One of the UK’s ‘Big Four’, Lloyds Bank is a banking institution with a 250+ year history. Lloyds Bank offers business bank accounts and services for small, medium, and large corporate businesses, including savings, overdrafts, loans, and debit and credit cards.

Lloyds Bank Business Banking Services
Current account
Bank accounts are available for businesses with a turnover of under £3m, £3m-25m, and £25m plus. You can manage your bank account 24/7 online and on the Lloyds app. Accounts cost £6.50 a month, including free electronic payments. Charges apply to other services, including cash withdrawal, and paying in cheques.
Savings account
There are easy access, notice, and fixed term savings accounts available. Customers can save cash for up to 3 years with the fixed account, and notice account holders can withdraw with 32 days’ notice. Interest rates vary depending on account type and amount invested, calculated daily and paid monthly.
Overdrafts
The Lloyds business overdraft is free to set up with a limit of £500-5,000. Interest is charged at 9.75% per year over the Bank of England Rate on overdrafts up to £25,000, there’s also an annual fee of 1.75%. You will only pay interest on the amount you use.
Business finance and loans
A Lloyds Business credit card has an annual fee of £32, and you’ll get up to 45 days interest free on purchases if you clear your balance in full and on time. There are also three business loans to choose from, ranging from borrowing limits of £1,000-500,000. Repayments are over a period of 1-25 years.
More on Lloyds Bank Business Loans & Finance
Insurance
Insurance is provided by Arthur J. Gallagher Insurance Brokers Limited. Lloyds insurance products include Public Liability Insurance, Professional Indemnity Insurance, and Landlord Insurance, as well as cover for specific business types and sole traders.
Reviews and ratings
Reviews on Trustpilot, Smart Money People, and Reviews.co.uk are mainly critical, with a few 5-stars from happier customers. Customers say they’ve had issues with slow applications, customer service, and poor service in-branch. Other customers are very complimentary and have found account management to be simple and easy.
Lloyds ranked 4th in a list of the 14 largest business current account providers for overall service quality in an independent survey.
In the same list of 14 business current account providers, Lloyds ranked 3rd for service in-branch, 4th for online and mobile banking services and relationship/account management, and 5th for SME and overdraft services.
Which? rates Lloyds 4/5 for communication, and 3/5 for customer service, transparency of charges, and complaint handling.
Lloyds won Moneyfacts Business Startup Bank of the Year in 2015.
Trustpilot 1.8/5 (based on 565 reviews)
Reviews.co.uk 2.83/5 (based on 502 reviews)
Smart Money People 2.57/5 (based on 81 reviews)
Which? 70% Which? Customer Score
Pros
- Free ‘day-to-day’ banking for new businesses for 18 months. 6 months for businesses switching.
- Choice of accounts for different business sizes.
- Affordable monthly account fee.
- Scores well in an independent survey of 14 business current account providers.
Cons
- Some customers are critical of Lloyds customer service.
- Average scores from Which? for complaint handling and customer service.
- The app isn’t as compatible with newer devices and screen resolutions.
Website: Lloyds Bank Business Banking