel disruption.
In addition, there’s a 24/7 GP telephone or video consultation service.
Family includes you, your partner, spouse or civil partner as well as yours or their children, as long as they’re either travelling with you, them or another responsible adult. The children need to be under 18, or 24 and still in full-time education.
If you have older children (aged up to 23) who aren’t in full-time education, you may prefer Nationwide Flexplus, as it covers them until they’re 23 if they live at home.
Pre-existing conditions
If you’ve got any pre-existing conditions then you may be able to get cover for them. You need to declare them to AWP Assistance, and there may be an additional cost to have them covered.
UK breakdown cover
- Provided by: the AA
- Estimated value: £210
- This is based on breakdown cover for a family of four
In addition, you and your family get UK breakdown cover. This is both as a driver or a passenger. This is a great benefit, especially if you’ve got children with cars as they’ll all be covered under it as long as they live with you (or if they’re students, away at university).
Most other packaged accounts we’ve reviewed typically just cover you and possibly your partner.
Mobile phone insurance
- Provided by: Assurant
- Estimated value: £120
- This is based on quotes for insurance for the latest Apple iPhone for a similar level of cover
In addition, the account holder gets mobile phone insurance. It covers breakdown, faults, accidental damage, loss and theft and you can claim up to £2,000.
Other packaged bank accounts, such as Virgin Club M and Nationwide FlexPlus offer this benefit for the whole family. You can get the cover for your partner as well if you get it as a joint account.
Waived fees when spending abroad
With a standard Lloyds Bank account it costs 2.99% per transaction to use your card abroad. With both Lloyds Silver and Platinum you aren’t charged this fee when you make payments in a foreign currency or withdraw money in any currency at home or abroad.
You should ensure that you make your payment in the local currency, though, as you may be charged currency transfer fees from a local bank, and likely won’t get the best currency exchange rate.
This benefit isn’t a reason to choose this account. There are plenty of free debit cards to use abroad, including Chase, which gives you cashback when you spend, even when abroad.
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How Lloyds Platinum is different to other options
✅ Breakdown cover is for you and your family
✅ Worldwide travel insurance
❌ Breakdown cover is UK only
❌ Gadget cover is for one person only
Is Lloyds Platinum worth it?
Zoe’s analysis
This is the most expensive packaged account we’ve reviewed, and it’s not the best one. The cover is pretty comprehensive — you get worldwide travel insurance and family breakdown cover. Plus, you can cover your mobile phone.
However, the cost is much too high for this — it’s £11 more per month than the Silver account — you can get similar cover from the Virgin Money Club M account at £12.50 per month instead.
Lloyds Platinum
| Account name | Lloyds Platinum |
| Cost | £22.50 per month |
| Annual cost | £270 |
| Minimum term | No minimum term |
| Benefits | Worldwide family travel insurance |
| Mobile phone insurance | |
| UK family breakdown cover | |
| Use your card for free abroad | |
| Drawbacks | Mobile phone cover only covers the account holder |
| Joint account available? | Yes, at no extra cost |