Lloyds Bank Review

  • Wide range of accounts
  • Highly rated smartphone app
  • Good rewards scheme

Lloyds Bank

Lloyds Bank Overview

Founded in Birmingham in 1765, Lloyds Bank is a retail and commercial bank based in the UK. They offer a wide range of services to over 30 million customers, and they are the leading provider of current and savings accounts in the UK with more than 2,000 branches located across the country.

Current accounts

A current account is an account which is used on a day-to-day basis, where money can be stored and withdrawn without notice. Most people get their salary paid into their current account.

Bobatoo has categorised Lloyds’ current account offerings under the following:

  • Standard current accounts
  • ‘Club Lloyds’ current accounts
  • Student and youth current accounts

Standard current accounts

The 3 standard current accounts offered by Lloyds Bank include: Lloyds Basic Account, Lloyds Classic Account and Lloyds Platinum Account.

Lloyds Basic Account

  • Visa debit card (not contactless)
  • Online & mobile banking
  • £500 cash withdrawal limit per day
  • Pay using Direct Debits and standing orders
  • Access Lloyds' online money management tools
  • No interest paid
  • No arranged overdraft
  • No cheque book

Lloyds Classic Account

  • Contactless Visa debit card
  • Online & mobile banking
  • £500 per day cash withdrawal limits
  • Pay using Direct Debits and standing orders
  • Access Lloyds' online money management tools
  • No interest paid
  • Arranged overdraft (subject to approval)
  • Cheque book upon request
  • Access to e-wallet services

Lloyds Platinum Account

  • £19 maintenance fee per month
  • Contactless Visa debit card
  • Online and mobile banking
  • £500 cash withdrawal limits (per day)
  • Pay using Direct Debits and standing orders
  • Access Lloyds' online money management tools
  • No interest paid
  • Arranged overdraft (subject to approval)
  • Cheque book upon request
  • Access to e-wallet services
  • Added insurance benefits

Lloyds basic account

A Lloyds basic account is typically for those who, usually due to previous financial difficulties, are unable to meet the conditions for any other current account.

It comes with features such as a Visa debit card (not contactless) and around-the-clock-access to online, mobile and telephone banking, as well as the ability to set up a Lloyds joint account.

You’re allowed to withdraw up to £500 a day from cashpoints, have full access to Lloyds’ online money management tools and can set up Direct Debits and standing order payments.

With a Lloyds basic account, you do not receive any interest on your account balance and are not entitled to an arranged overdraft or cheque book.

Lloyds Classic Account

A Lloyds classic account is a no-frills bank account, available for UK residents within the UK.

The account is free to use and comes with a contactless Visa debit card, meaning you can also register your account to e-wallet services like Apple or Google Pay.

You can use the Lloyds mobile banking app to manage your money on the go and also opt-in to receive alerts directly to your phone, keeping you up-to-date on your finances.

You also have the option to apply for an arranged overdraft (subject to approval) or set up a joint account, which is useful when it comes to splitting payments for things like utility bills. As well as this, you can earn up to 15% cashback when using your account to make purchases with selected retailers.

Lloyds Platinum Account

With a Lloyds platinum account, you get all of the benefits of a classic account but with a host of other benefits, including AXA travel insurance for you and your family, AA breakdown cover and mobile phone insurance – all for £19 a month.

You and your family can also take advantage of card loss assistance and use your account to send money outside of the UK.

The terms and conditions of the insurance policies packaged within the account are provided by third party companies, so be sure to read the terms and conditions of each of them separately to ensure that you receive an adequate amount of cover.

‘Club Lloyds’ current accounts

There are 3 current accounts featured within Club Lloyds: Club Lloyds current account, Club Lloyds platinum account and Club Lloyds private banking account.

