Lloyds Business Banking Review
Lloyds Bank provides business current accounts for a range of commercial enterprises._ Compare the features of Lloyds Bank's business accounts in the table below.
A familiar sight on the UK’s high streets, Lloyds business banking service offers a range of different accounts. So, whether you are a sole trader or start-up, a company that does all its business online or only completes a few transactions a month, there is a chance Lloyds has a business account for you.
Below, we take a look at the advantages and disadvantages of Lloyds business banking, what features it includes, and how you can open an account.
Pros and cons of Lloyds business banking
Before applying for a Lloyds business bank account, there are a number of factors worth considering.
Pros of Lloyds business banking
- It offers 12 months’ fee-free, day-to-day banking if you are a new business.
- There are multiple tariffs, so you can pick the right option for your specific business.
- Gain free access to the Lloyds Bank Academy, to help grow your business.
- Traditional support in person, via its branches and app, and over the phone.
Cons of Lloyds business banking
- All account types have a monthly maintenance fee after at least 12 months.
- Fees and charges apply for certain business banking transactions and activities, such as depositing cash and cheques.
- There are maximum turnover requirements for each type of business bank account.
We should point out that the charges above are common features in most types of business accounts
What business bank accounts do Lloyds offer?
There are a few Lloyds business banking options, tailored to the needs of different types of businesses.
- Small businesses and start-ups: this account, which also covers sole traders, is for businesses with an estimated turnover of less than £3 million a year, and lending needs of up to £250,000.
- Larger businesses: this account is for businesses with an estimated annual turnover of more than £3 million, and potential lending needs greater than £250,000. It is split into the Electronic Business Tariff, for businesses regularly making electronic transactions, and the Business Extra Tariff, for businesses who only make a small number of transactions a month.
- Schools and community groups: this account is for schools, credit unions, clubs, societies and charities.
- Professional practices: this account is for solicitors, accountants, insurance brokers, estate agents and managing agents who need to hold client money.
How to open a Lloyds Business Account
To successfully open a Lloyds business account, you will first need to meet the bank’s eligibility requirements. In general, you will need to:
- be a sole trader, partner or company director
- be 18 years of age or older
For a Small Businesses and Startups account, you will need to:
- have an annual turnover of less than £3 million
- not already have a Lloyds business account
For a either the Business Extra or Electronic Tariffs, you need to:
- have an annual turnover between £3 million and £25 million
- require the account for business use
As well as meeting the eligibility criteria, you will likely need to provide Lloyds with the following information, including:
- proof of identity, such as a passport or driving licence
- full business and personal addresses, including postcodes
- business and personal contact details, including mobile phone numbers and email addresses
- Companies House registration number
- your estimated annual turnover
- your Lloyds account number (if you already bank with them)
- details of your debit/credit cards
Once you have everything to hand, you can apply online, over the phone, or in a branch, simply following each step of the process.
What features does the Lloyds Business Bank Account offer customers?
While some features may not apply to every Lloyds business account, each comes with an array of benefits aimed at helping you manage and expand your operations. This includes:
- 12 months’ fee-free everyday banking if you are a new business taking out the start up product.
- Support from the Lloyds business management team.
- Manage your finances on the go with the Lloyds business bank app.
- Online guides and other practical business tools.
- Traditional support from staff over the phone, via the app and in branches.
- Potential additional financing, such as business loans, asset finance and overdrafts.
- Potential access to business credit and charge cards.
- Free business debit card with fast depositing function in-branch.
- Business Finance Assistant accounting software to help manage your various business bank accounts, free for three months.
- Larger businesses can get support from a dedicated relationship manager.
- A range of savings and deposit accounts.
- Ability to make international payments in major currencies.
What do other Lloyds Business Account reviews say?
The Lloyds Business Bank app has a number of positive reviews and fares better than general reviews of Lloyds Bank on Trustpilot.
Trustpilot: 1.5 out of 5, based on over 3,000 reviews, with 14% rating it as excellent and 77% as bad.
Apple Store: 4.1 out of 5, based on over 3,000 reviews.
Google Play: 3.8 out of 5, based on over 6,000 reviews.
This information is correct as of 10 October 2022.
Lloyds Bank has a range of options when it comes to business banking, meaning you don’t have to settle for a one-size-fits-all solution.
If you are a start-up, you can benefit from 12 months’ fee-free everyday banking. If you are a larger business, meanwhile, you can choose between the Business Extra and Electronic Business Tariffs, giving you the opportunity to pick a set of charges that reflects how your business operates.
When compared to most challenger banks, Lloyds has a strong bricks-and-mortar presence across the country, while also offering support in person over the phone and via its app. Lloyds is also one of the U.K’s big four banks.
However, you should be aware that all Lloyds business accounts come with a monthly maintenance fee, and that some standard business banking activities carry a per transaction charge.
Lloyds Business Current Account FAQ
What is the Lloyds Business Account?
With Lloyds Bank, there are a number of business accounts available, depending on the size of your business.
Sole traders, start-ups and small businesses with a turnover of less than £3 million a year can open a Small Businesses and Startups Account.
Larger businesses with turnover between £3 million and £25 million a year can pick the Business Extra Tariff and the Electronic Business Tariff.
How does the Lloyds Business Account work?
A Lloyds business account allows you to complete various business banking activities – such as making payments, setting up standing orders, and monitoring your spending – online, in a branch, over the phone and through the bank’s dedicated mobile app.
How long does it take to open a Lloyds Business Account?
Once you have submitted your application, it can take up to six weeks for Lloyds to set up your business account.
Where can I find the Lloyds business banking login and contact details?
If you need help finding your Lloyds business banking details, or using its online services, you can call and they offer textphone services.
These lines are open seven days a week, opening hours vary.
Is there a Lloyds business banking app?
Yes, there is a free Lloyds business banking app. It is called Lloyds Bank Business, and is available on iOS through the Apple App Store, and Android through Google Play.
Does the Lloyds Business Account offer traditional support?
Yes, Lloyds business banking services include traditional support in branches, over the phone and via its app.
Can I pay cash into a Lloyds Business Account?
Yes, you can use a Lloyds debit card to deposit cash at all Lloyds branches, either over the counter or using automatic deposit machines.
Connor is a writer and spokesperson for NerdWallet. Previously at Spreadex, his market commentary has been quoted in the likes of the BBC, The Guardian, Evening Standard, Reuters and The Independent. Read more
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