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:
- Determine which type of account you need based on your company's nature, size, and yearly turnover.
- Gather the required documents and information for all stakeholders.
- 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.
- 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.