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Published 12 October 2022

Lloyds Bank Business Account Review: Pros, Cons & Features

Read our review of Lloyds Bank business accounts, including pros, cons and key features.

Many or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.

Lloyds Bank business account: at a glance

Lloyds Bank is a UK bank with a high street presence across England and Wales. Its business accounts are available to small and large organisations, as well as to start ups and charities.

Lloyds Bank currently offers a variety of tariffs to suit businesses at different stages of growth. Additionally, fee-free banking for the first 12 months may be available for new business customers with an annual turnover under £3 million.

Find out more about Lloyds Bank business accounts, including the features that may suit your business.


Lloyds Bank Small Businesses and Start-ups Account

  • Monthly Fee
  • Card Purchase Fees
  • Bank Transfer Fees
  • Offer
    12 months’ free day-to-day business banking for new businesses
Learn More

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Learn more about how we bring you our review.

Lloyds business account pros & cons 


  • You can access the account online, via the mobile app, over the phone and in a branch.
  • Deposits may be protected by the Financial Services Compensation Scheme (FSCS).
  • You can pay in cash and cheques at a branch or at the Post Office.
  • Lloyds has branches in England and Wales for in-branch support.


  • This account has a monthly fee (after an introductory period, if applicable).
  • There are no Lloyds branches in Scotland or Northern Ireland.
  • It can take up to six weeks to open a business account.

These pros and cons are based on a survey of UK business owners on what they found important when selecting a range of business products, conducted by NerdWallet in December 2022.

Lloyds Bank business account key features

Lloyds Bank business account full review

Lloyds Bank is a UK banking provider that has been around for over 250 years. It serves both personal and business customers face to face at its branches across England and Wales, as well as digitally and over the phone. 

There are Lloyds Bank business accounts designed for small businesses, start ups and larger businesses, plus client accounts and accounts for charities.

We’ve gathered everything you might want to know about Lloyds Bank’s business accounts below.

Monthly fee£7 (small businesses and start ups; after introductory, fee-free period, if applicable)
£15 (Business Extra tariff)
£20 (Electronic Business tariff)
Transaction feesYes (for some transactions)
Account managementOnline Via mobile app
Over the phone
At a branch
FSCS protectionYes 
Potential for same day set-upNo
Cash depositsYes (at a branch or Post Office)
Cheque depositsYes (at a branch or Post Office)
Access to other banking services, such as business loans and credit cardsYes
Integration with accounting software and toolsYes
International paymentsYes
Customer serviceOver the phone
At a branch
Multiple user accessYes
Trustpilot rating1.6 out of 5 (as of 6 March 2023)

Lloyds Bank business account features

The following sections provide some important information about the key features of Lloyds Bank business accounts.

Business account fees

The standout criteria for business owners when looking for a business account is the monthly fee, according to half of the business owners NerdWallet surveyed, who chose it as one of their top three criteria.

The price of a Lloyds business account depends on which account your business is eligible for:

There are also accounts for schools and community groups, as well as client accounts for professions such as solicitors and accountants.

Below, we take a look at the cost of Lloyds Bank accounts for small businesses, start-ups and larger businesses.

Monthly fee

Lloyds Bank accounts for small businesses, start ups and larger businesses all have a monthly fee.

The small business and start ups account costs £7 per month. Currently, this may be waived for the first 12 months if you’re a new Lloyds Bank business customer.

The larger businesses account monthly fee varies depending on the tariff you choose. There is the Electronic Business Tariff, which costs £20 per month for businesses regularly making electronic transactions, and the Business Extra Tariff, which costs £15 per month for businesses who only make a small number of transactions a month.

Day-to-day business banking transaction charges 

In addition to the monthly fee, there are transaction charges for certain everyday banking activities with a Lloyds Bank business account. 

These fees can vary depending on the size of your business and the tariff you’re on.

TransactionBusiness account for start ups and small businessesBusiness Extra Tariff (larger businesses)Electronic Business Tariff (larger businesses)
Standing orders and direct debitsFree37pFree
Debit card paymentsFree37pFree
ATM cash withdrawals in the UKFree37p (Free at a Lloyds Banking Group ATM)Free
Debits and credits via internet bankingFree37pFree
Debits and credits over the phoneFree37pFree
Faster PaymentsFree37pFree
Automated creditsFree37pFree
Bulk payments via internet banking Free37pFree
Cash payments in£1 per £100 (first £1,500 each month)
90p per £100 (after first £1,500 each month)
90p per £100 (at a branch counter)
75p per £100 (at a deposit machine in branch)
£1.40 per £100 (at a branch counter)
£1 per £100 (at a deposit machine in branch)
Cash payments out£1 per £100 (first £1,500 each month)
90p per £100 (after first £1,500 each month)
90p per £100 (at a branch counter)£1.40 per £100 (at a branch counter)
Cheque payments in85p each75p (at a branch counter)
25p (via mobile app, digitally or deposit machine in branch)
90p (at a branch counter)
30p (via mobile app, digitally or deposit machine in branch)
Credit in85p85p (at a branch counter)
70p (via mobile app or deposit machine in branch)
85p (at a branch counter)
80p (via mobile app or deposit machine in branch)

Other fees

There may be additional fees to consider, such as for international transactions, for example. These fees apply across all tariffs, and other charges may apply depending on the nature of the transaction. More details can be found on the Lloyds Bank website, or by contacting the bank directly.

