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.

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 £7.00 a month to cover the basic administration costs of running your account.

Islamic Business Account charges (existing customers only)

 

 

Monthly feeA fixed fee for operating your account.

£7.00

 

Electronic payments (in or out)Includes online, automated and debit card payments.

Free

 

Cash payments (in or out)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

£0.90 per £100

 

Cheques (in or out)Any cheque payment made in or out of your current account made via a branch counter, Immediate Deposit Machine, or bulk or other cheque deposit service including cheque imaging via the Business Mobile Banking App.

£0.85

 

Credit inCredit in is a fee charged when paying in a credit of cheques and/or cash at the branch counter, or through other cheque/cash deposit services. We do not charge a credit in fee when you deposit via an Immediate Deposit Machine, depositpoint™, Night Safe, Business Mobile Banking App cheque imaging or Post Office® counters.

£0.85

Changes to this account

In May, we delayed some changes to our Business Current Account charges. These will now take effect on 10 October 2020 and you can read more about them here.

*Free 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.

Important legal information

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

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.

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.

Cashpoint® is a registered trademark of Lloyds Bank plc.