Is Lloyds Bank or OakNorth better for your small business?
Below we look at both Lloyds Bank and OakNorth reviews on Trustpilot along with their App reviews from Apple and Google.
We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.
Lloyds Bank vs OakNorth Trustpilot Reviews
| Lloyds Bank | OakNorth | |
| Trustpilot Review Score (out of 5) | 1.7 | 4.8 |
| Percent 5-Star Reviews | 13% | 84% |
| Percent 1- Star Reviews | 79% | 3% |
| Total Number of Reviews | 4,311 | 8,904 |
https://www.trustpilot.com/review/lloydsbank.com
https://www.trustpilot.com/review/oaknorth.co.uk
Lloyds Bank vs OakNorth App Reviews
| Lloyds Bank | OakNorth | |
| iPhone Review Score (out of 5) | 4.8 | 4.8 |
| Number of iPhone Reviews | 1,900,000 | 1,600 |
| Android Review Score (out of 5) | 4.6 | 4.8 |
| Number of Android Reviews | 317,000 | 468 |
https://apps.apple.com/gb/app/lloyds-bank-mobile-banking/id469964520
https://apps.apple.com/gb/app/oaknorth-savings/id1476387507
Lloyds Bank vs OakNorth Account Fees & Charges
| Lloyds Bank | OakNorth | |
| Free Business Bank Account | Yes | No |
| Free Business Account Term Length | 12 Months | NA |
| Cheapest Monthly Account Fee | £8.50 | £25 |
| Most Expensive Monthly Account Fee | £8.50 | £99.99 |
| Electronic Payment Cost (in/out) | Free / 20p | Free |
| Cash Payments Cost (in/out) | £85p / £1.50 per £100 | 70p per £100 |
| Cheques (in/out) | 85p per cheque | £1 per cheque |
| CHAPS Payments Cost | £30 | £17 |
| SEPA Payments Cost | £5 | No |
Lloyds Bank vs OakNorth Business Savings Rates
| Lloyds Bank | OakNorth | |
| Types of Business Savings Accounts | Fixed Term Deposit, Instant access account, Notice accounts | Fixed Term, Notice Accounts, Easy Access |
| Lowest Savings Rate (AER) | 1.31% | 3.85% |
| Maximum Savings Rate (AER) | 4.37% | 3.85% |
| Minimum Savings Amount | £1 | £10,000 |
| Interest Paid On Foreign Currencies | Yes | No |
Lloyds Bank vs OakNorth Account Opening Times
| Lloyds Bank | OakNorth | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 Working days | Few minutes |
| Do They Check Your Credit? | Yes | No |
| Current Account Switch Service | Yes | No |
Lloyds Bank vs OakNorth Features & Account Types
| Lloyds Bank | OakNorth | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | No |
| Business Overdraft | Yes | Yes |
| Accounts For Startups | Yes | Yes |
| Accounts For Charities | Yes | Yes |
| Accounts For Sole Traders | Yes | Yes |
| Joint Business Accounts Available | Yes | Yes |
| Card Type | Visa | Mastercard |
| Online Banking | Yes | Yes |
| Mobile Banking | Yes | Yes |
| In Person/Branch Banking | Yes | No |
| Branch Locations | UK-wide | None, online and phone only |
Lloyds Bank vs OakNorth Customer Support Options
| Lloyds Bank | OakNorth | |
| Phone Support Available | Yes | Yes |
| Email Support Available | Yes | Yes |
| App Based Support | Yes | Yes |
| Web Based Support | Yes | Yes |
| In person Customer Support | Yes | No |
Lloyds Bank vs OakNorth Foreign Currency Accounts
| Lloyds Bank | OakNorth | |
| US Dollar (USD) Bank Accounts | Yes | No |
| Euro (EUR) Bank Accounts | Yes | No |
| Other Currencies Available: |
| No |
Other Business Services From Lloyds Bank and OakNorth
| Lloyds Bank | OakNorth | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | No |
| Free Accounting Software | Yes | No |
Lloyds Bank vs OakNorth Banking Basics
| Lloyds Bank | OakNorth | |
| Bank Type | High Street | Challenger |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 119278 | 629564 |
| Website | Lloyds Bank Website | OakNorth Website |
Common Comparison Questions
Does Lloyds Bank or OakNorth have better customer reviews?
Lloyds Bank scores 1.7 out of 5 based 4,311 Trustpilot reviews. Of these reviews 13% are 5-star and 79% are 1-star.
Whereas, OakNorth scores 4.8 out of 5 based 8,904 Trustpilot reviews. Of which 84% are 5-star and 3% are 1-star.
Does Lloyds Bank or OakNorth have a better App?
Lloyds Bank’s iPhone App is rated 4.8 out of 5 based on 1,900,000 reviews. And it’s Android App is rated 4.6 out of 5 based on 317,000 reviews.
In comparison, OakNorth’s iPhone App is rated 4.8 out of 5 based on 1,600 reviews. And it’s Android App is rated 4.8 out of 5 based on 468 reviews.
Does Lloyds Bank or OakNorth have better business savings rates?
Lloyds Bank offers the following types of business savings accounts: Fixed Term Deposit, Instant access account, Notice accounts with interest rates ranging from 1.31% to 4.37%. (AER)
In contrast, OakNorth offers Fixed Term, Notice Accounts, Easy Access accounts with interest rates ranging from 3.85% to 3.85% (AER).
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For other business bank accounts see our guide here.