Is it worth opening a Lloyds Premier bank account to get a cheaper mortgage?

Exclusive Lloyds Loyalty Premier mortgage deals available through Trinity Financial and Halifax Intermediaries. 

The cheaper Lloyds Loyalty Premier mortgage deals are now available through Halifax Intermediaries and Lloyds, as the bank looks to attract more wealthy borrowers and compete with other big banks that offer premier bank accounts. 

Halifax has just made the new exclusive, discounted mortgage deals available through Halifax Intermediaries for customers who hold a Lloyds Premier current account with Lloyds Bank. The bank is offering a range of perks, including a mortgage range today with a 0.20% discount for borrowers who have one of its Premier current accounts. 

Customers may also open a new Lloyds Premier current account to become eligible for the mortgage discount, which means for most applicants there should be time to open an account before applying for a mortgage; however, in a busy rate-changing market, this may not always work out because fixed and tracker mortgages can be pulled or increased at short notice. This means the rate rises, so it is more expensive than the premier discounted product. 

Lloyds says Premier customers need to pay in £5,000 per month or hold £100,000 in eligible Lloyds savings/investments open to qualify for the account to have the £15 monthly fee refunded; the account includes Bupa Family GP and wellbeing benefits, lifestyle benefits, financial coaching, enhanced rates/offers and cashback. Any discount on a larger mortgage loan is well worth taking, especially if you already know a Halifax mortgage is suitable for your situation. 

Who is eligible? Customers will qualify if: 

  • They (or at least one applicant on a joint application) holds a Lloyds Premier current account 
  • They (or at least one applicant) have a minimum income of £100,000 
  • These requirements do not need to be met by the same applicant on a joint application 
  • The products are available across all loan sizes 
  • Customers may also open a new Lloyds Premier current account to become eligible 

Is it worth opening a Lloyds Premier bank account?

Yes, if you earn enough money and the Halifax fixed or tracker rates are good enough, this seems like a good product. Particularly as Halifax it the UK's largest lender 

High earners and wealthier mortgage borrowers often ask whether opening a Lloyds Premier bank account is worthwhile.

Premier bank accounts can be useful if you want extra service, insurance benefits, cashback, enhanced rates and access to more tailored banking support. They may also help borrowers build a stronger relationship with a bank before applying for a larger mortgage.

However, a premier account does not guarantee mortgage approval or access to the cheapest rate. Mortgage lenders still need to assess income, affordability, deposit, credit profile, property type and overall risk. The account may well mean your mortgage application is assessed by a smaller processing team at Halifax with a can-do attitude. 

What is the Lloyds Premier account?

Lloyds Premier is a premium current account aimed at customers with higher income or savings. It offers a range of lifestyle, health and banking benefits, including Bupa Family GP and wellbeing support, financial coaching, cashback on debit card spending, enhanced savings rates and selected offers. The account has a monthly fee, although Lloyds says this may be refunded if customers meet the eligibility criteria.

Who qualifies for Lloyds Premier?

Lloyds says customers need to pay in £5,000 each month or hold £100,000 in savings or qualifying investments with Lloyds to be eligible for a refund of the account fee. This means the account is mainly aimed at higher earners, professionals, business owners, executives and clients with significant savings or investments. The private bank also issues mortgages on a wide range of unusual properties, such as country homes or estates, as well as properties with a small element of commercial use. As part of this process, applications are passed to a Lloyds banker, although the lender typically offers tracker rates rather than fixes. 

What are the current benefits of Lloyds Premier?

• Bupa Family GP and wellbeing subscription

• Access to discounted mortgage rates

• Lifestyle benefits

• Cashback on debit card spending

• Enhanced rates and offers

• Financial coaching

• Access to Lloyds’ premium banking support

• A more tailored banking experience

These benefits may be valuable for customers who will use them regularly. However, borrowers should check whether the account fee, eligibility criteria and benefits make sense for their circumstances.

Can Lloyds Premier help with a mortgage approval?

