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Compare Lloyds current accounts

Lloyds have been with us in some form or another since 1765 and it’s still a force to be reckoned with as a high street and online bank.

Lloyds offers lots of options for current accounts as well offering specific accounts such as student, graduate and Shariah law approved accounts. But that’s not to say you won’t find these types of account anywhere else, so it’s important to compare what else is on offer – but here’s what you need to know about the range of accounts from Lloyds.

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The Lloyds Current Account

Lloyds have no less than 11 current accounts on offer so you’ve a lot to choose from. If you’re struggling to open a standard current account, then they do offer a basic bank account – ideal if you’ve got either a limited income or have had difficulty with managing your money in the past.

The standard Lloyds account is the Classic Account which offers free, everyday banking. You’ll be able to withdraw up to £500 daily from a cashpoint and you’ll also get an agreed overdraft limit – the first £25 of which is interest and fee free. A debit card comes with the account and depending on your circumstances it could be a contactless card. Plus, you’ll enjoy up to 15% cashback as part of the ‘Everyday Offers’ scheme but this is subject to terms and conditions, so if it’s rewards you want make sure you know what the deal is.

If you’re looking for extras, then Lloyds have a selection of current accounts that you might like the sound of. The Club Lloyds accounts (there are two to choose from in this range, the Club Lloyds or the Club Lloyds Platinum) give you from 1% up to 4% AER interest on up to £5000 in your account.

Depending on the specific account you choose you’ll also get a range of other benefits such as worldwide travel insurance, breakdown cover and free cinema tickets and magazine subscriptions. You do have to have two direct debits leave your account every month and deposit £1,500 a month otherwise there’s a fee for the benefits (£5 per month for the Club Lloyds account or £17 for the Platinum account).

In between the Club and Platinum accounts you’ve got the Silver account – there’s a fee payable on this account of £9.95 but you’ll also get UK and European travel insurance and breakdown cover.

Specialist Lloyds current accounts

There’s a student and graduate account that gives an interest and fee free overdraft (terms and conditions will apply) as well as providing a text alert service which will keep you up to date with your money.

For budding financiers, there’s an under 19s account which is available to 11-17 year olds – it gives easy access to funds in the account so that youngsters can start managing their money.

Lloyds also offer a Shariah law approved current account, so you can be confident that the account reflects Shariah beliefs. You won’t get any credit or debit interest and there’s no overdraft facility. The money you invest in your account also won’t be used for any non-Sharaih approved activities.

If you have larger sums of money, then consider the Club Lloyds Private Banking Current Account. To have this exclusive account you’ll need an income of £100,000 or have £250,000 worth of savings and investments.

Of course, you get what you pay for and for that kind of money you get all sorts of perks and benefits such as a banking and advice manager (you know, to help advise where to spend your cash). You’ll also get exclusive access to other Lloyds finance products.

What are the benefits of a Lloyds Current Account?

Lloyds has a large high street presence and you’ll find 1,100 branches across the UK. You’ll also get online access to your account through a website or an app which can help you organise your finances and pay bills on the go. You even get a money management tool (not available for 11-15 year olds) that shows you precisely where your money’s going every month, which can help you make a more effective budget for the month ahead.

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Who is eligible for a Lloyds Current Account?

If you are over 18 and a resident of the United Kingdom then Lloyds will have a current account for you, it’s just a case of which one you’ll qualify for. For the under 19s account you need to be – well – age 11 - 17.

Is it for me?

Before you make any financial decision it’s important to compare your options. So rather than getting your head turned by fancy offers and big rewards, think about how you’re going to use your account and what rewards will actually benefit you. Use our current account comparison service to find the right deal for you.


All Lloyds current account details are based on information provided on www.lloydsbank.com data as of 4 November 2016

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