Club Lloyds Current Account

  • £3 a month (or free when you pay more than £1,500 a month into your account)
  • Earn interest on your balance
  • Earn Club Lloyds lifestyle benefits
  • Contactless Visa debit card
  • Mobile and online banking
  • Exclusive rates on other services
  • Arranged overdraft (subject to approval)

Club Lloyds Platinum

  • £19 a month maintenance fee for insurance benefits
  • Extra £3 a month unless you pay £1,500 a month into your account
  • Earn interest on your balance
  • Earn Club Lloyds lifestyle benefits
  • Contactless Visa debit card
  • Mobile and online banking
  • Exclusive rates on other services
  • Arranged overdraft (subject to approval)
  • Added insurance benefits

Club Lloyds Private Banking

  • Free to use (must have £250,000 in savings or a £750,000 mortgage)
  • Earn interest on your balance
  • Earn Club Lloyds lifestyle benefits
  • Contactless Visa debit card
  • Mobile and online banking
  • Exclusive rates on other services
  • Arranged overdraft (subject to approval)
  • Advice from Schroders Personal Wealth
  • Access to a relationship associate

Club Lloyds current account

This is the standard version of Lloyds’ membership account, available for £3 a month or free if you pay in a minimum of £1,500 every month.

With a Club Lloyds current account, you earn 1% interest (AER) on your balance up to £4,000 when paying a minimum of 2 Direct Debits a month, and 2% on your balance between £4,000 and £5,000.

As a member of Club Lloyds, you get to choose from several Club Lloyds Lifestyle Benefits - either 6 free cinema tickets, a Gourmet Society Membership or a magazine subscription – every year and can earn up to 15% cashback from selected retailers.

Of course, you also get access to a contactless Visa debit card and the Lloyds online and mobile banking services, while you can also save money with either a Club Lloyds monthly saver or Club Lloyds saver account.

You’ll also be able to make the most of exclusive rates on other services like home insurance and mortgages.

You can set up an arranged overdraft (subject to approval) and pay no fee on your first £100.

Club Lloyds Platinum account

A Club Lloyds platinum account comes with the combined benefits of a standard Lloyds platinum account and a Club Lloyds current account.

This means that you’ll be paying £19 a month for the insurance benefits that come with a platinum account, plus an extra £3 a month for your Club Lloyds membership (free if you pay more than £1,500 into the account a month).

As a member of Club Lloyds, you’ll earn interest on your account balance up to £5,000 and receive a choice of Club Lloyds lifestyle benefits.

Club Lloyds private banking account

A Club Lloyds private banking account is aimed towards high-earning individuals. To apply, you must have a minimum of £250,000 in savings or a mortgage worth over £750,000, both of which must be with Lloyds Bank.

You will have a free initial meeting with a Lloyds advisor upon setting up your Club Lloyds private banking account, with additional advice provided for a fee by Schroders Personal Wealth. Schroders is a global investment manager that provides advice to customers with a significant amount of savings.

You will have a relationship associate to help manage your finances on a day-to-day basis, while also gaining access to all of the benefits available to Club Lloyds customers, such as lifestyle benefits and interest on your current account.

A Club Lloyds private account comes with a private banking debit card and a host of dedicated savings accounts, such as the private banking premier investment account and Mayfair instant access investment account.

Student and youth current accounts

Lloyds provide 2 current accounts aimed towards students and young people: the Lloyds student account and Lloyds under 19s account.

Lloyds Student Account

  • Must be a full-time student ages 17+ to apply
  • Fee-free overdraft of up to £2,000
  • Earn cashback at selected retailers
  • Contactless Visa debit card
  • Switch to a Lloyds graduate account after graduating

Lloyds Under 19s Account

  • Must be ages 11-17 to apply
  • Earn 0.50% interest on balances up to £2,499.99
  • Members ages 16+ get extra benefits
  • Choice of Visa contactless debit card of Lloyds cashpoint card

Lloyds student account

To qualify for a Lloyds student account, you must be a permanent UK resident aged 17 or over and be studying full-time. You can apply for a Lloyds student account once you’re placed on a course has been confirmed, or if you’re already studying.

You’ll get a fee-free overdraft of up to £1,500 in the first 3 years of your study, rising to £2,000 in your 4th year.

With a Lloyds student account you can earn up to 15% cashback in selected retailers and you are also eligible for Lloyds’ ‘It’s On Us’ rewards scheme, where you could receive your money back on a purchase of up to £500 every month.

