UK Lloyds Bank Account Opening Guide
This article introduces Pony Bank, Pony Bank account types, fee comparisons, international transfer fees, account opening materials, frequently asked questions and the account opening process.
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Whether you're a student, traveller or office worker, one of the must-do things when you come to the UK is to open a bank card. Today, we're going to tell you more about a local UK bank, Lloyds Bank, and its popular international money transfer tool, Wise.
Introduction to Lloyds Bank
Lloyds Bank (LSE: LLOY) is a British commercial bank established in 1995 and became an independent bank in 2013. It uses a distinctive black horse as its trademark. Lloyds Bank offers a wide range of banking services, including currency exchange and international money transfers, to meet the diverse needs of its customers.
Accounts Types and Suitable Customers
Lloyds Bank offers various types of accounts, each targeting different customer groups and needs. Below is a comparison of some main account types and their fees:
| Account Type | Monthly Fee | Overdraft Available | Interest | Lifestyle Benefits | European Travel Insurance | Global Travel Insurance | AA Roadside Assistance | Mobile Phone Insurance |
|---|---|---|---|---|---|---|---|---|
| Platinum Club | £21 + £3 | ✅ | ✅ | ✅ | ✅ (under 80 years) | ✅ (under 80 years) | ✅ | ✅ |
| Platinum | £21 | ✅ | ❌ | ✅ | ✅ (under 80 years) | ✅ (under 80 years) | ✅ | ✅ |
| Silver Club | £10 + £3 | ✅ | ✅ | ✅ | ✅ (under 65 years) | ❌ | ✅ | ✅ |
| Silver | £10 | ✅ | ❌ | ❌ | ✅ (under 65 years) | ❌ | ✅ | ✅ |
| Lloyds Club | £3 or £0 | ✅ | ✅ | ✅ | ❌ | ❌ | ❌ | ❌ |
| Classic | £0 | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
For most students, the Classic and Student accounts are good options. The advantage of the Student account is its interest-free overdraft, which is beneficial for those with short-term financial needs.
Fee Comparison
Below is a comparison of fees between Lloyds Bank and Wise:
| Item | Lloyds Bank | Wise |
|---|---|---|
| Minimum Deposit | None | None |
| Monthly Service Fee | Free | Free |
| ATM Withdrawal Fee | Free | Free |
| Transfer Fee | £9.5 | £4.45 |
*The above rates and fees were checked as of May 7, 2023.
Account Opening Process
Lloyds Bank's account opening process is relatively simple. Below are the detailed steps for opening a Classic account:
-
Online Application:
- Visit the Lloyds Bank official website and find the account application section.
- Fill in the required information and verify your identity.
- Wait for the bank to mail your personal banking documents.
-
In-branch Application:
- Find and book an appointment at a Lloyds Bank branch online.
- Attend the appointment with your booking reference number.
- Download the Lloyds Bank app to activate your account.
- Your debit card will be mailed within 5 working days.
Required Documents
The documents needed to open an account include:
- A valid UK visa and current signed passport
- Biometric Residence Permit (BRP)
- Student identification
- Address proof matching the bank letter
Note: All documents must display your full name exactly as it appears on your passport. Incorrect names will require a reapplication.
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