Should you upgrade to get travel cover?
Lloyds has two packaged bank accounts, Silver and Platinum. Each one gets you a bundle of insurance policies for a set price. But will it save you any money?
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Club Lloyds Silver vs Lloyds Silver
You can convert this account into a Club Lloyds account for £3 extra per month (or free, if you deposit £2,000 per month) and get 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 Silver packaged bank account?
This packaged account from Lloyds costs £11.50 per month, and you’ll get travel, breakdown and phone insurance.
For each benefit, we’ve included an estimated value. We’ve looked on comparison sites to show you how much the benefit might cost you if you got similar cover for a family of four, or individually if this is the cover the benefit gets you.
European and UK family travel insurance
- Provided by: AWP Assistance UK
- Estimated value: £80
- This is based on similar European and UK travel insurance for a family of four
You and your family get multi-trip European and UK travel insurance. This includes cover for winter sports and golf. Trips within the UK are covered if you spend two or more nights away from home. It covers cancellation, curtailment, personal accidents and travel disruption.
There’s also a 24/7 GP telephone or video consultation service.
The cover includes you, your partner, spouse or civil partner as well as yours or their children, as long as they’re 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’d prefer to have worldwide travel insurance, Lloyds has a Platinum account which offers this, but better options include Nationwide FlexPlus and Virgin Money Club M.
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
You and your family are covered by breakdown cover in the UK as a driver or passenger. This is a great benefit, especially if you’ve got children with their own cars as they’ll all be covered under it as long as they live with you (or a student away at university).
Other packaged accounts will typically just cover you and possibly your partner.
The cover is provided by the AA.
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
Along with the other insurance, you can get mobile phone insurance for yourself. 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.
No fees when spending abroad
With a standard Lloyds Bank account you’ll be charged 2.99% 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 do want to 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, though. 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 Silver is different to other options
✅ Breakdown cover is for you and your family
❌ Travel insurance is only for the UK and Europe
❌ Breakdown cover is UK only
❌ Gadget cover is for one person only
Is Lloyds Silver worth it?
Zoe’s analysis
Lloyds Silver isn’t much of a contender if you plan to travel further afield than Europe as the travel insurance is only for UK and European trips. Meanwhile, the gadget cover is only for one person and the breakdown cover is only for the UK.
If you have young children who don’t have gadgets you’d like covered and you’re likely to only go on European or UK holidays, then you could benefit from this account. But with Virgin Money Club M account only costing £1 more per month, you’ll probably still be better off with that one.
Lloyds Silver
| Account name | Lloyds Silver |
| Cost | £11.50 per month |
| Annual cost | £138 |
| Minimum term | No minimum term |
| Benefits | UK and European 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 |