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Business accounts for start-ups and small businesses
In 2022 we helped 95,000 sole traders, start-ups and small businesses* get off to a flying start.
Simple ongoing fees and transaction charges
|
Payment type |
First 12 months |
After 12 months |
|---|---|---|
Payment typeMonthly account fee |
First 12 monthsFree1 |
After 12 months£7.00
|
Payment typeElectronic payments2 (in or out) |
First 12 monthsFree |
After 12 monthsFree |
Payment typeCash payments (in or out) |
First 12 monthsFree |
After 12 monthsThe first £1,500 per month - £1.00 per £100 Anything over £1,500 per month - £0.90 per £100 |
Payment typeCheques (in or out, any amount) |
First 12 monthsFree |
After 12 months£0.85 |
Payment typeCounter payments and other deposit services (credit in) |
First 12 monthsFree |
After 12 months£0.85 |
Payment typeSending and receiving money abroad |
First 12 monthsFees and charges apply. |
After 12 monthsFees and charges apply. |
Payment typeBalances below £0 (going overdrawn) |
First 12 monthsFees and charges apply. |
After 12 monthsFees and charges apply. |
See the full account rates and charges (PDF, 302KB) and product terms and conditions.
Estimate with our calculator how much your business account could cost per month after the first year.
Borrow up to £5,000 for your new business
You could apply for up to £5,000 across a Business Overdraft or Business Credit Card, giving you financial flexibility when you need it. It could help you get your business off the ground, build your credit rating and cover any unexpected costs.
**Apply online once your new Business Current Account is set up and you’ll get an instant decision. Eligibility for lending will be assessed as part of a separate application, and there is no guarantee of lending being granted. All lending is subject to status.
Our business banking app
Easy and convenient banking
Log in at a time that suits you using your secure login details. For extra security, use fingerprint and Face ID on compatible devices3.
- Make payments of up to £250,000 per day
- Pay in cheques up to a daily limit of £5,000
- Check balances and transaction details
Apply for a business account in minutes
Frequently asked questions
-
To set up your business account, you’ll need:
- a copy or photograph of your signature
- A UK driving licence or passport (Proving your identity)
- 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 business name, address, details of your activities and estimated annual turnover
- For limited company accounts, companies house must be up to date before we can progress an application. Please allow 3 days from the date of Companies House registration before applying online or over the phone.
-
Can I return to my application to continue or check the status of my application? expandable section
If you’ve already started an online application for a small business or start-up account, you can continue or check the status of your application at any time using the log in button on your welcome email.
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Using a business bank account to run your small business rather than your personal account can help you:
- Control business incomings and outgoings, including card payments.
- Organise finances for tax returns.
- Build a stronger business credit history.
With a Lloyds Bank business account, you can also access our other services to help manage your cashflow and grow your business.
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Yes, switching your business account to us is easy. We’ll do it all for you so you can sit back and relax. Find out more about switching bank accounts.
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If you’re self-employed as a sole trader in the UK, you’ll typically pay tax through a self-assessment. As your tax payment comes from your business earnings, having a business account can be beneficial when it comes to keeping personal and business finances separate. A small business account can also better help you understand what you’re able to pay yourself from your business turnover.
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While it’s not a legal requirement to have public liability insurance for a small business in the UK, accidents can happen, and public liability can be there for when those moments occur. Though it’s not mandated in the UK, some associations and local authorities may ask for proof of public liability insurance before you can register with them. We offer a range of business insurances, including public liability insurance, which you can get a quote for today.
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Yes, if you are a sole trader running your own business and self-employed. While you’re not legally required to have a business account, keeping all your business transactions in one place can make managing your finances easier.
Further resources
Financial Services Compensation Scheme
Eligible deposits with Lloyds Bank plc are protected up to a total of £85,000. Due to eligibility criteria, not all business customers will be covered.
Grow your digital skills online
Take part in our free lessons and workshops to help your business thrive in a digital world.
Other products you may be interested in
Accounting software
Try it free for 3 months
Connect Business Finance Assistant to you business accounts to predict cash flow, submit digital VAT returns and much more.
Taking card payments
From card readers to online payments
We can help you accept card payments online, over the phone or face to face, no matter the size of your business.
*Lloyds Banking Group PLC – 2022 Annual Report
1Applies to small businesses, including individuals setting up their first business bank account.
All we ask is that you operate your account in credit or within agreed limits.
2 Free electronic payments include:
- UK sterling direct debits
- standing orders
- debit card transactions
- Lloyds Bank/Other Bank ATM Withdrawals as indicated
- Internet/Phonebank Debits/Credits
- Faster Payments debits and credits
- internet bulk payments
- automated credits.
3You'll need iOS or Android. The app is not compatible with some older versions of these operating systems. Please check the Apple App Store or Google Play. You'll need to have registered for Online for Business. Terms and conditions apply (PDF, 251KB).
Cashpoint® is a registered trademark of Lloyds Bank plc.
Cardnet® is a registered trademark of Lloyds Bank plc.
Independent service quality survey results
Business current accounts
Published August 2023
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers of each of the 15 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
Making sure you get a fair deal
We want you to find a product that's right for your circumstances, which is why we adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.
To find out more you can read the statement of responsibilities, which details what's expected of us, the lender and you the borrower.
