Lloyds Bank vs Virgin Money: what each publishes
As of October 17, 2026, we hold published rules from Lloyds Bank on 0 of 7 industries and from Virgin Money on 1.
Not a ranking: the two names are in alphabetical order. The free check applies every provider’s rules to your own answers.
Where it takes companies from
Policy by industry
| Industry | Lloyds Bank | Virgin Money |
|---|---|---|
| Unlicensed financial services | No published rule | No |
| Crypto | No published rule | No published rule |
| iGaming | No published rule | No published rule |
| Adult | No published rule | No published rule |
| AI and SaaS | No published rule | No published rule |
| Forex and CFD | No published rule | No published rule |
| Marketplace | No published rule | No published rule |
Where owners must live
Lloyds Bank
To open a business bank account online, you must: be the owner or director of the business be at least 18 years old be a UK resident with a UK mobile phone number
Virgin Money
At least one of the main parties (owner/partner/director) must also be a UK resident.
Rules about countries
Lloyds Bank
No published rule
Virgin Money
No published rule
Fees
Lloyds Bank
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| Business Account | Not stated | None for the first 12 months (first Lloyds Business Account only), then GBP 10 a month; cash, cheque, BACS and CHAPS items are charged | · Source |
Virgin Money
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| M Account for Business (turnover under £1m) | Not stated | GBP 0 monthly account fee; free day-to-day app and online banking; cash withdrawals, CHAPS and international payments are charged under the tariff guide | · Source |
| Business Current Account (turnover under £6.5m) | Not stated | None for the first 25 months (free day-to-day banking offer for new businesses or businesses new to Virgin Money), then GBP 6.50 a month | · Source |
Closing an account
Lloyds Bank
We hold no quote from its terms on notice before closing.
Virgin Money
We can close your account at any time. If we do this, we'll write to you or email you to let you know 90 days before it closes.
Licence
| Licensee | Lloyds Bank | Virgin Money |
|---|---|---|
| Licensee | Lloyds Bank plc · bank authorised by the PRA and regulated by the FCA and the PRA (FRN 119278) | Nationwide Building Society (trading as Virgin Money) · building society authorised by the PRA and regulated by the FCA and the PRA (FRN 106078) |
| Regulator | FCA / PRA · | FCA / PRA · |