Lloyds Bank current accounts

We know that everyone has different needs when it comes to banking – Lloyds offers current accounts that have been tailored to your needs. With internet banking, perks and competitive features there has never been a better time to switch to a Lloyds current account.

Compare Lloyds Bank current accounts - Ordered by interest rate (AER)

  1. Great for
    Earn up to 15% cashback at the type of places you regularly shop by using a Lloyds Bank debit card
    Have the chance to be paid back for something you've bought up to £500 with a Lloyds Bank debit card
    But be aware that
    Available to internet banking registered current account customers aged 18+. Offers and cashback amounts vary
    Available to customers who register for Everyday Offers cashback via Internet Banking

    Representative Example:

    If you use a Planned overdraft limit of £1,200 on a Lloyds Classic Account, the overdraft interest rate Lloyds Bank will charge on the first £25 will be 0% EAR variable and a monthly overdraft usage fee will not apply. The overdraft interest rate on the next £1,175 will be 19.94% EAR* variable and a monthly overdraft usage fee of £6 will apply.
    *EAR is the Equivalent Annual Rate. This is the actual annual rate of an overdraft. It doesn't take into account other fees and charges.

    Overdrafts are subject to application and approval.

Lloyds Bank Current Accounts Guide

Who is Lloyds Bank?

Lloyds Bank includes major brands such as Halifax and Bank of Scotland and also runs Cheltenham & Gloucester and Scottish Widows.

What types of current account does it provide?

The Lloyds Bank Classic account is the bank’s standard current account. It is free if you are in credit and is available online, over the telephone and via a banking app for use on smartphones, providing account holders with round-the-clock access to their money.

There is a £10 overdraft buffer, so you don’t pay any charges if you go overdrawn by £10 or less.

Internet users can access Money Manager, a free service that helps customers keep track of their expenditure by breaking down what they spend into categories such as entertainment, food and travel.

Read more

The Classic account does not pay interest. However, the bank has responded to growing competition in the current accounts market by introducing Vantage, which is an option for Classic account holders. If you pay at least £1000 every month in the Vantage account and stay in credit, you can earn interest on the whole balance up to £5000.

The rates vary according to the size of the balance. You can earn 1.50% Annual Equivalent Rate (AER) before tax on a balance of between £1 and £1000 and up to 3% AER before tax on balances between £3000 and £5000.

Lloyds Bank also offers a range of Added Value accounts, which carry a monthly fee and offer a range of benefits.

The Silver account costs £9.95 a month and includes European travel insurance for the account holder and his or her partner, AA breakdown cover and mobile phone insurance.

The Gold account fee is £12.95 a month and comes with worldwide travel insurance, AA breakdown cover and mobile phone insurance, plus a mobile phone data back-up service. In addition, you get a £100 interest and fee-free planned overdraft.

The benefits of the Platinum account are the same as for the Gold account, but with enhanced AA cover and a £250 free planned overdraft facility. The fee is £17 a month.

The Premier account has a £25 monthly fee and provides top-of-the-range travel insurance and AA breakdown and recovery services, along with mobile phone insurance, home emergency cover and a £500 free planned overdraft facility.

Lloyds Bank also offers a range of youth accounts for people under the age of 19, as well as for students and graduates. These accounts include favourable terms for planned overdrafts and money management tools.

The bank also has Islamic accounts run according to Shariah principles.

What are the advantages of using Lloyds Bank current accounts?

Lloyds Bank offers a comprehensive range of current accounts to cater for a wide range of needs and preferences. Its extensive branch network and online banking facilities mean it is also accessible and convenient for most people.

Why should you use MoneySupermarket to compare Lloyds Bank current accounts?

Many people never think of changing their current account because they assume all accounts are much the same – and they believe the switching process itself will be time-consuming and complicated. However, as the introduction of the Vantage option by Lloyds Bank illustrates, current accounts are becoming more attractive, so it is important to use a comparison service such as MoneySupermarket to see what is available.

Lloyds Bank, in common with most other leading banks, also runs a switching service to take the hassle out of moving your current account and making it even more important to check out the products and services on offer.

Close

Cookie use

MoneySupermarket uses cookies, small text files which are downloaded to your computer's hard drive when you visit most websites.

Read more

Cookies are harmless files which can help improve the experience. Cookies allow websites to respond to you as an individual. The website can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.

Read less | Cookie Policy

Close