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.
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What types of business accounts does Lloyds offer?
Depending on what your business does, you can choose among the following types of business accounts:
Current accounts for small businesses. For businesses whose estimated annual turnover is £25 million or less. There’s no account fee for 12 months.
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.
Current accounts for credit unions. These accounts offer a package of banking services especially for community credit unions. There are no monthly account fees.
Lloyds business accounts charges
For the main business account, there is no monthly fee for the first 12 months, but after this you pay £8.50 a month. Certain transaction fees also apply:
Cash fees. Charges apply to cash paid in or out of the account.
Electronic payments out. The first 100 payments are free each month, before a fee applies.
Sending money abroad. You’ll pay a fee for international transactions.
Cheque fee. Both for emitting or depositing them.
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.
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.
No account fee for the first few months. This 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.
Free accounting software. Business Finance Assistant is free to Lloyds business account holders, helping with cash flow, VAT returns and more.
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 Monday to Friday, 7am to 8pm, and Saturday, 9am to 2pm).
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
Is Lloyds Making Tax Digital (MTD) compliant?
Like many of its competitors, Lloyds Bank is in the process of launching an accounting tool that will help businesses comply with Making Tax Digital (MTD) rules.
The tool will be available for free to business account holders and will enable them to keep digital records, send quarterly updates about their income and expenses, receive up-to-date tax estimations and file their year-end declaration.
As a result, sole traders and landlords won’t need to worry about paying a third-party software provider to help them meet the new MTD requirements. There are other business banking providers such as Tide that are MTD ready.
What do customers say about Lloyds Bank?
73% of customers we surveyed in 2026 would recommend Lloyds Bank to a friend.
It offers comprehensive packaged accounts that provide good value and support for growing businesses. Many customers are satisfied with the seamless transactions and the reliability of keeping their funds with a major high-street name.
However, criticism is notable regarding high fees, occasional overly sensitive fraud blocks (such as when using eBay), and a setup process that some found confusing and requiring multiple contacts to resolve.
AI-generated summary from the text of customer reviews on Finder.
Pros and cons of a Lloyds business account
Pros
No monthly account fee for first 12 months 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 most businesses, but you’ll have to still pay some transaction fees.
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.
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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.
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By switching your business bank account, you may be able to reduce your monthly fees or take advantage of different features like smart bookkeeping tools.
Is Tide’s current account for businesses right for your company? We take a closer look at all of the fees and features of a Tide account.
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