The account comes with a contactless Visa debit card with a £500 daily withdrawal limit and access to Lloyds’ online and mobile banking services.

After you’ve graduated, your account will be switched to a Lloyds graduate account to help you make the transition to full-time work with a fee-free overdraft which reduces over 3 years.

Lloyds under 19s account

To apply for a Lloyds under 19s account, you must be aged 11-17 and live in the UK.

A Lloyds under 19s account pays 0.50% interest (AER) on balances between £1 and £2,499.99 and comes with the choice of either a contactless Visa debit card or a Lloyds cashpoint card, which can only be used for withdrawing money at a cashpoint.

Those aged 11-15 have restricted access to the benefits offered by an under 19s account, with older members able to take advantage of discounted driving lessons, savings accounts and Lloyds’ money manager service.

Spending abroad with Lloyds

When using a Lloyds debit card abroad, you will be charged a foreign currency transaction fee of 2.99% plus a £0.50 foreign transaction purchase fee.

When taking the local currency out at a cashpoint abroad, you will be charged the same 2.99% transaction fee plus an additional £1.50 for each withdrawal. If you choose sterling at the cashpoint, you will not be charged the 2.99% transaction fee by Lloyds, but could be charged a fee by the ATM provider.

Switching to Lloyds - The Current Account Switch Service

Thanks to The Current Account Switch Service, switching banks is easier than ever. It is a free-to-use service partnered with over 40 major banks and building societies, specialising in transferring all of your finances from one bank to another.

Lloyds savings accounts*

A Club Lloyds saver is available exclusively to Club Lloyds account holders. You earn a preferential interest rate on balances over £25,000, with savings transferred to a standard saver after a year.

A Club Lloyds monthly saver pays 2.50% interest on your savings when you deposit between £25 and £400 into the account every month. It is only available to Club Lloyds members and it is switched to an Easy Saver after 12 months.

An Easy Saver pays a flat interest rate of 0.20% on all of your savings for 12 months, before being switched to a standard saver.

A Child Saver pays 2.0% interest on balances up to £5,000 and can be opened by an adult who wants to save for their child aged under 15.

A Lend a Hand Fixed Savings Account allows you to help a family member who is buying their first property by paying the equivalent of 10% of the amount paid for their property into this account for 3 years, instead of paying a deposit.

With many Lloyds current accounts, you can also take advantage of ‘Save the Change’. This savings scheme rounds up every transaction to the nearest pound, transferring the extra pennies into a dedicated savings account.

Lloyds ISA - Cash ISAs

A Lloyds Cash ISA Saver will return 0.20% interest on your balance and is available for anybody aged 16 or over living in the UK for 12 months, after which, any money will be transferred to an Instant Cash ISA.

A Lloyds 2 Year Fixed Rate Cash ISA offers a fixed interest rate of 0.65% on your balance for 2 years. You require a minimum of £3,000 to open the account and will be charged a fee equal to 180’ days of tax-free interest if you choose to close or withdraw money from the account.

A Lloyds Junior Cash ISA is designed to help parents and guardians save for their children’s future. Money cannot be taken out until the child turns 18.

Online banking – customer experience


  • Manage accounts and finances
  • Lloyds Money Manager service
  • Helpful guides


  • Cannot talk to an advisor online
  • Sign-up process can be tedious

Lloyds’ online banking service allows customers to manage their day-to-day finances with just a few clicks.

The Lloyds website gives you complete access to your finances, allowing you to check your balance, view recent transactions, transfer money and pay bills.

You can also use the Lloyds website to manage your accounts, including the option to upgrade your current account using Club Lloyds or apply for a loan, overdraft or credit card.

Perhaps one of the most unique features on Lloyds’ website is the Lloyds Money Manager, which provides you with easy-to-read charts and graphs to help you better understand your own spending habits.

The website has a range of helpful guides to help you better manage your finances and an automated service which allows you to type in a question, with the website then suggesting a range of helpful articles.

You can use the website to locate your nearest branch or cashpoint, but to contact an advisor you must call them.

Some customers have raised concerns about the website, criticising the support available and the amount of hassle that goes into activating online banking.

