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Lloyds Bank Logo

Current Accounts

(1,995 reviews)

Review Score

7.1

Lloyds Classic Account

See which providers perform best in our Current Accounts comparison  

Get up to 15% cashback when using your Lloyds Visa debit card at selected retailers. Merchant offers and cashback amounts vary.

Jenny Aldridge

21/12/2020

Easy To Use And Reliable

Lloyds bank is easy to use, especially the app, you can even pay in cheques using your phone camera. Never had any issues with this bank and been wihh the is for nearly 10 years

Jacob Barnard

10/02/2021

Perfect Bank

Perfect Bank, have been with them forever and have nothing bad to say.

Claire

27/08/2020

Lloyds Banking App

Excellent banking app, lots of detail and plenty of options to look after your money. Feels really secure, never had any issues with it.
Great to know that Lloyds offers a great banking app. Thanks for leaving a review, Claire.
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Benefits of Lloyds Current Accounts

Lloyd’s Classic Account is their simple, free current account. Their Classic Account includes, but isn’t limited to the following benefits:

  • No monthly fee for maintaining the account
  • Contactless card
  • Access to their highly-rated banking app
  • Ability to apply for an arranged overdraft
  • Earn up to 15% cashback at selected retailers
Compare current accounts providers to see how Lloyds’s current accounts performs against their competitors.

What other current accounts do they offer?

Whilst their Classic Current Account might seem like a good fit for your needs, you might want to take advantage of some of the benefits that Lloyds other current accounts offer.

Club Lloyds Account

The Club Lloyds Current Account offers variable credit interest and plenty of other great features. If you pay in at least £1,500 a month, there’s no monthly fee. But if you pay in less than £1,500 a month, a £3 fee for maintaining the account will apply. Benefits include:

  • Contactless card
  • Access to their highly-rated banking app
  • Ability to apply for an arranged overdraft
  • Earn up to 15% cashback at selected retailers
  • Earn variable interest
  • Choose a lifestyle benefit each year

Platinum Current Account

This account is packed with great benefits all for a £21 monthly fee.

  • Contactless card
  • Access to their highly-rated banking app
  • Ability to apply for an arranged overdraft
  • Earn up to 15% cashback at selected retailers
  • Worldwide travel insurance
  • Mobile phone insurance
  • AA breakdown cover

Club Lloyds Platinum Account

This account is packed with great insurance benefits and variable credit interest when you pay at least two separate Direct Debits each month. This account costs £21 a month for the Platinum Account features, PLUS £3 a month for the Club Lloyds Account features. However, the £3 monthly fee will be waived for each month that you pay in a minimum of £1,500. The maximum combined fee for this account is £24 a month. Benefits of this account include:

  • Contactless card
  • Access to their highly-rated banking app
  • Ability to apply for an arranged overdraft
  • Earn up to 15% cashback at selected retailers
  • Worldwide travel insurance
  • Mobile phone insurance
  • AA breakdown cover
  • Earn variable credit interest
  • Choose a lifestyle benefit each year

Student Current Account

Lloyds also offer a Student Current Account. To be eligible, you must be aged 17 or over, have lived in the UK for the least three years and be studying full time on a course that lasts at least two years, or a one year full time access course leading to a degree. You can apply for this account as soon as your course has been confirmed or once you’ve begun your course.

Under 19s Account

This account is tailored to children and teens to encourage money management. Benefits include:

  • Visa debit card with contactless payment or Cashpoint® card which can only be used to withdraw cash
  • Earn variable credit interest
  • Get access to Lloyds’ mobile banking app
  • Free mobile text alerts so you can keep track of your finances

Can I have more than one Lloyds current account?

Yes, Lloyds don’t have a limit on the number of current accounts you can open with them, which is great news if you like the look of more than one of the accounts they have on offer. However, you should be wary of opening multiple accounts just to use features like overdrafts and you should always look at what the competition is offering to see if you can get a product that’s more suited to your personal needs.

 

How do I open a current account with Lloyds?

Opening an account is easy and can be done online or by visiting your local branch. You’ll need to let Lloyds know:

  • How much you expect to pay in each month
  • Details about your employment
  • Your salary details and any assets you have
  • Your nationality/citizenship
  • Your residency status/tax residence status
  • Proof of identity

 

What overdraft options do they offer?

Like most high street banks, Lloyds offer both arranged and unarranged overdrafts. You can apply for an arranged overdraft of up to £5,000 which can be added as soon as you open your account or at a later date if you feel like you would benefit from having a short term safety net on your account in case you go overdrawn.You can use Lloyds cost calculator and eligibility checker to see if Lloyds are likely to accept you for an arranged overdraft.

If you have insufficient funds in your account to make a payment and no arranged overdraft, Lloyds will either reject the payment or let you borrow through an unarranged overdraft. It’s important to bear in mind that using an unarranged overdraft or missing payments can damage your credit score so if possible, it’s best to stay in credit and make sure you have enough money each month to pay your Standing Orders and Direct Debits.

 

How much does an overdraft cost?

Representative example
A variable representative rate of 39.9% APR
A variable interest rate of 39.9% EAR
Based on borrowing £1,200

As an example, if you were to borrow £500, the interest cost would be £3.22 for 7 days, £13.86 for 30 days, £28.09 for 60 days.

Does Lloyds have a mobile app?

Yes, their highly-rated and secure banking app comes with a host of great features so you can manage your finances whenever and wherever you are. Making banking easier than ever before, you have the ability to amend your personal details without having to contact customer services or visit a branch, view your pending transactions and pay people. Also, if you suspect that your card is either lost or stolen, you can freeze and unfreeze your card in the app.