Business Account for new businesses
By the side of the nation that never stands still
We are currently receiving a high number of Business Current Account applications, so it may take us longer than usual to open your account. After we receive all required information, your account should be open within 4 weeks.
Please note, new customers cannot open a Business Current Account to access the Recovery Loan Scheme. To be eligible for the Recovery Loan Scheme you must be an existing Lloyds Bank business customer for a minimum of 12 months.
To be eligible for the Recovery Loan Scheme you must be an existing Lloyds Bank business customer for a minimum of 12 months.
Take a look at our Coronavirus help page for other useful resources and answers for frequently asked questions.
The business account that helps you succeed
The Business Account for new businesses was designed to help you succeed.
- Simple pricing plan. Roll onto our simple pricing plan once your 12 month free day-to-day banking¹ period ends.
- No fees for electronic payments. Make and receive payments electronically for free.
- Standard monthly account fees. A monthly fee of £7.00 applies after the 12 month free banking period.
- Free ATM withdrawals. Need cash? Make unlimited ATM withdrawals for free.
- No fees for purchases. Make purchases with your debit card for free.
- Low cash payments fees. Standard fees of £1 per £100 for the first £1500 per month, then £0.90 per £100 apply.
- Deposit cheques. Deposit cheques in branch, by post or online. Standard fees of £0.85 per cheque applies (in or out).
- Making account management easy. Set up direct debits and standing orders
- Deposit credit. Pay in cash at one of our branches or post offices. Standard fees of £0.85 applies for credit in.
- Dedicated business management team. Our UK based team is here to help you navigate your needs.
- Stay informed. Set up real-time notifications for transactions so you can stay on top of things.
UK Finance business account opening guide
We have worked with other providers of UK business banking accounts to help you prepare by agreeing a basic set of information that we’ll need from you.
To qualify for this account you must require the account for business use, be a sole trader, partner or company director and aged 18 or over and have a turnover between £0-3 million.
Financial Services Compensation Scheme
Eligible deposits with Bank of Scotland plc are protected up to a total of £85,000. Due to FSCS eligibility criteria not all business customers will be covered.
Terms and conditions
Find out more about our terms and conditions.
1Free day-to-day business banking includes cheques, standing orders, cash, UK Sterling Direct Debits, deposits and withdrawals. All we ask is that you operate your account in credit or within agreed limits. Free electronic payments include UK Sterling Direct Debits, Standing Orders, Debit Card Transactions, Lloyds Bank/Other Bank ATM Withdrawals, Internet/Phonebank Debits/Credits, Faster Payment Debits/Credits, Internet Bulk Payments and Automated Credits.
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. Please note that any data sent via e-mail is not secure and could be read by others.
Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278. Telephone: 020 7626 1500
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.
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