Lloyds Bank Review
Lloyds Bank can deliver value to the passive fund trader, who places a few fund trades each year and requires little research. Outside of this customer mold, Lloyds quickly becomes expensive (stock trades cost £8 - £11) and can’t provide the same trading tools or research as top UK brokers.
Top Takeaways for 2020
After reviewing Lloyds Bank, here are our top findings:
- Lloyds Bank is the largest retail bank in the UK, and the banking group serves more than 25 million customers. Lloyds Bank, which owns Halifax, has the same share dealing product as Halifax. Quotes, charts, and market news are the same, as both brokers use the same third-party providers.
- Lloyds Bank is a good option for traders exclusively dealing funds. Lloyds charges an annual fee of £40, no custody fees, and each fund trade is only £1.50. Lloyds offers almost 3,000 funds to choose from, sorted by Morningstar ratings. Hargreaves Lansdown and Interactive Brokers offer more fund research, but at varying price points.
- Lloyds Bank is not a cost-efficient option for traders focused on shares. Lloyds charges between £8 - £11 per trade, with the opportunity to receive £1.50 trades with reoccurring investments. Almost every broker we review offers cheaper per trade rates, while also offering reoccurring investments between £1 - £2. DEGIRO and FinecoBank offer some of the cheapest stock trades.
- Lloyds Banks offers average research and an average trading platform. While the trading tools provided are sufficient for the casual trader, other brokers offer more at lower price points.
- Lloyds Bank does not have a mobile app for share dealing. Customers must use the Lloyds website from a mobile browser to trade on the go. As far as education goes, Lloyds Bank is average delivering bite-size educational articles focused on getting investors started.
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For the 2020 UK.StockBrokers.com Review we assessed, rated, and ranked nine UK share dealers. Each broker was graded on 46 different variables and, in total, over 12,000 words of research were produced. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors with quality data they can trust. Learn more about how we test and our team.
About the author: Steve Miley 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.
About the author: Blain Reinkensmeyer As Head of Research at StockBrokers.com, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in The New York Times, Forbes, and the Chicago Tribune, among others.
All pricing data was obtained from a published web site as of 01/15/2020 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.