How to Close Lloyds Business Account in the UK

Thinking of switching your business bank account? If you originally opened an account with Lloyds Bank but it no longer meets your needs, it could be time for a change.

In this guide, we’ll show you how to close a Lloyds business account in the UK. This includes the steps to follow, forms to fill in and whether you can do the whole thing online. But the good news is that it’s usually pretty straightforward to close a business bank account in the UK.

We’ll also give you the lowdown on a convenient and cost-effective alternative to a traditional business bank account. Open a Wise Business account and you can hold money in over 50 currencies, and make easy international transfers for low fees.

If your business has any dealings overseas, Wise could save you a bundle on international payments.

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But first, let’s get that Lloyds business account closed down for you.

How to close Lloyds business account online

As a business owner, your time is precious. So, it’d be ideal if you could close your business account online in just a few clicks.

Unfortunately though, Lloyds Bank doesn’t offer the option of closing a business account online. You can at least start the process though, by downloading the Account Closure form here.

How to close Lloyds business account

The process of closing a business account with Lloyds Bank is reasonably straightforward. It all starts with completing the Account Closure form, and submitting it to the bank for processing.

Here are the steps you’ll need to follow:¹

1. Go to the ‘Close an Account’ page of the Lloyds Bank website, and answer the quick questions to be directed to the correct form to use. You may also be able to get a copy of the form by visiting your local branch in person.
2. Download, print and complete the form with all the required information. You’ll also need to ensure the form is signed by an authorised person responsible for the business.
3. Email the completed Account Closure form to businessbankingservicing@lloydsbanking.com. This is the fastest way to submit it, but you can also post it to Lloyds Bank, Business Banking, BX1 1LT.
4. If you’re signed up to the text and email service (there’s an option to sign up in the Account Closure form), you’ll receive notifications when your form has been received.
5. You’ll also get a notification when your account has been closed, along with a closing statement in the post.

Before you start this process, it’s important that you make sure you’ve repaid any outstanding balances linked to the account, including your credit and charge cards.

Lloyds bank close business account form

To complete the Account Closure form, you’ll need to provide the following information:²

• The business name and account details
• Your contact details
• Nominated account details - this is where you’d like your closing balance to be transferred to
• At least one signature from an approved person, or the number of signatories required by your bank mandate.

Closed Lloyds account transaction history

When closing a business bank account, it’s crucial that you download a full transaction history for accounting and record-keeping purposes.

The good news is that Lloyds Bank automatically provides you with your transaction history for the previous 5 years. This happens at the point of closing your account, unless you choose not to receive it.³

If you need to, you can also request copy statements for up to 5 years after you’ve closed your account.³

Discover Wise Business multi-currency account

Looking for a new business account provider? It doesn’t necessarily have to be a traditional bank, as there are other solutions out there.

If your business trades internationally, the Wise Business account is the perfect choice. It’s easy to open online, and gives you a powerful platform for sending, receiving and managing your business finances in over 50 currencies.

You can pay overseas workers or suppliers all over the world, for low fees and the mid-market exchange rate. And getting paid for your services is easier too, as you can accept payments in 10 major currencies using your own local account details.

Team expenses are sorted, thanks to the Wise Business expense cards. It works in 174 countries, charges no foreign currency transaction fees and even offers 0.5% cashback on spending.

And to make it easier to manage company finances all in one place, you can link your Wise Business account to your favourite accounting tools such as Xero or Quickbooks.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

And that’s pretty much it - all you need to know about how to close a Lloyds business account.

You should find it straightforward, as there’s just one form to fill in. As long as you provide all the required information (and get the signatures you need), the closure of your account should run smoothly.

Sources used:

Sources last checked on date: 11-Apr-2023