Lloyds mobile banking app


  • Excellent reviews on iOS and Android
  • Touch and Face ID enabled
  • Direct phone line to an advisor
  • Freeze and unfreeze your card
  • View current accounts from other banks


  • Lacks features such as Lloyds Money Manager

From over 700,000 reviews on the Apple App Store, the Lloyds Bank Mobile Banking app receives an impressive 4.8 stars out of 5. On Android, the app has received a similar rating from over 150,000 reviews.

The app allows you to log in using touch or face ID on devices which allow you to do so, with Lloyds claiming that the app is ‘easy to use, fast, convenient and more secure than ever’.

The app gives you complete control over your accounts and finances, including the ability to view transaction details, transfer funds between accounts and make payments to others. You can also pay off any loans or credit card bills you have with Lloyds as well as pay in cheques using your device’s camera.

There are a number of security features built into the app, such as the ability to freeze and unfreeze your debit card, report stolen cards, update your contact details and call a Lloyds advisory directly from the app, bypassing the usual security checks.

You can also use the app to view any current accounts you hold with other major UK banks, but the useful Lloyds Money Manager feature is only available through their website.

Lloyds banking app

Lloyds rewards

Club Lloyds Lifestyle Benefits

Club Lloyds is a membership available for £3 a month, or free if you pay more than £1,500 into your account every month.

A Club Lloyds membership gives you access to one of the following every year:

  • 6 cinema tickets
  • Annual magazine subscription
  • Gourmet Society membership

You will also earn 1.5% interest on your current account balance up to £5,000 when you pay at least 2 Direct Debits out each month.

Customer reviews

Trustpilot is a popular customer review website in the UK, where customers of companies like Lloyds leave reviews of their past experiences.

From almost 500 reviews on Trustpilot, 71% of customers rated Lloyds Bank as ‘bad’, giving them an average of 1 star out of 5.

Lloyds Trustpilot review

Some of the recent poor reviews are critical of Lloyds’ customer service, stating that they have been left disappointed when in contact with Lloyds Bank representatives both in-branch and over the phone. There are also complaints from customers who state that they regularly have transactions blocked.

Despite the several negative comments, 15% of Trustpilot reviewers rated Lloyds Bank as ‘excellent’.

These positive reviews include comments about Lloyds’ helpful fraud team and easy-to-use website and smartphone app. Customers are also complimentary of the rewards schemes in place, particularly the ability to earn cashback from selected retailers.

When looking at customer reviews, remember that these are left by an extremely limited pool of customers who are likely to be frustrated by poor service. It is better to look at a wide range of average ratings, rather than individual ones.

Ratings (out of 5):

Review company Rating (out of 5)
Trustpilot 1
Reviews.co.uk 3
Smart Money People 3
Review Centre 1.5
Average 2.4

Pros and Cons of Lloyds


  • Wide range of current & savings accounts
  • Good reward schemes
  • Efficient smartphone app


  • Negative reviews of customer service
  • Best saving rates are only kept for 12 months

Lloyds Bank is one of the UK’s most popular choices for everyday banking and with good reason. It offers a wide range of current accounts to suit varying needs, while there are also a healthy number of savings accounts and ISAs – despite this, most of their preferential rates are only available for 12 months, making them a bad option for long-term savers.

The rewards in place for both standard and Club Lloyds accounts are a great additional extra and the insurance provided by their platinum current accounts can prove to be great value for money.

Lloyds Bank’s smartphone app is on par with that of its competitors; however, this could be improved with additional money management features.

The negative reviews about Lloyds’ customer service are a concern, however, with many customers unhappy with their treatment.

Lloyds contact information

If you are looking to get in touch with Lloyds Bank, you can do so by contacting them with the following details:

  • Phone: 0345 602 1997 or +44 1733 347 007 from abroad
  • Twitter: @AskLloydsBank
  • Facebook Messenger: Lloyds Bank
  • Smartphone App

To compare the service offered by Lloyds to some of the best-rated banks in the UK, Bobatoo has a range of similar reviews available, some of which you can see below. 

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