Lloyds private banking: eligibility and services in 2022

Gert Svaiko

11.11.22 (updated more than 1 year ago)

5 minute read

If you’re looking for private banking or wealth management services in the UK, Lloyds Bank is certainly one option to consider.

Lloyds Bank is a British banking institution, with a history dating back to 1695.¹ It offers a full range of consumer and business banking services, including a reputable private banking service.

But is Lloyds right for you? We’ll run through everything you need to know here in this guide, starting with Lloyds private banking eligibility requirements. We’ll also cover products and services, fees and how to become a customer.

Plus, a handy tip if you’re mainly looking for a secure, cost-effective way to make large international transfers. Open a Wise account, and you can manage your money across 50+ currencies, including sending large amount transfers at the mid-market exchange rate.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What is Lloyds private banking?

Lloyds provides what it calls ‘relationship-led banking’ services. This includes personalised products, services and advice, with support from expert advisers.

The London-headquartered bank offers private bank accounts, including a Mayfair Banking service for those with over £2 million in assets.²

It also has standalone services such as specialist lending, estate administration, professional trustees services and financial advice. You can access these without needing to open a Lloyds private banking account.

Lloyds private banking benefits

It’s up to you to decide whether Lloyds private banking meets your needs. But here are some of the benefits on offer with a Lloyds private bank account, according to the bank:³

Access to exclusive products with enhanced rates and benefits
Personal introductions to specialist partners when required, such as Schroders Personal Wealth Advisors for financial planning services
Personally arranged overdrafts from day one
A single point of contact who proactively manages your day-to-day banking needs
A choice of Lifestyle Benefits a year - select from free digital film rentals, Gourmet Society dining membership, cinema tickets or magazine subscription
Variable interest rates on your money

Is Lloyds private banking worth it?

If you have large assets or complicated finances, and you’d like to do more to strategically manage your wealth, private banking could be a good fit.

Unlike some other private banking services, Lloyds doesn’t charge high fees for its private bank account. However, it does offer a number of benefits and perks, along with access to other useful wealth management services (although these are likely to come with associated fees). This could make it good value, especially if you’re new to private banking.

Lloyds private banking eligibility and minimum deposit

In order to become a Lloyds private banking customer, you need to meet certain criteria regarding your assets.

To access the Lloyds private banking service, you’ll need to have savings or investments amounting to at least £250,000. Alternatively, a mortgage of at least £750,000 held with Lloyds Bank.³

To take advantage of the Lloyds Mayfair Banking service, you’ll need to have at least £2 million in savings or investments. Alternatively, an annual income of at least £500,000.³

Lloyds private banking eligibility rules also require you to live in the UK.

Lloyds wealth management services

In addition to its bank accounts, Lloyds also offers a wide range of wealth management services. This includes specialist debit and credit cards, borrowing options, wealth protection and financial advice. We’ll give you some helpful info on each here.

Lloyds private banking debit and credit cards

As we’ve mentioned, Lloyds has two private bank accounts:

Club Lloyds Private Banking Current Account
Club Lloyds Mayfair Current Account

Both come with a Lloyds Private Banking Debit card, and access to internet and mobile banking. You’ll also get interest on your money of 0.60% AER on balances up to £4,000, and 1.50% AER on balances between £4,000 and £5,000.⁴

For the Mayfair Current Account, there’s the added perk of an exclusive relationship with your own personal Private Banking Manager. Plus, access to a bespoke lending facility and extra interest on balances over £5,000.⁴

Lastly, there’s the Lloyds Bank Private Banking Premier Investment Account. This is an instant access savings account, offering interest of 0.70% AER on balances up to £1m and 0.90% AER on balances over £1m.³

Along with its private banking debit cards, Lloyds does of course also offer credit cards. You’ll be able to speak to your personal account manager to find out about these.

Want to manage your money across multiple currencies, for no monthly fee? It could be worth checking out the Wise multi-currency account, a fantastic alternative to a traditional bank. You can send and receive money internationally, spend in 175 countries using your own international debit card, and even set up large transfers securely.

Please see the Terms of Use for your region.

Borrowing options

If you need quick, convenient access to credit, Lloyds offers everyday lending services to its private banking clients.

You can also take advantage of specialist lending services, designed for people with complex or unique borrowing requirements.

Expert lending managers will assess your individual needs, and develop a personalised proposal with flexible payment options designed around your income. Options include:⁵

Term Loans
Buy to Let Loans
Bridging Loans
Self-Build Mortgages
Guarantor Loans
Inheritance Tax Lending
Business Finance

To be eligible for Lloyds specialist lending services, you’ll need to be over 18 and a UK resident. You’ll also need to have a sole income of at least £100,000, or at least £250,000 in savings.⁵

Wealth protection and succession

Through Lloyds private banking, you can access services to help you protect your wealth and plan for later life. It’s wealth management services include:⁶

Estate Administration - making it easier to manage the complexities of administering the Estate of a deceased person, including dealing with all financial, legal, tax and personal matters.
Will Writing - helping you make and regularly update your Will so that your wealth is passed on in accordance with your wishes.
Inheritance Tax - helping you understand and mitigate the impact of Inheritance Tax.
Trusts Management Service - Lloyds Bank can act as a professional trustee to help you preserve your assets for future generations.

Personal tax service and financial advice

As well as providing its own wealth management services, Lloyds Bank also partners with specialists to offer personal tax and financial advice.

It works with tax experts Ernst & Young to help customers with tax returns, legitimate exemptions and paying the right amount of tax.

Another key partnership is with Schroders Personal Wealth. If you have assets or a sole annual income of at least £100,000,² a personal wealth advisor can help you to create a wealth plan for life. This takes into account your current financial situations and life goals, to help create a tailored long-term wealth management plan.

Lloyds private banking fees

Charges for some wealth management services at Lloyds vary depending on the service, as the bank works with external partners.

But there are some set fees available, in relation to Lloyds private banking current accounts. This includes charges for moving your money internationally, receiving bank transfers from overseas and dealing with foreign currency. Let’s take a look:⁷

Transaction	Lloyds private banking fees
Maintaining the account	No fee (for both the Private Banking Current Account and Mayfair Account)
Sending international transfers	No fee for EUR payments £9 for payments in other currencies + correspondent fees of £12-£20
Receiving international payments in EUR	No fee
Receiving international payments in other currencies	Between £2 and £7 depending on amount
Overseas debit card transactions	2.99%

Lloyds private banking address and contact number

Interested in becoming a Lloyds private banking customer, or want more information on the products and services we’ve discussed here?

Here’s how to get in touch with the bank:

Call the Lloyds private banking number - 0800 085 9181. Existing private banking customers should call 0345 300 2750.²
Contact the Lloyds Bank registered office - 25 Gresham Street, London EC2V 7HN. Lloyds Private Banking also has branches throughout the UK, in Bristol, Manchester, Birmingham, Edinburgh and Glasgow.

After reading this guide, you should have all the information you need to decide whether Lloyds private banking is right for you.

We’ve covered eligibility and minimum deposits, accounts, wealth management and financial services, and much more besides. You should be all set to compare options and make a decision about your financial future.

Sources used:

Sources last checked on date: 24-Oct-2022

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

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