Is Lloyds Bank or Virgin Money better for your small business?
Below we look at both Lloyds Bank and Virgin Money 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 Virgin Money Trustpilot Reviews
| Lloyds Bank | Virgin Money | |
| Trustpilot Review Score (out of 5) | 1.7 | 1.4 |
| Percent 5-Star Reviews | 13% | 5% |
| Percent 1- Star Reviews | 79% | 89% |
| Total Number of Reviews | 4,311 | 6,799 |
https://www.trustpilot.com/review/lloydsbank.com
https://www.trustpilot.com/review/uk.virginmoney.com
Lloyds Bank vs Virgin Money App Reviews
| Lloyds Bank | Virgin Money | |
| iPhone Review Score (out of 5) | 4.8 | 4.6 |
| Number of iPhone Reviews | 1,900,000 | 125,000 |
| Android Review Score (out of 5) | 4.6 | 4 |
| Number of Android Reviews | 317,000 | 23,400 |
https://apps.apple.com/gb/app/lloyds-bank-mobile-banking/id469964520
https://apps.apple.com/gb/app/virgin-money-mobile-banking/id1482269155
Lloyds Bank vs Virgin Money Account Fees & Charges
| Lloyds Bank | Virgin Money | |
| Free Business Bank Account | Yes | Yes |
| Free Business Account Term Length | 12 Months | 25 Months |
| Cheapest Monthly Account Fee | £8.50 | No |
| Most Expensive Monthly Account Fee | £8.50 | No |
| Electronic Payment Cost (in/out) | Free / 20p | Free |
| Cash Payments Cost (in/out) | £85p / £1.50 per £100 | 90p per £100 |
| Cheques (in/out) | 85p per cheque | 30p per cheque |
| CHAPS Payments Cost | £30 | £25 |
| SEPA Payments Cost | £5 | £20 |
Lloyds Bank vs Virgin Money Business Savings Rates
| Lloyds Bank | Virgin Money | |
| Types of Business Savings Accounts | Fixed Term Deposit, Instant access account, Notice accounts | Instant access accounts, Notice accounts, Fixed term deposit accounts |
| Lowest Savings Rate (AER) | 1.31% | 1.35% |
| Maximum Savings Rate (AER) | 4.37% | 5.15% |
| Minimum Savings Amount | £1 | £1 |
| Interest Paid On Foreign Currencies | Yes | Yes |
Lloyds Bank vs Virgin Money Account Opening Times
| Lloyds Bank | Virgin Money | |
| Can You Apply Online? | Yes | Yes |
| How Long Does Opening An Account Typically Take? | 7 Working days | 1 to 47 Working days |
| Do They Check Your Credit? | Yes | Yes |
| Current Account Switch Service | Yes | Yes |
Lloyds Bank vs Virgin Money Features & Account Types
| Lloyds Bank | Virgin Money | |
| 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 | Northern England and Scotland only |
Lloyds Bank vs Virgin Money Customer Support Options
| Lloyds Bank | Virgin Money | |
| 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 Virgin Money Foreign Currency Accounts
| Lloyds Bank | Virgin Money | |
| US Dollar (USD) Bank Accounts | Yes | Yes |
| Euro (EUR) Bank Accounts | Yes | Yes |
| Other Currencies Available: |
| No |
Other Business Services From Lloyds Bank and Virgin Money
| Lloyds Bank | Virgin Money | |
| 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 | Yes |
Lloyds Bank vs Virgin Money Banking Basics
| Lloyds Bank | Virgin Money | |
| Bank Type | High Street | High Street |
| FSCS Protection | Yes, up to £85,000 | Yes, up to £85,000 |
| FCA Number | 119278 | 121873 |
| Website | Lloyds Bank Website | Virgin Money Website |
Common Comparison Questions
Does Lloyds Bank or Virgin Money 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, Virgin Money scores 1.4 out of 5 based 6,799 Trustpilot reviews. Of which 5% are 5-star and 89% are 1-star.
Does Lloyds Bank or Virgin Money 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, Virgin Money’s iPhone App is rated 4.6 out of 5 based on 125,000 reviews. And it’s Android App is rated 4 out of 5 based on 23,400 reviews.
Does Lloyds Bank or Virgin Money 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, Virgin Money offers Instant access accounts, Notice accounts, Fixed term deposit accounts accounts with interest rates ranging from 1.35% to 5.15% (AER).
See Other Comparisons:Lloyds Bank vs Monzo
Lloyds Bank vs Bank of Scotland
Lloyds Bank vs Metro Bank
Lloyds Bank vs TSB
Lloyds Bank vs Starling Bank
For other business bank accounts see our guide here.