Lloyds Bank

Lloyds current accounts for January 2022

Take a look at Lloyds' full range of current accounts – some of which even pay interest on your balance.

4.1 ★★★★★ (248 reviews) Write a review
Finder rating
★★★★★
Expert analysis
Customer rating
★★★★★
Satisfaction survey
Comprehensive account and app features
High overseas card use fees outside of the EEA

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.

Compare Lloyds current accounts

Name Product Ratings Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0%
N/A
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0%
39.9% EAR variable
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£21 per month
No minimum funding requirement
0%
N/A
Free travel accident insurance – covers account holder, partner and dependent children up to 18 years old.
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£3 per month (Account fee waived if account credit with at least £1500 per month).
No minimum funding requirement
0.6%
N/A
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£3 per month (Account fee waived if account credit with at least £1500 per month). £21 per month
No minimum funding requirement
0.6%
N/A
Free travel accident insurance – covers account holder, partner and dependent children up to 18 years old.
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0%
N/A
The linked savings account will earn 1% AER/gross variable interest on balances of £1 to £1,000.
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0.5%
N/A
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0.5%
N/A
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0%
39.9% EAR variable
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.
View details
Lloyds Bank
Finder score
★★★★★
★★★★★
User survey
★★★★★
★★★★★
£0
No minimum funding requirement
0%
39.9% EAR variable
Everyday Offers - Earn up to 15% cashback from selected retailers when shopping with a Lloyds Bank credit or debit card.
Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.
View details
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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 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 £19 a month in return for a full range of insurance benefits.
    Learn more about premium current accounts

  • Student 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

  • 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.

    Learn more about business accounts

Pros and cons 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.
  • 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.
  • Poor customer service scores. Just over three quarters (76%) of customer reviews posted to the site Trustpilot give the bank a “bad” rating.

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.

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 are not for you, you can also compare other current accounts here.

Frequently asked questions

Banking ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

The customer satisfaction score ("Customers say") is based on a survey of 2,282 customers carried out in December 2021.

Learn the details of our methodology and scoring.

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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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