Current 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. Join our community of thriving businesses.
Apply nowBanking for your start-up or small business
After you apply, we’ll be in touch if we need anything else. Then it usually takes up to six weeks to open your account.
“Lloyds Bank really understand our business and have supported our growth while still helping us to maintain our small business values.”
Andrew Pountney
Managing Director at Andyfreight
Are you eligible to apply for our business current account?
To apply for one of our business bank accounts, you must:
- be at least 18 years old
- be a sole trader, partner or company director
- have an annual turnover of less than £3 million
- be applying for your first business bank account with us.
Please take some time to read the product terms and conditions.
If your turnover is more than £3 million a year, check out our bank account for larger businesses.
What you get with our bank account for sole traders, small businesses and start-ups
Free day-to-day business banking for a year
If you’re a new business banking customer2, enjoy your first year of day-to-day banking free3.
During this time, you won’t pay for:
- monthly account fees
- electronic payments
- cash deposits and withdrawals
Our business banking app
Download our business banking app for easy and convenient banking. Available on Apple and Android, you can log in at a time that suits you using your secure login details. For extra security, use fingerprint and Face ID on compatible devices4.
Use the app to:
- Pay in cheques
- Make payments of up to £250,000 per day
- Create standing orders
- Send money between business accounts
- Check balances and transaction details
- View or cancel Direct Debits
- Approve online purchases
- Access your statements in your Digital Inbox.
Simple transparent pricing and free electronic payments
When your 12-month free day-to-day banking period ends, the pricing below will apply.
Estimate with our calculator how much your current account could cost.
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Business account rates and charges
Payment type
Cost
Payment type
Monthly fee
Cost
£7.00
Payment type
Electronic payments5 (in or out)
Cost
Free
Payment type
Cash payments (in or out)
Cost
The first £1,500 per month - £1.00 per £100
Anything over £1,500 per month - £0.90 per £100Payment type
Cheques (in or out, any amount)
Cost
£0.85
Payment type
Credit in
Cost
£0.85
FAQs
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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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It takes on average 20 minutes to apply for a small business bank account and then up to six weeks to review your enquiry and open the account. We’ll be in touch if we require any more information.
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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
2Applies to small businesses, including individuals setting up their first business bank account.
3Free day-to-day business banking includes:
- electronic payments
- cheques
- cash
- deposits and withdrawals.
All we ask is that you operate your account in credit or within agreed limits.
4 You'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.
5 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.
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 February 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
Cashpoint® is a registered trademark of Lloyds Bank plc.
Cardnet® is a registered trademark of Lloyds Bank plc.
Important Legal Information
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.
The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
We adhere to The Standards of Lending Practice which are monitored and enforced by the LSB: www.lendingstandardsboard.org.uk.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.