Business Account
iFAST Global Bank vs Lloyds Bank: Comparing Business Accounts in the UK
Which bank works better for your business?
by
iFAST Global Bank
For business owners in the UK, choosing the right banking partner is an important decision which can impact your cash flow management and long-term growth.
Established banks such as Lloyds Bank have supported local businesses since 1765, offering traditional banking services backed by an extensive domestic presence. At the same time, new digital banks like iFAST Global Bank are introducing modern banking solutions designed for businesses operating in an increasingly global and connected economy.
In this article, we compare iFAST Global Bank’s Multi-Currency Business Current Account offering with Lloyds Bank Small to Medium Business Account, highlighting the key differences business owners should consider.
Important: This article is for general information only and does not constitute financial advice. Product features, interest rates, and regulatory permissions may change. Always check the provider’s official terms before opening an account. This comparison was accurate as of 22 May 2026.
Features | iFAST Global Bank Business Current Account (Authorised UK bank) | Lloyds Bank Small to Medium Business Account (Authorised UK bank) |
Deposit protection | Eligible deposits protected by the FSCS (up to £120,000) | Eligible deposits protected by the FSCS (up to £120,000) |
Supported currencies | 9 currencies held in one account | GBP only |
Interest on everyday balances | 2.65% AER* (variable) on GBP current account balances | No interest on current account balances |
Account fees | £0 monthly fees No tiered subscription | Free for the first year. £8.50 monthly fee from second year onwards. |
Domestic payments | FPS: Free, Unlimited CHAPS: £15 per transaction | Electronic payments: First 100 a month are free, £0.20 each after that CHAPS: £30 |
International payments | Inbound payments: Free Outbound payments: Free for amounts from £2500 or equivalent (£15 per transaction for amounts below £2500 or equivalent) | £5 - £100+ depending on payment method |
Interest on savings | Up to 4.30% AER on GBP and USD fixed term deposits# | Up to 2.75% AER (variable) on business savings |
Business cards | Unlimited free virtual debit cards^ 1st physical debit card is free, £10 per additional card | Up to 1% cashback on credit card spend, subject to minimum spending No annual fee for the first 12 months |
Payment & software integration | Xero & Sage Other platforms are planned for future availability | ePOS, ECommerce and digital payment and accounting software integrations Native Business Finance Assistant |
Features and availability may vary depending on account type, location and provider terms.
*Interest rates are correct as of 22/05/2026.
^iFAST Global Bank Business Debit Card available to UK-registered entities only. T&Cs apply.
#iFAST Global Bank Fixed Term Deposits have a fixed term. Early withdrawal is generally not permitted and may result in loss of accrued interest. A 14-day cooling-off period applies. T&Cs apply.
About iFAST Global Bank - Commercial Banking
iFAST Global Bank is a fully authorised digital bank in the UK offering international banking services for businesses operating locally and across borders.
Its flagship Multi-Currency Business Current Account allows customers to hold, receive, spend and transfer multiple currencies within a single account.
Key features include:
9 supported currencies in one account
Earn 2.65% AER* (variable) on GBP current account balances
Transparent FX pricing and global payment capabilities
Visa debit card for UK-registered companies
Zero monthly maintenance fees for all business accounts
About Lloyds Bank - Business Banking
Lloyds Bank is one of the UK’s largest retail and commercial financial services providers, offering a broad range of banking products for start-ups, SMEs, sole traders, and large corporations.
Key features include:
Dedicated business accounts for start-ups, SMEs and sole traders
Up to 1% cashback on card spend
Tax Digital software for income tax management
Integrated business tools such as ePOS systems and card readers
iFAST Global Bank - Earn Interest Automatically
Your balance earns interest directly within your current account. There is no need to move funds into a separate savings account, helping businesses keep money accessible while still earning returns.
Lloyds Bank - Earn Interest Through Active Management
Lloyds Bank offers interest through separate instant access savings accounts, fixed term deposits or notice accounts.
To earn interest, businesses typically need to move money out of their main account balance into a dedicated savings product and move it back when required for spending. While flexible, this may require more active cash management from business owners.
iFAST Global Bank - Multi-Currency Account
iFAST Global Bank supports 9 currencies within a single account — GBP, EUR, USD, HKD, JPY, SGD, CNY, AED, and CHF. This makes it ideal for businesses that trade internationally, receive payments from overseas customers, pay global suppliers and manage cross-border cash flows.
Lloyds Bank - GBP-only Account
The Lloyds Bank Small to Medium Business Account is a GBP-based account, making it more suitable for businesses operating solely within the UK without frequent international transactions. To manage international trade, business owners have to apply for a separate, dedicated Foreign Currency Account to complement the main sterling account.
Overall: iFAST Global Bank vs Lloyds Bank
Both banks offer comprehensive business banking solutions, but the right fit ultimately depends on how your business operates and what your financial priorities are.
iFAST Global Bank is well-suited for businesses looking for a Multi-Currency Business Account, particularly those operating internationally with cross-border payment needs. It is ideal for companies seeking greater flexibility in managing multiple currencies while earning interest directly on working capital.
Lloyds Bank may be a better fit for more established businesses with domestic banking requirements or more complex operational needs. Its traditional branch network and in-person support model may appeal to businesses that prefer face-to-face banking services and primarily operate within the UK market.
Disclaimers:
This content is for informational purposes only and does not constitute financial advice. Financial products, interest rates, and regulatory permissions may change. Always review the provider’s official documentation before making financial decisions.
*Interest rates are variable and subject to change. Details regarding interest rates can be found at https://www.ifastgb.com/commercial-banking. Please refer to the website for full terms and conditions.
#iFAST Global Bank Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on www.ifastgb.com. Deposits up to £120,000 are protected by the FSCS. More details: https://www.fscs.org.uk/. T&Cs apply.
Tags
iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).
iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.
Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.