International payment via internet banking£15
Non-urgent payment in euros, in a branch (SEPA)*£19
SEPA* payment via internet banking£5
SEPA* direct debitFree
International electronic payments in (up to £100)£2
International electronic payments in (over £100)£7

  * The Single European Payment Area (SEPA) consists of the EU Member States, plus Iceland, Norway, Liechtenstein, Switzerland, Monaco and San Marino. You can find more information on the Lloyds Bank website.

If your business trades abroad frequently, you may be able to open a foreign currency account with Lloyds separate from your standard business account. You can contact Lloyds Bank for more information.

Easy account access

Business owners want to be able to access their account easily, according to NerdWallet’s survey; easy account access was ranked second most important out of 10 criteria. 

You can access a Lloyds Bank business account online through internet banking, via the Lloyds Bank business banking mobile app, over the phone and in a branch.

There are Lloyds Bank branches across England and Wales where you can manage your account. While there are no Lloyds Bank branches in Scotland, you may be able to open an account with the Bank of Scotland (which is part of the Lloyds Banking Group) instead. Additionally, Lloyds Bank customers in Scotland can complete basic banking tasks at a Bank of Scotland branch, though for more complex requests you will need to go to a Lloyds branch. There are no Lloyds branches in Northern Ireland. 

Account set-up

A quarter of business owners feel that the ability to set up an account fast is an important criteria for a business account, according to our survey. 

According to Lloyds, an application can be completed in 20 minutes. However, it can then take up to six weeks to process your application and open your business account. This may not appeal to business owners looking to get set up immediately. 

Additionally, if you currently have a business account with another provider, it is possible to switch to Lloyds Bank via the Current Account Switch Service as long as your bank has signed up to the scheme. You can switch all payments and your bank balance to another provider in seven working days, provided you meet the service’s eligibility criteria.

FSCS protection

Deposit protection through the Financial Services Compensation Scheme (FSCS) is the third most important criteria for business owners looking for a business account, according to our NerdWallet survey.

Lloyds Bank is a UK-authorised bank, so your business’s deposits held with this provider may be protected up to £85,000. If the bank were to fail, you would be automatically compensated up to this limit. 

It’s important to remember that all accounts you hold with a bank share the same limit. If you are a sole trader with both a personal and business account with Lloyds, the £85,000 limit would apply across both accounts. However, if you run a limited company, it’s seen as a separate legal entity to you. Your personal and business account with Lloyds would therefore each have an £85,000 limit.

It’s also worth noting that this limit applies across all accounts held with providers that share a banking licence. Lloyds Bank, Mayfair Private Banking, Lloyds Bank Private Banking and Scottish Widows Bank all share a licence, so would be covered jointly under one £85,000 limit.

Although both banks are part of the Lloyds Banking Group, Lloyds Bank and the Bank of Scotland do not share a banking licence and therefore have separate FSCS limits. 

Mobile phone app

The ability to manage a business account via a mobile app is key for business owners according to our survey; access to a mobile app ranked fourth most important out of 10 criteria.

The Lloyds Bank business banking app is available on iOS and Android. You can use it for transactions such as making payments, paying in cheques and transferring money between your accounts.

Customer service

You can contact Lloyds Bank’s customer service team in the following ways:

Lloyds customer service does not operate 24 hours a day, seven days a week. However, our survey found that this is not a major concern for business owners looking for a business account. 24/7 customer service ranked joint ninth alongside international banking facilities. 

Customer reviews

Lloyds Bank has received mainly negative reviews on Trustpilot. It’s worth noting that these may come from both personal and business customers. 

The Lloyds business banking mobile app fares better among Android and Apple users.

This information is correct as of 6 March 2023.

Lloyds business account eligibility

The eligibility criteria for a Lloyds business account varies depending on which account you want to apply for.

For a small business or start up account, you must:

For a bank account for larger businesses, you must:

Larger businesses can be new or existing Lloyds Bank business customers.

How to choose a Lloyds business account

There are a number of questions that you may want to consider when choosing whether to open a Lloyds Bank business account or when comparing other providers:

How to apply for a Lloyds business account

To open a Lloyds business account, you’ll need to follow these steps:

  1. Apply online.
  2. Submit proof of ID and address.
  3. Wait for approval.

Apply online

As well as meeting the eligibility criteria, you will likely need to provide Lloyds with the following information, including:

Once you have everything to hand, you can apply online or in a branch, simply following each step of the process.

Submit proof of your identity and address

Alongside your application, you will need to submit proof of your identity and residential address.

To prove your identity, you may need to provide one of the following:

To prove your residential address, you can use a document such as:

Wait for approval

After you have submitted your application, it will be reviewed and you will be contacted if the bank needs any other documents or information from you.

It can take up to six weeks from submitting your application to opening your business account; on average it takes six days, if no extra information is needed.

Review methodology

At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.

You can view our review methodology here.

About the Authors

Connor Campbell

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…

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Kristina Fox

Kristina was a writer at NerdWallet who focused on writing finance content for small businesses, as well as young people and students. A recent graduate trading French for finance, she…

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