Lloyds joint accounts

If you want to open a joint account with a high street bank, take a look at Lloyds.

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By

Rachel Wait

Edited by

Kate Steere

Updated

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As a major high street bank, Lloyds has a large range of joint accounts available. Here’s what it has to offer.

Our verdict: Is a joint account with Lloyds worth it?

Lloyds offers a wide variety of joint accounts, whether you’re after a straightforward everyday bank account to manage your household bills, or you’d prefer an account that offers a range of perks such as insurance policies and rewards.

Most accounts also come with an overdraft, plus you can open a joint savings account too if you want to put cash aside for a shared savings goal.

However, before making any firm decisions, it’s worth comparing these accounts with others on the market first.

Pros and cons of Lloyds joint accounts

Pros

  • Range of joint bank accounts to choose from
  • Joint savings accounts are also available
  • FSCS protection
  • If you apply for a joint packaged account, you only pay one fee but both benefit from the account perks

Cons

  • You'll need to both bank with Lloyds before you can open a joint account
  • Some accounts have a monthly fee

Does Lloyds offer a joint account?

Yes, Lloyds offers a number of joint bank accounts for 2 people. Both account holders get a contactless Visa debit card and both can manage the account through internet banking and the mobile banking app.

You can also apply for a shared arranged overdraft, but remember that as this is a joint account, you will both be responsible for repaying it. That makes it important to carefully consider who you are opening the account with.

As Lloyds has a UK banking licence, your joint funds are protected up to £120,000 per person under the Financial Services Compensation Scheme (FSCS).

Which accounts are joint?

These Lloyds current accounts are all available as joint accounts:

  • Basic Account
  • Classic
  • Club Lloyds
  • Lloyds Premier
  • Club Lloyds Silver
  • Club Lloyds Platinum
  • Silver
  • Platinum

Lloyds also offers joint savings accounts which can be useful if you want to set aside some money to save for a holiday or home improvements.

How do I get a joint account with Lloyds?

The process of opening a joint account with Lloyds depends on your situation:

  • If you already bank with Lloyds and want to add someone to an existing account, you should book an appointment in branch – both of you will need to attend. Note that not all accounts allow you to add another account holder.
  • If you both already bank with Lloyds and want to open a new account, you can do this through online banking or the app.
  • If neither of you banks with Lloyds, or only one applicant does, you must both have another account with Lloyds before you can open a joint account. You can then apply for the joint account online or via the app, or book an appointment in branch.
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To make sure you get accurate and helpful information, this guide has been edited by Kate Steere as part of our fact-checking process.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

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