With our Islamic Business Account, you can ensure that your funds are managed in a Shariah-approved way. With this account, you don’t earn or pay interest, but you will be subject to daily banking charges once your free business banking* period ends.
There are no extra charges for ensuring your funds are managed in accordance with Shariahlaw. However, your business may be charged additional fees if your balance falls below £0 - you’ll be charged an unauthorised borrowing fee.
We don’t offer an overdraft on this account, so we’ll return any items we can (e.g. cheques) to prevent your balance from falling below £0. However, we will charge a fee (that doesn’t incur an interest charge) for each item we return. It’s not possible for us to recall electronic payments that are sent and received instantly.
We calculate the charges monthly, from the 10th of the month to the 9th of the following month. The first regular statement you receive following each charging period will show any account transaction charges. Your account will be charged 18 days (or the next working day) after the date of the statement. If there are any charges to pay, but you're not due a regular statement, we will send you an extra one free of charge.
We charge an account maintenance fee of £6.50 a month to cover the basic administration costs of running your account.
A fixed fee for operating your account.
|Electronic payments (in or out)Close
Includes online, automated and debit card payments.
|Cash payments (in or out)Close
Cash you pay into or withdraw from your account using our branch counter or deposit machine. We don’t charge for ATM withdrawals.
|The first £1500 per month||£1 per £100|
|Anything over £1500 per month||£0.80 per £100|
|Cheques (in or out) and credit inClose
Credit in is a fee charged when paying in a credit of any combination of cheques or cash at the branch counter. We do not charge a credit in fee when you use an Immediate Deposit Machine or Night Safe.
*Free 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 and don’t go overdrawn without agreeing it with us first.
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.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 020 7626 1500.
Calls may be recorded for our mutual protection, training and monitoring purposes.