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 experience
Lloyds current accounts for December 2019
Take a look at Lloyds' full range of current accounts – some of which even pay interest on your balance.
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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.
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.
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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 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.
Updated December 9th, 2019
