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:
Lloyds scored 4.5 out of 5 starts in our 2023 customer satisfaction survey, with 94% of users surveyed saying that they would recommend the bank’s business account offering. Its users highlighted the bank’s ‘efficient’ online banking service, decent product range and fair pricing. Here’s what some of those Lloyds business customers had to say in our survey:
“I find that they are always on hand to help, they had great offers when I signed up.”
“They are extremely helpful and the online banking system is very easy to use.”
“Good customer services and no fees.”
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 4 out of 5 stars, from around 6,280 reviews (last updated, June 2023).
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 with Lloyds business accounts, 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.
Our customer satisfaction scores ("Customers say") are based on a survey of 623 customers carried out in December 2022.
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