Finder rating
★★★★★
★★★★★
Expert analysis
Customer rating
★★★★★
★★★★★
Satisfaction survey
Comprehensive account and app features
High overseas card use fees outside of the EEA
Lloyds current accounts for January 2023
Take a look at Lloyds' full range of current accounts – some of which even pay interest on your balance.
A Lloyds current account comes with all the pros you can expect from a major UK bank: a well-organised network of branches, all kinds of related financial products, customer service and top-level security.
Compare Lloyds current accounts
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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 between £4,000 to £5,000, and 0.60% on balances up to £3,999.99. 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 £21 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. It also offers cashbak on certain purchases but no freebies, 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 accountsChildren’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.
Business accounts
Choose from the Lloyds business account for small businesses and start-ups (providing your estimated turnover is under £3 million in the next 12 months), or a business account for larger businesses. Lloyds also offers accounts for schools and community groups, plus business accounts for professional practices including solicitors, accountants, insurance brokers and estate and managing agents.
Lloyds current account customer reviews
Lloyds was ranked fourth out of 18 current account providers in our independent 2023 customer satisfaction survey. Its users gave the brand 5 out of 5 stars and 88% said they’d recommend the current account service. Its users highlighted the decent choice of accounts, a strong mobile app and friendly branch staff. Here’s what some of those Lloyds customers had to say in our survey:
“Easy access to all Lloyds accounts via easy to use app, great extras and don’t ever have any problems month to month”
“Good banking app, friendly staff – does the job”
“Friendly service and support. Helpful and understanding.”
On the Apple App Store, Lloyds Bank scored 4.8 out of 5 stars from over 1.6 million reviews. On the Google Play Store, Lloyds has scored 4.7 out of 5 stars, from a total of 284,000 reviews (last updated, January 2023).
Pros and cons of banking with Lloyds
Pros
- 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.
Cons
- Packaged accounts are pricey. Lloyds’ packaged account options have relatively high monthly costs, with its Platinum account costing £21 a month in account maintenance fees.
- International transfers are also pricey. If you anticipate sending money abroad from your Lloyds account, you may incur a transfer fee.
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.
Our verdict
Lloyds Bank offers a great reward system with its current accounts. If you want to earn rewards for spending, these accounts could suit you well. If Lloyds’s current accounts aren’t for you, compare other current accounts in our full comparison guide.
Banking ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
The customer satisfaction score ("Customers say") is based on a survey of 2,944 customers carried out in December 2022.
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.
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