Lloyds Bank, which operates branches in Birmingham, has confirmed a major change to its business accounts that will take effect from July 10. The adjustments include an increase in the monthly account maintenance fee and higher charges for cash and cheque transactions, potentially costing customers hundreds more annually.
Monthly Maintenance Fee Rises
The general account maintenance fee is set to increase from £8.50 per month to £10 per month for each business account. This represents an additional £18 per year per account. The change applies to all business accounts held with the bank.
Cash and Cheque Transaction Charges Increase
The cost of depositing or withdrawing cash at a branch counter, cash machine, Nightsafe, or through third-party services such as the Post Office will rise from £1.50 per £100 to £1.60 per £100. Cheque processing fees are also increasing, from £1.00 to £1.20 per transaction, marking a 20% increase.
AI Investment and New Roles
Lloyds Banking Group is simultaneously accelerating its investment in artificial intelligence, recruiting for nearly 300 agentic AI-related roles, including Data and AI Scientists, Engineers, Responsible AI specialists, and AI Product Managers. Over 700 colleagues are already working on AI use cases, with more than 1,000 roles planned for 2026 to support the Group's AI build-out. This includes customer-facing tools such as the AI financial assistant, which is already used by over 500,000 Bank of Scotland customers.
Bank's Statement on Changes
A Lloyds Bank spokesperson said: “Businesses want clear, straightforward banking that works for them, and we’re making changes to give customers more predictable costs that are easy to understand. Over one million businesses trust us with their finances and by simplifying everyday banking charges, we’re helping businesses better anticipate their costs and manage their finances with confidence.”
