
Switch your business bank account
Switch your business bank account and access the support and services your business needs.
Why switch your business account to us?

Switching to us is easy
The Current Account Switch Service makes switching current accounts from one UK bank or building society to another simple, reliable and stress-free. It is available to consumers, small businesses, charities and trusts and allows you to choose a switch date that suits you.
How does switching my business account work?
After you apply to switch your business bank account with the Current Account Switch Service, we will:
What types of business bank accounts do we offer?
Our business bank accounts
Find out about our business bank accounts that support all types of businesses, from independent sole traders to larger businesses, as well as schools, community groups and charities.

Business account rates and charges
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Payment type
Costs
Payment type
Monthly fee
Costs
£7.00
Payment type
Electronic payments4 (in or out)
Costs
Free
Payment type
Cash payments (in or out)
Costs
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)
Costs
£0.85
Payment type
Credit in
Costs
£0.85
Am I eligible for a business account?
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- Be a sole trader, partner or company director
- Be aged 18 or over
- Have an annual turnover of less than £3 million
- Not already have a Lloyds Bank business account for this business
Please take some time to read the product terms and conditions.
If your annual turnover is above £3 million, please see our accounts for larger businesses.
If you already have an existing business account for this business, please visit our support page.
How to apply
When you apply to switch your business account, please have the following ready:
- A copy or photograph of your signature
- Name, date of birth and three-year personal address history (including month and year of moving dates) for everyone connected to the account
- Mobile number and email address of the Key Account Party
- Your business name, address, details of your activities and estimated 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.
Frequently asked questions about switching business bank account
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From the start of your application, it can take up to six weeks to open your new account. After that, your business bank account will switch within seven working days from when your new account is opened under the Current Account Switch Service guarantee.
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No, you won’t need to close your old bank account yourself. Your old bank will close your account as part of the Current Account Switch Service process. All you need to do is fill in the instruction form to authorise the closure.
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Making the switch to a business bank account with Lloyds Bank, or any other bank using by the Current Account Switch Service, is straightforward. It’s an easy process designed to make changing banks and transferring important information stress-free. Sit back and wait until your switch date and we’ll take care of the rest.
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Yes, if you own a limited company, you’ll legally need to open a business bank account to manage your business finances. This is because it’s a separate legal entity to you and your personal finances. However, even if you don’t legally require a business bank account, there are many benefits to having one. You can get expert advice from teams of business professionals, plus useful guidance and business tools.
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Providing you don’t have a limited company, you can legally run your business through your personal account. However, there are various advantages to using a business bank account. Separating your finances makes them easier to manage and paying tax is simplified – meaning it’s more straightforward to fill out tax returns for your business. It can also help build your business’s credit rating and improve your chances of getting a business loan.

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.
Other products you may be interested in
Accounting software
Try it free for 3 months
Connect Business Finance Assistant to your 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.
Independent service quality survey results
Business current accounts
Published August 2022
As part of a regulatory requirement, an independent survey was conducted to ask approximately 1,200 customers 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
1 Free 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.
2Applies to small businesses, including individuals setting up their first business bank account.
3Lloyds Banking Group PLC – 2021 Annual Report
4Free 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.

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.