Lloyds bank makes £10 a month change for customers | UK | News

Lloyds Bank has confirmed an increase in monthly fees for some customers, which will add £18 a year to the cost of keeping their accounts open.

The bank has announced that its general account maintenance fee for business account customers has been increased from £8.50 to £10 per month.

Each year, this new change will cost you an extra £18 per account.

If you’re paying on entry or exit, the fee increases by 20%, from £1.00 to £1.20.

Another increase is experienced in the cost of withdrawing cash from places such as ATMs, post offices and Lloyds branches.

This will rise from £1.50 to £1.60 per £100. If you want to withdraw thousands of dollars at once, these additional costs can add up quickly.

The bank avoids electronic payment fees; This means that things like direct debits and standing orders will no longer incur a 20p charge per transaction once your 100 free monthly payments are exhausted.

While many of these fees fluctuate, many also remain the same.

This includes cash and checks paid into instant deposit machines; this remains at 85p per £100.

Those worried about their own bills can check how much they will increase by using the Lloyds online costs calculator. lloydsbank.com/bcacalculator.

Commenting on the increases, a spokesman for Lloyds Bank said: “Businesses want clear and understandable banking that works for them and we are making changes to offer customers easier-to-understand, more predictable costs.

“More than a million businesses trust us with their finances, and by simplifying day-to-day banking expenses, we help businesses better predict their costs and manage their finances with confidence.”