Change your business address
If you're a full access user, you can update your business, registered, mailing and personal addresses within Online for Business and the Business banking app.
Sole trader business account
- Get started with a free business bank account for 12 months, then £8.50 monthly account fee.
- Apply online for a sole trader business bank account in minutes.
What you get with a Lloyds sole trader bank account
Why open a sole trader business bank account?
A dedicated business bank account for sole traders and freelancers makes self-employed finances simpler. Focus on the work, not the paperwork.
Can I apply for the sole trader business account?
How to open a sole-trader business bank account
Looking for other accounts?
Find all the other accounts we offer, including those for schools, charities and community organisations.
Save with Business Debit Cards
Boost your start up with Business Debit Card offers - including LinkedIn Premium and Google Workspace.
Frequently asked questions
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A sole trader is the simplest business structure to set up and this is often the first step for people starting a business. You can be a sole trader as your only job or be employed and self-employed at the same time - so you could have a ‘day job’ and run a side-hustle as a sole trader.
As a sole trader you:
- work for yourself
- are classed as self-employed
- make all the business decisions
- keep all the profits after paying tax.
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Technically yes, but it's not recommended. Mixing business and personal transactions makes it harder to track profit and loss, increases the chance of missing deductible expenses, and can complicate your self-assessment. Many banks restrict commercial use of personal accounts in their terms and conditions.
A business account also helps you build a commercial credit profile, which can be important if you apply for lending later.
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Yes. You can easily switch banks to a Lloyds Bank sole trader business account using the Current Account Switching Service (CASS). Once you’ve given us your details, you can sit back and we’ll manage the rest for you.
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If your estimated turnover for the next 12 months is under £3 million, you can apply for a sole trader business account online.
Annual turnover between £3 million and £25 million? Find out how to apply
To open your sole trader business account, you’ll need the following information:
- a copy or photograph of your signature
- a UK driving licence or passport
- the name, date of birth and three-year personal address history (including month and year of moving dates), mobile number and email address for everyone connected to the account.
- your sole trader business name, address, details of your activities and estimated annual turnover.
Most customers complete the online application in minutes. In some cases, we’ll ask for extra information to finish our checks, which can add time. We’ll keep you updated if this is the case.
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If you’ve already started an online application, you can continue or check the status of your application at any time using the log on button in your welcome email, which you’ll get once you’ve shared your personal details.
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If you’re self-employed, there are various benefits to having a sole trader bank account with Lloyds Bank:
- no account fee for the first 12 months – then £8.50 a month
- free debit card
- access to lending options
- business support resources
- make and receive international payments online or using the business banking app.
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Find out more about our Business Account fees and charges.
Lloyds Business Bank Account fees and charges. Payment type
Charges
Payment type
Introductory offer
Charges
No monthly account fee for 12 months if it’s your first business account with us
Payment type
Monthly account fee
Charges
£8.50 after 12 months
Payment type
Electronic payments in2
Charges
Free
Payment type
Electronic payments out2
Charges
First 100 a month are free / £0.20 each after that
Payment type
Cash payments (in or out)
Charges
£0.85 for every £100 at an Immediate Deposit Machine / £1.50 for every £100 over the counter
Payment type
Cheques (in or out, any amount)
Charges
£0.85 at an Immediate Deposit Machine / £1 over the counter
Payment type
Credit paid in at branch or ATM
Charges
£0.85
Payment type
Credit paid in at an Immediate Deposit Machine, Automated Deposit Machine, through the app
Charges
Free
Payment type
BACS
Charges
File submission: £5.50
BACS Item: £0.15 (a set up fee may apply)
Payment type
CHAPS
Charges
£30
Payment type
Sending and receiving money abroad
Charges
Payment type
Balances below £0 (going overdrawn)
Charges
Payment type
Other account services
Charges
No credit interest is payable on this account.
See the full account rates and charges (PDF, 232KB) and product terms and conditions.
Estimate with our calculator how much your business account could cost per month after the first year.
Protecting your money
The Financial Services Compensation Scheme (FSCS) protects up to £120,000 of the eligible money you hold with us.
Independent service quality survey results
Business current accounts
Published February 2026
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of each of the 17 largest business current account providers if they would recommend their provider to other small and medium-sized enterprises (SMEs*). The results represent the view of customers who took part in the survey.
Overall service quality
We asked customers how likely they would be to recommend their business current account provider to other SMEs.
*SMEs include businesses, clubs, charities and societies with an annual turnover/income of up to £25m (exclusive of VAT and other turnover-related taxes).
Ranking
The requirement to publish the Financial Conduct Authority Service Quality Information for business current accounts can be found here