How to open a Lloyds business account?

Opening a business bank account in Lloyds requires an online application process. You can also apply or chat with an advisor over the phone, or visit a local Lloyds branch for further information.

The process for opening a business account in Lloyds is determined by the nature of your company and the type of account you will be opening.

Here is an overview of the procedure:

  1. Determine which type of account you need based on your company's nature, size, and yearly turnover.
  2. Gather the required documents and information for all stakeholders.
  3. Start the procedure online. Lloyds provides an easy-to-use online tool that can help you to get your application quickly. However, opening a business account is not as simple as opening a personal account, Lloyds may need some additional documents and checks after you submit your application.
  4. After all the checks are completed, Lloyds will set up your account, and you will be ready to go.

You can also register a new business bank account via the Current Account Changeover Service, which guarantees a 7-day switch time.

Requirements to open a Lloyds business account:

The requirements to open a business account in Lloyds depends on your business account type, but you will usually need to meet the following criteria:

Here are the basic requirements:

  • A company director, sole trader or partner of a business must be from the UK.
  • Age should be 18 or over.
  • This account is only for business use.
  • Turnover requirements (i.e. under or over £3 million).
  • Business type requirements (i.e. a non-profit organisation or charity for a specialist community account).
  • ID verification of all individuals and company directors involved.
  • Full details of the business, including registered company address and Certificate of Incorporation and registration documents with Companies House.

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