Opening a Lloyds Premier account may help some borrowers develop a stronger relationship with Lloyds, but it does not automatically mean they will get a mortgage or better affordability.

For larger mortgage applications, lenders still need to check affordability, income, outgoings, credit history, deposit size and property details. However, having a premier banking relationship can sometimes be helpful, as the bank already has a clearer view of the customer’s income and broader finances.

Lloyds also offers private banking for clients with at least £250,000 in savings or investments, or a Lloyds mortgage of typically £750,000 or more. This may be more relevant for some larger mortgage borrowers than the standard Lloyds Premier account.

These products are separate from our Halifax Premier large loan team, and any applications for these products will be processed as normal; i.e., only applications for loan amounts of £500,000 and above will be processed by our contacts at the Halifax Premier team.

Is Lloyds Premier worth it?

Lloyds Premier may be worth considering if you meet the eligibility requirements, will use the benefits and want a more premium banking service. It may be particularly useful for high earners who want health, lifestyle and cashback benefits in one account.

It may be less useful if you are only opening the account because you think it will guarantee a mortgage. It will not. Mortgage approval depends on lender criteria and affordability.

How do you open a Lloyds Premier Bank account?

To open a new Lloyds Premier current account, customers should be directed to the Lloyds Premier website. The customer would need to receive their new current account sort code and account number before a mortgage application. Once the account is open, Trinity Financial's brokers will gain access to lower mortgage rates and be able to submit the mortgage application via our online broker portal. 

What other banks offer premier accounts?

Several major UK banks offer premier or premium banking services. Here is our recent Barclays Premier vs HSBC Premier comparison blog.

Bank	Premier account or service	Typical eligibility
Lloyds	Lloyds Premier	£5,000 monthly pay-in or £100,000 eligible savings/investments for fee refund
HSBC	HSBC Premier	£100,000 income, £100,000 savings/investments, or qualifying Premier status in another country
Barclays	Barclays Premier	£75,000 income paid into a Barclays account or £100,000 savings/investments
NatWest	NatWest Premier	£100,000 sole income, £120,000 joint income, £100,000 savings/investments or £500,000 mortgage borrowing
Santander	Santander Select	£5,000 monthly income or £75,000 savings/investments/current account balances, although some Select products may no longer be open to new customers

 

Lloyds Premier vs HSBC Premier vs Barclays Premier

HSBC Premier is often popular with international clients because HSBC has a strong global banking network. It may be useful for borrowers with overseas income, international relocation needs or accounts in more than one country.

Barclays Premier can be attractive for higher earners, especially those who want access to Barclays’ Premier mortgage options, enhanced support and wider banking benefits.

Lloyds Premier may appeal to clients who already bank with Lloyds or want a premium current account with lifestyle, health and cashback benefits.

NatWest Premier and Santander Select may also be useful for borrowers who already have strong relationships with those banks.

Aaron Strutt, Product Director at Trinity Financial, says:

“More of the big lenders are targeting high net worth borrowers buying homes or remortgaging, and they are doing it by offering current account perks, cheaper mortgage rates or higher mortgage income multiples. Lloyds has just announced that the Halifax brand will be withdrawn and phased out in favour of Lloyds. As part of this process, they have given brokers like Trinity Financial access to the premier bank account products, which should be lower. Historically, many people have not been keen to move their banking as part of a mortgage application, but it is now a more attractive option than it used to be. 

“For larger mortgages, the key is comparing the market in general to get the most competitively priced rates, especially if your financial situation is relatively straightforward. HSBC Premier, Barclays Premier, Lloyds Premier, NatWest Premier and Santander Select all have different strengths, but the best mortgage lender is the one that offers the right rate, loan size and criteria for the client’s circumstances.”

Why speak to Trinity Financial?

Trinity Financial’s brokers regularly help high earners, professionals, business owners and large-loan borrowers compare mortgage options from Lloyds, HSBC, Barclays, Santander, NatWest and other leading lenders.

Call Trinity Financial on 020 7016 0790, book a consultation, or complete our mortgage questionnaire or book an appointment 

The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

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