Lloyds Bank is launching a new current account today designed to provide small business customers with a simpler, more transparent solution to their banking needs.
Key product features
The new product offers a wide range of benefits which have been designed in response to customer feedback:
- It’s simple and easy to understand: Lloyds Bank has radically simplified its product range, introducing a single Business Current Account with simple and transparent pricing, meaning business customers do not need to choose and switch tariffs as their account usage changes.
- It offers free electronic transactions: To help customers get up and running, free introductory banking periods will be offered to customers: 18 months free banking for those starting up a new business and 6 months for customers switching their account to Lloyds Bank. After free banking, there is one monthly account fee and all customers on the new product will have free electronic and online transactions, including cash point withdrawals and debit card payments. Customers will also receive an automatic discount when paying high volumes of cash into or out of their account.
- It’s flexible and convenient: With Lloyds Bank’s market-leading mobile app and mobile-optimised online banking site, customers can access their account 24/7, enabling them to manage their finances wherever and whenever it suits. Customers also benefit from additional online support tools which make it even easier to run their business how and where they want.
Jen Tippin, Managing Director, Retail Business Banking, at Lloyds Banking Group said:
“The new Business Current Account is a major step forward in our drive to help small businesses in the UK to start up, grow and prosper. We know that small businesses want their banking to be straightforward and hassle-free so that they can spend more time on managing and growing their businesses and less time on their day to day banking. Our simple and transparent new proposition will help them do exactly that.”
Kay Gould, Managing Director, Curtains Made for Free, a Lloyds Bank customer, said:
“The new Business Current Account is certainly an attractive bank account, and is definitely something we would consider bringing into our business.
In addition, the new account supports business’ wider needs:A range of additional offers and services have been developed to provide more support for customers, including:
- Card acceptance: Lloyds Bank has developed a simple, transparent and competitive way of accepting payments by card machine, which can make it easier for small business customers to run their business. It provides an alternative to cash in a market that is moving ever faster towards card and electronic payment methods.
- Business Insurance: To make it easier for customers, Lloyds Bank Business Insurance Services source products from a wide panel of insurers to ensure they get the right product at the right price. In addition, selected insurers on the panel are now offering to fix premiums for two years to help small businesses manage their costs.
- Business Knowledgebox and Toolbox:Lloyds Bank has improved its wider business customer offering, by providing customers with access tofree reports and guides from industry experts, as well as discounts on accountancy and web-builder tools to help customers manage and grow their businesses.