Is Lloyds Bank or RBS (Royal Bank of Scotland) better for your small business?
Below we look at both Lloyds Bank and RBS (Royal Bank of Scotland) 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.
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Lloyds Bank vs RBS (Royal Bank of Scotland) Trustpilot Reviews
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| Trustpilot Review Score (out of 5) | 1.7 | 1.3 |
| Percent 5-Star Reviews | 13% | 7% |
| Percent 1- Star Reviews | 79% | 89% |
| Total Number of Reviews | 4,311 | 838 |
https://www.trustpilot.com/review/lloydsbank.com
https://www.trustpilot.com/review/www.rbs.co.uk
Lloyds Bank vs RBS (Royal Bank of Scotland) App Reviews
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| iPhone Review Score (out of 5) | 4.8 | 4.8 |
| Number of iPhone Reviews | 1,900,000 | 106,900 |
| Android Review Score (out of 5) | 4.6 | 4.3 |
| Number of Android Reviews | 317,000 | 81,700 |
https://apps.apple.com/gb/app/lloyds-bank-mobile-banking/id469964520
https://apps.apple.com/gb/app/royal-bank-of-scotland/id334852412
Lloyds Bank vs RBS (Royal Bank of Scotland) Account Fees & Charges
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | 12 Months | 24 Months |
| Cheapest Monthly Account Fee | £8.50 | Free |
| Most Expensive Monthly Account Fee | £8.50 | Free |
| Electronic Payment Cost (in/out) | Free / 20p | 35p |
| Cash Payments Cost (in/out) | £85p / £1.50 per £100 | 70p per £100 |
| Cheques (in/out) | 85p per cheque | 70p per item |
| CHAPS Payments Cost | £30 | £20 |
| SEPA Payments Cost | £5 | 45p |
Lloyds Bank vs RBS (Royal Bank of Scotland) Business Savings Rates
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| Types of Business Savings Accounts | Fixed Term Deposit, Instant access account, Notice accounts | Business reserve, Liquidity manager notice, Treasury reserve, Client deposit manager, Client account manager |
| Lowest Savings Rate (AER) | 1.31% | 1.46% |
| Maximum Savings Rate (AER) | 4.37% | 4.25% |
| Minimum Savings Amount | £1 | No |
| Interest Paid On Foreign Currencies | Yes | Yes |
Lloyds Bank vs RBS (Royal Bank of Scotland) Account Opening Times
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 Working days | 5 to 7 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Lloyds Bank vs RBS (Royal Bank of Scotland) Features & Account Types
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| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| Business Current Account | Yes | Yes |
| Business Savings Account | Yes | Yes |
| Business Credit Card | Yes | Yes |
| 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 | Yes |
| Branch Locations | UK-wide | UK-wide including the ability to use some Natwest locations |
Lloyds Bank vs RBS (Royal Bank of Scotland) Customer Support Options
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| 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 | Yes |
Lloyds Bank vs RBS (Royal Bank of Scotland) Foreign Currency Accounts
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
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Other Business Services From Lloyds Bank and RBS (Royal Bank of Scotland)
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| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| Business Loans | Yes | Yes |
| Commercial Mortgages | Yes | Yes |
| Invoice Financing | Yes | Yes |
| International Payments | Yes | Yes |
| Merchant Payment Services | Yes | Yes |
| Card Machines | Yes | Yes |
| Free Accounting Software | Yes | Yes |
Lloyds Bank vs RBS (Royal Bank of Scotland) Banking Basics
| Lloyds Bank | RBS (Royal Bank of Scotland) | |
| Bank Type | High Street | High Street |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 119278 | 114724 |
| Website | Lloyds Bank Website | RBS (Royal Bank of Scotland) Website |
Common Comparison Questions
Does Lloyds Bank or RBS (Royal Bank of Scotland) 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, RBS (Royal Bank of Scotland) scores 1.3 out of 5 based 838 Trustpilot reviews. Of which 7% are 5-star and 89% are 1-star.
Does Lloyds Bank or RBS (Royal Bank of Scotland) 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, RBS (Royal Bank of Scotland)’s iPhone App is rated 4.8 out of 5 based on 106,900 reviews. And it’s Android App is rated 4.3 out of 5 based on 81,700 reviews.
Does Lloyds Bank or RBS (Royal Bank of Scotland) 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, RBS (Royal Bank of Scotland) offers Business reserve, Liquidity manager notice, Treasury reserve, Client deposit manager, Client account manager accounts with interest rates ranging from 1.46% to 4.25% (AER).
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For other business bank accounts see our guide here.