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Thinking of moving banks? If you’re a Lloyds Bank customer but are thinking of leaving for a new bank, you’ll need to know how to close your account.
In this guide, we’ll walk you through the process of closing your account with Lloyds Bank - for both current and business account holders. This includes the steps to take, numbers to call and forms to fill in. But don’t worry, it’s pretty straightforward to close a bank account in the UK.
We’ll even take a quick look at a money-saving alternative to a traditional bank account, the Wise multi-currency account. This could save you a small fortune on international transactions.
But first, let’s focus on how to close a Lloyds bank account.
If you no longer wish to have a current account with Lloyds Bank, you’ll need to call up customer services in order to close it.
The number to call is 0345 300 0000, or +44 1733 347 007 if you’re calling Lloyds Bank from outside the UK. Make sure you have your account details and any necessary security information to hand before you call.
If you prefer, you can also close your Lloyds bank account in person at a branch. You can find your local branch here.
Business customers will need to follow a slightly different process to shut down their account with the bank. You’ll need to download and complete a Lloyds bank account close form, and email or post it back to the bank.
You can enter your information and upload an image of your signature straight onto the PDF, then email it back. Or, you can print out the form, fill it in and pop it in the post.
Bear in mind that you may need an additional person to countersign the form, depending on the structure of your business and which directors/executives are named on the bank account.
Some Lloyds Bank savings accounts can be closed online, such as the Easy Saver, Instant Cash ISA, Online Saver or Premier Saver³.
But for most current accounts and business accounts with Lloyds, you’ll need to follow the process above in order to close your account.
Before you close your account, make sure you bear the following in mind:
- Some banks charge early closure fees - so check these before informing the bank that you’d like to close your account
- You’ll need to provide the details of an account where your balance and any interest payments can be sent, or choose to receive the money by cheque.
An alternative to closing your Lloyds account and opening a new one with another bank is to use the Current Account Switch Service. This is a free service designed to make it easy, quick and stress-free to switch accounts.
When you use the Current Account Switch Service, your old account is automatically closed and a new one opened - without you having to call up or complete lots of paperwork. Lloyds is signed up to the service, and it can be used for both current and business accounts. You can find out more about it here.
If you regularly send and receive payments internationally, a traditional bank account is far from the best way to manage your money. It can be slow and expensive, and the exchange rates are often terrible.
The Wise multi-currency account is an ideal alternative, both for individuals and for businesses which trade internationally. Not only does it offer fast, secure overseas transfers for small, transparent fees, but you also get the real, mid-market exchange rate every time.
And there you go - all the essentials you need to know to close a Lloyds Bank account. We’ve covered the process for both current accounts and business accounts, including the numbers to call and forms to fill in.
You should find it reasonably straightforward, but remember that it’s even quicker to use the Current Account Switch Service. Good luck with your new bank!
Sources used for this article:
Sources checked on 17-Jan-2022.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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