Lloyds business bank account comparison and review
A business account with Lloyds can work for you if you want the support of a big bank, and it's free for the first few months for small businesses.
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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.
Depending on what your business does and how long it’s been operating, you can choose among three types of business accounts:
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:
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.
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:
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).
Email support | |
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Telephone support | |
In-app or live chat | |
Contact form | |
Branch support |
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.
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
To find out more, read our full methodology.
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