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.
New customers opening an Islamic Business Account qualify for one of two special offers:
When the free business banking period ends, our 'Business Banking Electronic Tariff', which also doesn’t pay credit interest, will apply.
There are no extra charges for ensuring your funds are managed in accordance with Shariah law. However, your business may be charged additional fees if:
We don’t offer an overdraft on this account, so we’ll return any items we can (eg 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 £5.50 a month to cover the basic administration costs of running your account.
||Business Banking Electronic Tariff
||Business Banking Extra
|UK Sterling Direct Debits1||Free||40p|
|Business Debit Card transactions (excludes ATM)
|Cash withdrawals from another bank’s ATM (Free from a Lloyds Banking Group Cashpoint® machine)2|
|Internet Bulk Payment – batch UK Sterling Direct Debit1|
|Internet Banking and Phonebank® payment|
|Automated credit - Faster payments inbound
|Automated credit (Telephone and Internet banking)|
|Internet Bulk Payment - per item
|Transfer to or from another Lloyds Bank Account in your name with a sort code starting with 30, 77 or 87||Free|
|Cheques and Cash
|Cheque paid in (or postal order)
|Cash paid in
||95p per £100
||65p per £100
|Cash paid out at a Lloyds Bank counter3|
||£1.65 per £100
||£1.65 per £100|
|Other branch transactions
|Credit paid via a night safe
|Credit paid in at a Lloyds Bank Branch counter (including via an Immediate Deposit Machine)|
|Credit paid in at another bank
|Other credit (including a CHAPS payment in)
|BACS file - submitted
|BACS debit or credit item
|Telepay or Teledebit item
Correct as at 10th February 2015.
1For SEPA (Single Euro Payments Area) Direct Debit please see the International Services Tariff brochure.
2The owner of the machine may charge you for this transaction. All LINK machines will give you an on-screen warning of charges, in advance, allowing you to continue or cancel the transaction.
3 This includes the use of Debit cards to withdraw cash over branch counters and where a bank giro credit is paid using either a Debit card or a cheque drawn on your account and processed as cleared funds.
*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.