Meet your new Business Account

Find out more about our Business Account fees and charges. 

²Electronic payments include:

• Direct Debits
• Standing Orders
• Faster Payments Debits
• Internet/Phonebank Debits
• Internet Bulk Payments.

To open your business account, you’ll need:​ 

• 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 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 four days from the date of Companies House registration before applying online or over the phone. 

If you run a small business, there are various benefits to having a business bank account with Lloyds Bank:​ 

• Separate business from personal transactions to make business accounting easier​ 
• Access expert resources and support to grow your business skills 
• Manage your accounts using online business banking.​ 

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 on button in your welcome email, which you’ll get once you’ve provided your personal details. 

Yes, you can easily switch your current business account to a Lloyds Bank business account using the Current Account Switching Service. Once you’ve given us your details, you can sit back and we’ll manage the rest for you. Find out more about switching bank accounts. 

Working day one
The switch begins. We make contact with your old bank to arrange the switch.

Working day two
We’ll let you know that your old bank has received your request, and then we can start transferring your payment arrangements across to your new Lloyds Bank account.

Working day three - five
It’ll take a couple of days to switch over your payment arrangements, and make sure your Lloyds Bank account is ready to go for the switch date.

Working day six
If you’re clearing a debit balance at your old account, you’ll need to make sure there are enough funds in your Lloyds Bank account to cover this transfer.

Working day seven
Congratulations your switch is complete! Your balance is transferred and your old bank account is closed.

After your switch
We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.

The Current Account Switch Service lets you switch your current account from one bank or building society to another in just seven working days. It's simple, reliable, and stress-free. We move everything over to your new account, redirect any payments sent to the old account, and make sure your old account is closed.

• The service is free to use and you can choose and agree your switch date with us.
• We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
• If you have money in your old account, we will transfer it to your new account on your switch date.
• We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
• If there are any issues in making the switch, we will contact you before your switch date.
• If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.

Read the account switching guide (PDF, 280 KB)

The Current Account Switch Service is a fast and simple way to switch your Business Account to us. 

Before using the service, check it’s right for you. Your business must:

• have an annual turnover below £6.5 million
• employ fewer than 50 people. 

You’ll also need to check that your existing bank is signed up to the service. Over 50 banks and building societies take part in the Current Account Switch Service - view the full list here.  

Got a different question? Check the Current Account Switch Service FAQ page.

If you have given permissions to Third Party Providers to make payments on your behalf, or to access your financial data, access to these services won’t be transferred automatically to your new account as part of the Current Account Switch Service.

1. Before you close your old account, check whether you have any Third Party Provider permissions set up and if so, who with.
2. Once your new account is open you can give your permission to the Third Party Provider to access your new account by providing them with your new account details. You will need to contact the Third Party Provider directly yourself to set this up.
3. If you are unsure as to whether your New Bank will support the Third Party Provider permissions on your account, you will need to discuss this ahead of your switch with your New Provider who will be able to advise you of this. Please check your new provider’s terms and conditions for more information about Third Party Providers.