In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

Lloyds Classic current account review

  • Rachel Wait's headshot
Lloyds Classic Account
Incentive
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
Account fee
£0
Interest (AER)
0% AER
Overseas card transactions
Europe: 2.99% plus flat fee of £0.50.
Elsewhere: 2.99% plus flat fee of £0.50
Representative example
If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.

Our verdict

Looking for an everyday bank account? Find out what the Lloyds Classic account has to offer.

If your banking needs are fairly straightforward and you're after a simple, everyday bank account, the Lloyds Classic account is certainly worth exploring. We picked the Lloyds Classic account as the best account for payment features overall. This is because of its high cashback rates, strong branch network and ability to make and receive international payments.

However, there are also many other everyday bank accounts that are worth comparing first to make sure you're happy with your decision. If you need an overdraft, for example, the Halifax current account offers a 6-month interest-free overdraft for new customers.

Check out our guide to best bank accounts for more information.

Pros

  • No monthly fee
  • Earn cashback on spending
  • Overdraft available
  • 24/7 banking
  • FSCS protection

Cons

  • Interest charged on overdraft
  • No interest paid on balances
  • Limited account features

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

Details

Product overview

Account name Classic
Incentive
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
Provider Lloyds Bank
Account fee £0
Interest (AER) 0% AER
ATM withdrawal limit £800
Debit network Visa
Card type Cash / Debit
Minimum eligibility age 18 Years
Minimum operating balance £1
Minimum opening balance £1
Direct debits
Current account switch guarantee
Cheque Book

Fees

Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) 2.99%
Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) 2.99%
Foreign cash transaction fee in Europe £1.50.
Foreign cash transaction fee in rest of world £1.50

Overdraft information

Arranged overdraft available
Arranged overdraft rate 39.9%
Overdraft Grace Period 14:30 same day
Representative example If you use an arranged overdraft of £1,200, you'll be charged interest at 39.9% EAR variable.

Lloyds Bank was established in Birmingham in 1765. It is a British retail and commercial bank with branches throughout England and Wales. In 2009, it became the principal subsidiary of Lloyds Banking Group, which was formed by the acquisition of HBOS by Lloyds TSB Group.

This review takes a detailed look at the Lloyds Classic current account.

What is the Lloyds Classic current account?

The Lloyds Classic current account enables you to carry out all of your everyday banking transactions with no monthly fee.

You can manage your account 24/7 and it comes with a contactless Visa debit card. The account can be opened on an individual or joint basis.

How does it work?

With the Lloyds Classic account, you’ll be able to enjoy the following key features:

  • No monthly fee. There’s no monthly maintenance fee for this account.
  • Instant access to your money. 24/7 mobile, Internet and telephone banking are available, or you can head to your nearest branch.
  • Cash withdrawals. You can withdraw up to £500 a day from any cash machine in the UK.
  • Text message alerts. You’ll get alerts sent straight to your phone so you can keep track of your finances.
  • Everyday Offers. Sign up and you’ll get up to 15% cashback when using your debit card at selected retailers.
  • Arranged overdraft. You can apply to add an arranged overdraft to your account. Interest is charged at 39.94% EAR (variable).

Who is it for?

To be eligible for the Lloyds Classic account, you will need to be at least 18 years old and a UK resident. It could suit anyone looking for a simple bank account with no monthly charges.

What are the benefits?

Some of the main benefits of this account include the lack of a monthly fee, the option to apply for an overdraft and the chance to earn cashback on some of your spending.

How does it compare with other popular banking apps?

Product UKFSA-CUR Finder Score Account fee Interest (AER) Overseas cash withdrawals Overseas card transactions Switching deals benefits Incentive Smallprint Link
Finder score
Free
0%
Europe: 2.99% conversion fee plus a cash fee of £1.50.
Elsewhere: 2.99% conversion fee plus a cash fee of £1.50
Europe: 2.99% plus flat fee of £0.50.
Elsewhere: 2.99% plus flat fee of £0.50
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
More Info
Finder score
Free
0%
0% Mon-Fri (max. £1,000 per month) conversion fee plus cash fee of £0 up to £200 per month
0% Mon-Fri (max. £1,000 per month)
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
Go to site More Info
Chase Current Account
Finder AwardOffer
Chase logo
Finder score
Free
0%
0%
0%
Receive 1% cashback on everyday debit card purchases capped at £15.
18+, UK residents. Cashback available for your first 12 months for new customers. Max £15 per month. Cashback exceptions apply.
Go to site More Info
Monzo Free Account
Finder Award
Monzo logo
Finder score
Free
0%
0% conversion fee plus cash fee of 0% on up to £400 per 30 days (3% thereafter)
0%
Monzo Instant Access Savings Pot earns you 3.60% AER interest (variable), paid monthly into the Pot you create.
Go to site More Info
Finder score
Free
3.25%
£0
£0
Starling Bank are removing the interest rate from their personal and joint current accounts on 10 February 2025.
Go to site More Info
first direct 1st Account
Finder AwardOffer
first direct logo
Finder score
Free
0%
0%
0%
Switch to a 1st Account and get £175*. Requires credit check. New customers only and T&Cs apply.
*Within 45 days of your account opening you need to switch to first direct using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments and log in to digital banking. New customers only, who haven’t previously held a first direct product.
Go to site More Info
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Finder Score for bank accounts

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Read the full methodology

How to apply

If you’re an existing Lloyds customer, you can apply for the Classic account through Internet banking.

If you’re a new customer, you can apply online and you should get a decision within 10 minutes. You’ll need to provide some details about yourself, including your name, address and date of birth as well as proof of identity such as a UK passport or driving licence. In some cases, you may have to provide proof of address.

Is it safe?

Yes, Lloyds is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person or up to £170,000 for joint accounts.

Our verdict: Is the Classic current account from Lloyds Bank worth it?

If your banking needs are fairly straightforward and you’re after a simple, everyday bank account, the Lloyds Classic account is certainly worth exploring.

However, there are also many other everyday bank accounts that are worth comparing first to make sure you’re happy with your decision. If you need an overdraft, for example, the Halifax current account offers a 6-month interest-free overdraft for new customers.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Frequently asked questions

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