Lloyds Business Bank Accounts

Lloyds logoNew UK business customers starting new companies receive an introductory period of 18 months where there are no charges for daily transactions. Existing companies can switch to Lloyds and enjoy six months fee free banking.

Once the introductory period has ended, you'll be placed onto their regular charging structure.

Features and Benefits

What can you expect from this account? Below is a summary of the features new customers receive.

  • Free banking period for 18 months.
  • Internet banking access currently used by over 200,000 UK companies.
  • Customer services over the telephone 24 hours a day.
  • Sage business planning downloadable software.
  • Business Toolbox 30-day trial.
  • Support from your own personal relationship manager.
  • Apply online or over the telephone.
  • Only available for new start-up companies.
  • Businesses switching to Lloyds receive six months with no charges.
  • All new accounts are available for businesses with a turnover up to £15 million.

The Business Extra Account

Once the 18 month or six month introductory period has finished, you'll be placed onto the Business Extra Tariff, which has standard rates for every day transactions.

This is the standard tariff option which attracts a £5 per month account maintenance fee. All transactions will then incur a charge as follows:

  • Monthly maintenance charge of £5.
  • Bill payments 40p.
  • Cheques paid 65p.
  • Standing orders 40p.
  • Cash paid in at local branches 0.57% of the total.
  • Credit interest paid at 0%. Although this account is an interest-earning product, the credit value is currently 0%. Other options are available if you anticipate large cash balances.

Lloyds home screen
Internet banking home screen showing current balances of all accounts.

Lloyds statements
Online account balances and transactions.

The Lloyds Electronic Business Tariff

For those companies only requiring basic banking services, the electronic based tariff offers low fees with full management.

The electronic tariff works well for those businesses that have the majority of transactions through electronic means such as direct debits and BACs payments.

  • Monthly account fee £5.
  • Automated bill payment or BACs receipts 0p.
  • Cheques paid into the account 65p.
  • Standing orders and direct debits 0p.
  • Branch cash deposits incur 0.89% of the total transaction.

The cheque charging structure is the same as other products with the main increase added for cash being paid into local branches. If you don't have physical cash that requires depositing in a branch, then these charges won't apply.

Other Services

Lloyds offer various consolidation or third party bank accounts for associations or special circumstances. These include clubs, societies, charities, schools, credit unions, client call accounts or Sharia approved Islamic accounts. Private banking services are available to those with higher turnovers and demands.

More about the Lloyds Banking Group

The Lloyds banking group is the umbrella company for many organisations. The UK Government currently own 24.9% of the shares since the so called "Credit Crunch" in 2009.

The companies and subsidiaries in the group include HBOS, TSB, Black Horse, Car Select, Cheltenham and Gloucester, Scottish Widows, Birmingham Midshires and Halifax Bank of Scotland group.