Opening your business account with Lloyds means benefitting from a big network of branches, solid customer support and a variety of related financial products available for your business. For a big traditional bank, the fees aren’t exorbitant either. Let’s take a look.
What types of business accounts does Lloyds offer?
Depending on what your business does and how long it’s been operating, you can choose among three types of business accounts:
Current account for small businesses and start-ups. For businesses whose estimated annual turnover is under £3 million. It comes with 12 months of free banking.
Current account for larger businesses. For business with an estimated annual turnover of over £3 million to £25 million. Account fees will vary depending on which tariff you select.
Current accounts for schools and community groups. These can all benefit from a more favourable deal than regular businesses.
Current accounts for professional practices (e.g. solicitors and accountants). These accounts are for businesses or partnerships that need to hold client money separately from their own funds.
Lloyds business accounts charges
If you have a current account for small businesses and start ups, once your introductory deal is over Lloyds will charge you for its business banking services. Larger businesses and professional practices can also expect the following fees:
Monthly fee. This is fixed and isn’t influenced by how much you use the account.
Cash fees. Charges apply to cash paid in or out in-branch.
Foreign currency transaction fees. If you use your business debit card abroad, you’ll be charged a fee (equivalent to a percentage of the transaction). The fee is higher for ATM withdrawals. Be aware that these fees will apply even during your introductory period of free banking.
Cheque fee. Both for emitting or depositing them.
You won’t be charged for bank transfers, debit card payments or ATM withdrawals in the UK instead.
You can see the full list of charges on Lloyds Bank’s website. How much the fees are will depend on which account you choose and which tariff.
The benefits of a Lloyds business account
Multiple ways to bank. Lloyds offers a decent mobile experience, but its strongest point is still the opportunity to bank in many different ways – on the app, online, on the phone or in person.
A wide range of related financial products available. A business account is the first step, but your business may also need a savings account, a credit card, insurance solutions… Lloyds offers all that, so you can have all your business financial products in the same place.
Free banking for the first few months. Although this only applies to small businesses and startups, this is a good deal. It gives you the opportunity to try Lloyds out and, if you aren’t happy with the service, you can switch before the end of the introductory period.
Solutions to accept card payments available. Cardnet is a Lloyds service that allows you to accept card payments in person, online or on the phone. You can choose between a range of machines and solutions.
Customer service. Lloyds offers dedicated support to its business customers through relationship managers and a business management team. Be aware that lines aren’t open 24/7 (only from Monday to Saturday, at daytime).
How to apply for a Lloyds business account
You can apply online or in person if your business’s turnover is less than £3 million. If it’s more, you can give Lloyds a call instead.
Here’s a basic list of the information and documents you’ll need:
A copy or photograph of your signature.
A UK driving licence or passport.
Personal details, mobile number and email address for everyone connected to the account.
3 years of address history
Your business’s details, including a proof of address
Business registration number
Date and certificate of incorporation
Business turnover and tax information
Previous banking details if you have them and are looking to switch
Lloyds business account customer reviews
In our independent 2024 customer satisfaction survey, 93% of Lloyds’ users said they’d recommend the brand to a friend. Customers highlighted the bank’s great customer service and easy account setup. Here’s what some of those Lloyds customers had to say:
“Set up and approval of my sole trader business account was quick and easy. The Lloyds app is excellent”
“Great customer service and wonderful level of care”
“They provideeasy to use services and the financial advice necessary for our business to expand into new markets”
On the Apple App Store, Lloyds Business banking app scored 4.1 out of 5 stars based on around 3,000 reviews. On the Google Play Store, the app scored 3.6 out of 5 stars, from around 6,300 reviews (February 2024).
Pros and cons of a Lloyds business account
Pros
Free trial available for most small business customers.
Ability to bank online, on mobile, by telephone or in branch.
Dedicated account support from a business management team.
System to take card payments from your customers available.
Option to apply for overdrafts, business loans and credit cards.
Cons
Once the free trial is over there’s a monthly charge.
Other fees apply, such as for depositing cash and cheques or for making international transactions.
Customer service information for Lloyds
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict: Is a Lloyds business account worth it?
If you’re after a well-known high street brand, then it’s worth considering a business bank account with Lloyds. A major advantage here is the ability to bank online, on mobile, by telephone or in branch, which will appeal to those who might not be comfortable with a digital-only bank account from one of the newer players.
As one of the biggest UK banks, you can also take advantage of Lloyds’ ability to offer overdrafts, business loans and business credit cards and charge cards.
There’s also a free trial period for smaller businesses, but you’ll have to stump up the monthly fee, as well as the other banking transaction fees, when it ends.
Get started by visiting Lloyds’s website and sign up for an account. If you have read this review and decided that Lloyd’s account is not for you, you can also compare other business bank accounts on the market.
Frequently asked questions
Lloyds doesn’t offer an accounting software integration for SMEs, but it does offer its own accounting software called Business Finance Assistant. Full details on how this platform works can be found on the Lloyds website.
You’ll need to be at least 18 years old and the director of a partnership or company (or a sole trader).
No, it doesn’t.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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