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Overall

Low-end fees for larger investors or infrequent traders are enough to compensate for average research and a basic platform and tools.

By Steve Miley / March 13th, 2017 / Updated: September 25th, 2018

Dislikes
  • Very basic charting package
  • Minimal educational content

Review Sections:

Lloyds Bank started life in 1765 in Birmingham as Taylors & Lloyds. It was founded by Sampson Lloyd II, John Taylor, and their two sons, each of whom invested £2,000. Lloyds Banking Group was formed in 2009, bringing together well-known brands, including Lloyds, Halifax, Bank of Scotland, and Scottish Widows.

The combined history stretches back more than 300 years and encompasses a diverse business range. Lloyds Bank is the largest retail bank in the UK, and the banking group serves more than 25 million customers.

One important note here is that the Lloyds share-dealing service is very similar to the Halifax share- dealing service, given the common parent group, although the respective services have different offerings and pricing structures.

Lloyds Bank
Share Trading Yes
CFD Trading No
Funds Yes
ETFs Yes
Bonds - Corporate Yes
Bonds - Government (Gilts) Yes
Investment Trusts Yes
Spread Betting No
Banking Services Yes
Advisor Services Yes

Commissions & Fees

Charges are made on both a per deal basis plus a £20.00 managerial/administration charge (which is waived if the account is held with a share-dealing ISA).

Online trading fees in equities are above the average among UK brokers, with fees at £11.00/trade for the first seven deals per quarter, then £8.00 for each deal over eight in any quarter.

Further discounts apply for Lloyds Premier and Private Banking clients; the first seven deals in each quarter are discounted to £10.00/trade, and the six-month charge down to £10.00.

The cost of trading funds is £1.50/deal.

The absence of a percentage managerial /custodial fee for funds would be attractive to fund investors, particularly those that are relatively inactive. However, for frequent traders in individual equities, more attractive price structures are available elsewhere.

Lloyds Bank
Share Trading: 0-9 Deals/ Month£11.00
Share Trading: 10-19 Deals/ Month£8.00
Share Trading: 20+ Deals/ Month£8.00
Annual Custody Fee: £0 - £250,000*40
Annual Custody Fee: £250K-£500K*40
Annual Custody Fee: £500,000 - £1m*40
Annual Custody Fee: £1m and over*40
ETFs - Fee£11.00
Investment Trusts - Fee£11.00
Telephone Dealing Fee*£35.00

Research

The Lloyds share-dealing platform provides a solid and comprehensive fundamental and macro-economic research service. However, practically all the information and data are provided by third parties from outside the account holder platform and are therefore accessible by non-account holders. Being a sister brand, the structure effectively replicates what is available via the Halifax share-dealing service.

Two worthy research areas to highlight are the Company Diary and the Company News sections. These areas deliver news and material regarding dividends, directors’ dealings, and numerous miscellaneous company announcements.

The Company Diary is a weekly economic calendar presenting data that can be filtered by various factors (international economic data, annual reports, interim and final results). This tool is not offered by many brokers and is a strong added value.

Lloyds company diary

Furthermore, links are provided to download third-party company reports provided by The Investor Network. This is a service that is accessible whether you are a Lloyds share-dealing customer or not.

Lloyds Bank
Research - Shares Yes
Research - CFDs No
Research - Funds Yes
Fund Research - Research Reports No
Research - ETFs No
Research - Bonds No
Portfolio Allocation Breakdown Yes

Platforms & Tools

The charting package offered by Lloyds Bank’s share-dealing platform is basic, in line with the average offered by major UK online brokers, and again, it replicates the offering from Halifax.

It is possible to adjust the chart type (line, candlestick, area, OHLC), to compare to indices, sectors, or other stocks, to add in three moving averages, and to view limited fundamental events on the chart. However, outside of the moving averages, no other technical indicators or drawing tools are available.

Lloyds charting

With respect to fundamental tools, the following are available: watch lists, performance tables, stock screeners, and heat maps. These are user friendly and make the analysis of different stocks and sectors based on various metrics very easy.

Lloyds heat maps

Once again, all the benefits from the charting platform and analysis tools are available to non-account holders, as they are not limited to the account holder’s domain. 

Lloyds fundamental research

Lloyds Bank
Desktop Platform (Windows) No
Web Platform Yes
iPhone App No
Android App No
Stock Alerts Yes
Charting - Indicators / Studies43
Charting - Drawing Tools1
Charting - Notes No
Charting - Display Corporate Events Yes
Charting - Stock Overlays Yes
Charting - Index Overlays Yes

Mobile Trading

The Lloyds share-dealing service does not offer any dedicated mobile applications, but there is a responsive mobile site available for use on phones and tablets. While I felt the responsive mobile site was as good as an app with respect to account management and trading, it was not as functional or as user-friendly for conducting research and trade tools.

Education

The educational provision on the Lloyds Bank share-dealing site is very limited. A basic, one-page overview of considerations new investors should make before investing in shares is far from impressive.

Considering the elevated position Lloyds Bank and the Lloyds Banking Group has within the UK banking community, I expected a more thorough offering.

Lloyds Bank
Has Education - Share Trading Yes
Has Education - Funds No
Has Education - Retirement No
Client Webinars No
Client Webinars (Archived) No

Other Notes

Lloyd Bank’s offering is very similar to Halifax’s share-dealing service, given the common parent group. However, the differences in pricing structure may influence potential clients. This is especially true for current Lloyds Premier and Private Banking clients.

Final Thoughts

Lloyd Bank’s general service is solid, with comparatively low fees and charges (for larger investors or infrequent traders). The trading platform and research areas are lower in quality than those offered by their UK competitors; however, the low price may be enough to attract customers willing to overlook these drawbacks.


Steve Miley

Reviewed by Steve Miley Steve Miley is Director of Research, Europe, for StockBrokers.com and heads the annual UK Share Dealing Broker Review. With 25 years of experience in institutional financial markets, Steve has won multiple Technical Analyst Magazine awards, including "Best Independent Fixed Income" and "Best FX Research." Alongside StockBrokers.com, Steve is the founder of The Market Chartist where he provides market research for institutional clients.

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All pricing data was obtained from a published web site as of 01/08/18 and is believed to be accurate, but is not guaranteed. The UK.StockBrokers.com staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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