Islamic Business Account charges (existing customers only)

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:

  • 18 months free daily banking* for new businesses.
  • Six months free daily banking* for business owners who move their existing business account to us from another bank.

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:

  • Your monthly minimum balance falls below £1 – you’ll pay our standard Business Banking Extra Tariff on all transactions you make during that charging cycle.
  • 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 (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.

Transaction Type
Business Banking Electronic Tariff
Business Banking Extra
Monthly Fee
£5.50 £5.50
Minimum balance
£1 None
Electronic transactions
UK Sterling Direct Debits1 Free 40p
Standing order
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
Faster payments
15p
Internet Banking and Phonebank® payment
Automated credit
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 out
75p 70p
Cheque paid in (or postal order)
40p 35p
Cash paid in
95p per £100
65p per £100
Cash paid out at a Lloyds Bank counter3
Cash exchanged
£1.65 per £100
£1.65 per £100
Other branch transactions
Credit paid via a night safe
Free Free
Other debit
75p 70p
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)
Other services
BACS file - submitted
£4 £4
BACS debit or credit item
Free 10p
Telepay or Teledebit item
32p 40p

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.