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. Lloyds Bank often runs switch incentives where customers can earn a switching bonus when they open a new current account with the bank and close down another account held elsewhere.
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 an annual interest rate on your balance, plus other lifestyle benefits. Meanwhile, if you pay in the minimum required amount, Lloyds will waive your monthly fee. 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 accounts
Premium accounts
Unlike most premium accounts, Lloyds’ Platinum account doesn’t have strict eligibility criteria. Most people can get it, but it does cost a monthly fee in return for a full range of insurance benefits. If your account balance falls below a set amount, you may be subject to a higher account fee. Learn more about premium current accounts
Student accounts
Lloyds’ student account is a solid option that offers an interest-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 a cash welcome incentive 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.
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.
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 low fees and good customer service. Here’s what some of those Lloyds customers had to say:
“Lloyds are really helpful. Whenever I have needed assistance Lloyds have been fairly quick in dealing with enquries”
“Lloyds are very good with interest rates and reward customer loyalty with cash back. I feel happy to have put my savings there”
On the Apple App Store, Lloyds Bank is rated 4.8 out of 5 stars from 1.9 million reviews. On the Google Play Store, Lloyds is rated 4.6 out of 5 stars, from 317,000 reviews (February 2024).
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.
Customer service information for Lloyds
Email support
Telephone support
In-app or live chat
Contact form
Branch support
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 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.
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.
Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
Nick Renaud-Komiya has been a writer and reporter for nine years, covering a range of consumer issues from energy suppliers to banking and mortgage issues. He enjoys helping people take control of their personal finances and better understand their consumer rights. Nick’s consumer writing and money journalism has been featured in a range of outlets including MoneySavingExpert.com, The Sunday Mirror, The Independent and Money.co.uk. Outside of work Nick enjoys cooking and collecting old David Bowie merch. See full bio
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