A simples guide

Lloyds Current Account

Lloyds has been with us in some form or another since 1765 and it is still a force to be reckoned with as a high street bank, despite, a divorce from TSB in 2013 to comply with European laws. This broke up the biggest banking group in the country, however Lloyds still has Halifax as a stablemate and it remains one of the biggest four in the United Kingdom.


So if you’re looking for a new current account then you would still do well to look at a Lloyds current account. Lloyds offers a lot of great options for a current account and it also provides niche accounts that hold their own appeal. These include student, graduate and Islamic accounts. But you should always do your own research. Some banks offer great perks, others concentrate on their interest rates.


These are all things that you should consider before you open an account, because it can get confusing. That’s where we step in, with our price comparison service we can help you weigh up the options available to you before you commit to an account. 


What are the benefits of a Lloyds Current Account?

Lloyds has a major high street presence and you’ll find 1300 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 that shows you precisely where your money is going every month, which can help you make a more effective budget for the month ahead.

More importantly, Lloyds will give you free banking if you opt for the Classic Account. They also offer a wider range of niche accounts that include a student account, graduate account, and an Islamic account that can help you get the most from your bank and finances. 

If you want to go further then there is a Club Lloyds account, which offers a higher and tiered rate of interest, a discount on your mortgage or home insurance and a series of smaller incentives. You need to pay £5 to join this club but the fee is waived if you deposit £1500 a month and have two direct debits leaving your account

The Silver and Platinum Account also offer a variety of additional services, including travel and mobile phone insurance and breakdown cover for a monthly fee of £9.95 and £17 respectively**. 

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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 will qualify for.

Even if you have had bad credit in the past, there is a basic account you can access. It’s free and you get a Visa debit card. Lloyds offers a Student and Graduate Account to get you through university and out the other side, as well as an under 19s Account and the Islamic Account that is Sharia-approved. The Classic Account is the standard offering for new and existing customers and you can enhance this with the premium add-ons if you wish. 

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What does a Lloyds Current Account offer?

You’ll get free banking, unless you choose a different package or you stray outside of your agreed credit limit. You can withdraw up to £500 a day in cash and you can apply for an overdraft with the first £25 being interest free*.

So Lloyds makes a compelling case and it might well suit you, but you should still shop around and make sure you have weighed up your options before you commit. Our price comparison service can help you make an informed choice when it comes to your current account, so make full use of it and rest easy knowing that you have made the right choice. So get comparing current accounts today and see how much you could save.

All Lloyds current account details are based on information provided on lloydsbank.com data on 16 April 2016

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