Advice for UK Consumers
Lloyds TSB - Classic Plus account information
In October 2003, Lloyds TSB announced a new family of current account, known as "Classic Plus". For some time, the current account in the UK with the best interest rate was the online bank, Cahoot, but the new accounts from Lloyds TSB put them "streets ahead", according to their marketing. This page takes a quick look at the Lloyds Classic Plus account.
prepared to pay in £1000 a month, the new Lloyds account offers some pretty impressive rates for a current account. You also have to commit to logging on
to their site six times
every three months. For
more details, go to www.lloydstsb.co.uk
The signup process
To sign up, go to www.lloydstsb.co.uk, and complete the signup process. We completed our account application on Sunday 5th October. The website connection was a little slow, and we had to restart the process twice. The process should take about 10 minutes. Below is a summary of what new customers are asked for:
After five days, we received an account offer, some forms to sign (a classic account, classic plus account, and a PhoneBank Express form) and were asked to provide two documents to prove identity and address.
Three days after signing and returning, we received a welcome pack, followed two days later by a debit card and chequebook. The account is now up-and-running.
The last step for us, was to get the Lloyds TSB Online banking account set up. You can do this online at www.lloydstsb.co.uk, by entering your name, date of birth, sort code, account number and a password. You then have to allow a full working day for account processing before calling to verify your identity and answering some security questions. We did this, only to find out that you can't get your online access sorted until one debit has gone through the account (as they use a recent transaction to verify your identity). After making our initial debit, we were able to call and complete the identity checks. Shortly after this, we received a letter containing our online banking ID. Armed with this, the password we created when we first started, and after creating a memorable keyword, we were able to log on.
The online banking service is pretty easy to use, and very clearly laid out. The following tasks can all be done online:
More details can
be found at www.lloydstsb.co.uk
You can also
call 0800 056 0020 (between 8am - midnight, 7 days a week.)
With the Classic Plus, you can have telephone banking services. There are two types, an automated service called PhoneBank Express, or a standard call center, for when you need to speak to a human
The call centre can be contacted on 0845 072 3333 (8am-8pm Mon-Fri, 9am-1pm Sat). You'll need sortcode, account number and phonebanking PIN number.
PhoneBank Express is the automated service, which you'll need to register for. When you do, you'll be posted a membership number. Call 0800 015 2000, and type in the membership number. You'll be asked for some digits from your phonebanking PIN, and then get to a menu, where you can select an option by tone or by speaking. Key commands are:
Text Message Banking
A new service introduced in March 2005 - Get your balance and a list of recent transactions sent to your mobile for free.
We've had the account
up and running since mid-October, and so far, it's been pretty good, especially
the automated PhoneBank Express service. We'll update this page with anything
new we discover.