The general account maintenance fee is rising from £8.50 a month to £10 a month – an increase of £18 a year
Lloyds Bank is hiking fees for small business owners next month.
The general account maintenance fee is rising from £8.50 a month to £10 a month – an increase of £18 a year.
The cost of paying in or taking out cash is also rising from £1.50 per £100, to £1.60 per £100. This applies if you are paying in or depositing cash at a branch counter, cash machine, Nightsafe or through a third-party like the Post Office.
The fee for paying in a cheque is going up from £1 to £1.20. The increases are all coming into force from July 10.
The changes apply to all existing business accounts from the July billing period, and to any new accounts opened before the July 10 deadline.
However, Lloyds is scrapping fees for electronic payments made through its Online for Business platform.
The bank charges 20p per transaction after the first 100 free payments. This includes direct debits, faster payment debits, standing orders, internet bulk payments and online or Phonebank payments.
But the fee for cash paid in via an Immediate Deposit Machine or Automated Deposit Machine will remain in place at 85p per £100.
Cheques deposited through an Immediate Deposit Machine or the Business Mobile Banking app will also be charged at 85p each.
The maintenance fee will not apply to pledged accounts. Lloyds provides banking services to nearly one million businesses across the UK.
A Lloyds Bank spokesperson told The Sun: “Businesses want clear, straightforward banking that works for them, and we’re making changes to give customers more predictable costs that are easy to understand.
“Over one million businesses trust us with their finances and by simplifying everyday banking charges, we’re helping businesses better anticipate their costs and manage their finances with confidence.”
It comes after Lloyds increased the monthly fee on its Club Lloyds package bank account last year. Club Lloyds is a current account where you pay a monthly fee in exchange for additional perks.
For example, you can choose between a Disney+ subscription, six cinema tickets, a magazine subscription, or 25% off certain food and drink brands.
You also get access to the Club Lloyds Monthly Saver which pays 6.25% gross/AER on up to £400 a month, and up to 15% cashback at selected retailers.
The monthly fee rose from £3 a month to £5 a month, but it is waived if you pay in £2,000 or more each month.
