We say
★★★★★
Finder expert rating
★★★★★
Finder expert rating
You say
★★★★★
Customer satisfaction
★★★★★
Customer satisfaction
Pretty good mobile experience
Not the best in any field, fairly standard experienceLloyds current accounts for July 2020
Take a look at Lloyds' full range of current accounts – some of which even pay interest on your balance.
Pretty good mobile experienceNot the best in any field, fairly standard experienceWhat's in this guide?
It was also “highly commended” in Finder’s Banking Customer Satisfaction Awards, for the “high street bank” category, which means that a good chunk of its current account customers are happy with it and would recommend it to a friend.
Starling Bank: award-winning banking on your mobile
Types of current accounts from Lloyds
Here’s a list of the types of current accounts that Lloyds has to offer. As you can imagine, there’s one for every need, from children who are just starting their personal finance journey to fully established professionals.
Reward and incentive accounts
With Club Lloyds, you get a 1.50% annual interest rate on balances up to £5,000. If you pay in at least £1,500 a month, there’s no monthly fee. However, if you’d rather get a more straightforward cash reward directly when you switch, you can compare incentive account options on Finder.
Learn more about reward and incentive accountsPremium accounts
Unlike most premium accounts, Lloyds’ Platinum account doesn’t have strict eligibility criteria. Most people can get it, but it does cost £19 a month in return for a full range of insurance benefits.
Learn more about premium current accountsStudent accounts
Lloyds’ student account is a solid option that offers up to a £1,500 fee-free overdraft to make your tight budget a bit more flexible. However, it offers no extra benefits, so you may want to compare alternatives to see if you can secure a free railcard or an Amazon Prime membership too.
Learn more about student accounts
Children’s accounts
Lloyds’ children’s account treats your kids with a little interest rate on their balance, and is an effective tool to teach them how to manage their money, starting from when they’re as young as 11.
Learn more about children’s accounts
The benefits of banking with Lloyds
- Rewards. Aside from paying interest on balances, Lloyds also has a decent rewards programme that lets you earn cashback when you shop at selected retailers. All current account holders can register for it.
- Multiple ways to bank. As is usual with big banks, with Lloyds you can stay on top of your current account using the mobile app, online, on the phone or in person.
- Mobile banking app. It’s a straightforward and clean app, although it doesn’t come with loads of features. But Lloyds is gradually improving it – push notifications have just been added.
- Global acceptance. Lloyds debit cards are on the Visa network, so you don’t have to worry about acceptance, even if you go abroad.
- Round the clock assistance. Lloyds’ customer service phone line is open 24/7, so there is always someone available to help you deal with whatever emergency you’re having – even at 3 am.
- A full range of financial products. Mortgages, loans, credit cards, you name it. If you prefer concentrating all your banking stuff in the same financial institution, a big bank is a smart choice that will give you many different products to choose among.
Opening an account with Lloyds
To open an account with Lloyds, you’ll have to provide the following information:
- How much you expect to pay in each month
- Your employment status
- Your salary details and any assets you have
- Your nationality/citizenship
- Your residency status/tax residence status
- Proof of identity (passport, driver’s licence)
You can open a Lloyds account online or by visiting a branch.
Why should I compare current accounts anyway?
How often do you pay your bills, do your grocery shopping, tap your card to enter the tube, buy a pint? Each time you do one of these things, you are in fact using your current account. Since you rely on it so often, you may as well spend some time picking an account that works well for you.
Moreover, current accounts aren’t all the same. Some offer juicy rewards, others are especially convenient if you travel a lot. Compare options and hopefully, you’ll find one that fits you and your needs.
What about digital banking?
Monzo, Starling, Revolut and a bunch of similar companies have been trying to change the way we approach banking by offering fee-free current accounts that can be opened in a few minutes from your smartphone.
They don’t offer loads of rewards and options, but they’re great if you travel a lot because they don’t charge any fees for using the card abroad. They also come with colourful and slick mobile apps that are packed with useful features. Head to our digital banking section to learn more about it.
Frequently asked questions
Read more on this topic
-
Current accounts: A to Z listing of banks and building societies Looking for a current account? Compare current accounts with this A to Z listing from the UK's best-known banks.
-
Nationwide overdraft charges: higher interest rate on arranged overdrafts applies from today Nationwide is increasing its charges on arranged overdrafts in response to the regulator's decision to make fixed overdraft fees illegal.
-
Graduate bank accounts What happens to your bank account once you graduate? What's the best overdraft deal you can get? Learn all you need to know about graduate bank accounts.
-
Packaged bank accounts A packaged bank account is the fastest way to get travel insurance, mobile insurance and breakdown cover all in one go. But is it the cheapest?
-
Current accounts with rewards From cashback on your shopping to interest on your current account balance, treat yourself to the top current accounts available on the market.
-
Current accounts for people with bad credit Having bad credit isn't ideal, but at least when it comes to bank accounts, you have a range of options. We've explored them to help you find the best one.
-
International bank accounts Moving out of the country? Planning an investment abroad? An international bank account may solve your problems if you find the right one.
-
Bank accounts for kids All you need to know about current accounts for under 18s, from why they can make a good educational choice to what you need to open one.
-
Current accounts with overdrafts Learn all you need to know about your current account's overdraft, from costs and fees to how to apply for one.
-
Joint bank accounts Ready to take the plunge and open a joint current account with your other half? Learn how they work, how to open one and what happens if you split up.