Lloyds TSB Business Bank Account Review

Lloyds TSB Business Bank Account

I started a small shop in a rural area in 1999 and chose to my business banking with the nearest local bank, Lloyds TSB.

The business banking manager at my local Lloyds was very helpful and everything went OK. The first years banking was free, but I think it is with many business bank accounts these days. Banking charges have now gradually increased.

As expected the charges are now a significant element of my business costs, but more worryingly, in conjunction with this rise in charges, Lloyds have introduced a tiered system of charges for the level of service you receive.

This ranges from regular access to a dedicated business finance manager down to telephone support at a call centre.

I am in favour of paying 'for what you get' in principle and realise that there are always 'winners' and 'losers' when moving from a system where one group of businesses is effectively subsidising another.

However, although businesses wanting an enhanced level of service are charged more, those businesses electing to take a cut in services do not recieve lower charges.

I used to be to an experienced bank manager with knowledge of the local market, now I speak to an, albeit very helpful, person in some faraway place with no knowledge of my business or area except for the figures on a computer screen.

With the disappearance of Lloyds service, I can report that my feelings of loyalty have also gone and I am now quite happy to look for a new bank.

Your Comments/Opinions

it very bad as they charged me for no reason as Ive closed down and use other bank - I never use TSB again for long time. Customer are very poor and untrained also dont work properly - its a big theft that they took out from my account as they claimed that Ive overdraft that rubbish as Ive cleared all the account already. I dont trust the bank again also they should put new name as LloydsUTSB as Untrusted Bank and very Poor - I dont recommend to any customers to use this bank and aviod it - use Building Soc like Nationwide which is good one for customers

AABeef

absolutely abismal and dispicable people to deal with

albie

I have had business bank accounts with three different banks now and LLoyds TSB are the best and cheapest for my small business. I have also used HSBC and Barclays but LLoyds TSB have the lowest charges for my small retail outlet. HSBC charged me too much money to deposit cheques and cash so I switched to Barclays who were initially cheap but raised their prices after 6 months. LLoyds TSB have kept prices low for the 4 years that I have been with them and I do check the charges of other banks every year.