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.

4.3 ★★★★★ (357 reviews) Write a review
Lloyds Bank

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.

Compare Lloyds’s business accounts

Name Product Account fee Bank transfers Requires credit check Arranged overdraft Accounting integrations Account management Key benefits Business bottom txt Link
OFFER
Business Account For Start Ups
£8.50 per month
(no account fee for the first 12 months)
Free
(First 100 electronic payments out free per month; 20p thereafter)

N/A
Online, app & phone
Digital banking with no account fee for 12 months*. Free accounting software available to business account holders. T&Cs Apply
*After 12 months, there’s a monthly fee of £8.50. Some fees and transaction charges will apply as soon as the account is open. This offer only applies to the business’s first current account.
Free accounting software available to business account holders. You must be registered for Online for Business or Commercial Banking Online. UK based businesses only.
Go to site
View details
School Bank Account
School Bank Account
Free
Free
N/A
Online, app & phone
View details
Treasurers' Account
Free
Free
N/A
Branch, online, app & phone
View details
loading
1 - 13 of 13
Name Product Interest rate and type Interest paid Invest Term Open via Incentive Table product description Apply link
Lloyds Bank – Term Deposit 4.9.25
5.01% AER fixed
On maturity
£10,000 - £5,000,000
04.09.25
Open via: website, telephone
Go to site
View details
Lloyds Bank – 95 Day Notice Account
4.08% AER variable
Daily
£10,000 - £5,000,000
95 days notice
Open via: website, telephone
Go to site
View details
Lloyds Bank – Fixed Term Deposit
3.6% AER fixed
On maturity
£10,000 - £5,000,000
1 year
Open via: website, telephone
Go to site
View details
Lloyds Bank – Fixed Term Deposit
3.57% AER fixed
On maturity
£10,000 - £5,000,000
274 days
Open via: website, telephone
Go to site
View details
Lloyds Bank – Fixed Term Deposit
3.53% AER fixed
On maturity
£10,000 - £5,000,000
182 days
Open via: website, telephone
Go to site
View details
Lloyds Bank – Term Deposit 5.11.24
3.5% AER fixed
On maturity
£10,000 - £5,000,000
05.11.24
Open via: website, telephone
Go to site
View details
Lloyds Bank – 32 Day Notice Account
2.53% AER variable
Daily
£10,000 - £5,000,000
32 days notice
Open via: website, telephone
Go to site
View details
Lloyds Bank – Fixed Term Deposit
2.02% AER fixed
On maturity
£10,000 - £5,000,000
91 days
Open via: website, telephone
Go to site
View details
Lloyds Bank – Commercial Instant Access Account
1.31% AER variable
Monthly
£1 - £999,999
Instant access
Open via: branch, website, telephone
Go to site
View details
Lloyds Bank – Commercial Undesignated Client Account
1.31% AER variable
Monthly
£1 - £999,999
Instant access
Open via: telephone
Go to site
View details
Lloyds Bank – Business Instant Access Account
1.31% AER variable
Monthly
£1 - £999,999
Instant access
Open via: website
Go to site
View details
Lloyds Bank – Commercial Designated Client Account
1.31% AER variable
Monthly
£1 - £999,999
Instant access
Open via: telephone
Go to site
View details
Lloyds Bank – Business Banking Instant Access
1.31% AER variable
Monthly
£1 - £999,999
Instant access
Open via: website
Go to site
View details
loading

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

Banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

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.

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.

More guides on Finder

Go to site