ComparisonLast checked 8 November 2026

Incard vs Lloyds Business: which suits your business?

Lloyds is a high-street bank for businesses with turnover up to £3 million: FSCS cover, cash at deposit machines and the Post Office, electronic payments included, and £10 a month after a free first year. Incard is an e-money account that pays uncapped cashback on eligible card spend on a £0 plan, with GBP, EUR and USD IBANs in one account.

By the editorial team. How we make money.

Incard suits you if

Ads, software or travel are a big part of your card spending
You want cashback with no monthly fee, after year one too
You want EUR and USD in the same account, not separate accounts at £24 or £60 a year
You're an LLP or a Swiss business, which Lloyds doesn't list

Lloyds suits you if

Your turnover is £3 million or less and you want a high-street bank with FSCS cover
You pay in cash at Lloyds deposit machines or the Post Office
You need a euro account alongside your sterling account
You're a sole trader who wants Lloyds' free Making Tax Digital software

What a year of card spending earns you

Incard Free against Lloyds after the free first year, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£720 a year better off with Incard

Incard Free: £600 cashback, £0 fees
Lloyds after the free first year: no cashback, £120 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. Lloyds is free for 12 months on a first Lloyds business account, then £10 a month. It doesn't list cashback on the debit card.

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At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Incard	Lloyds
Type and protection	E-money · safeguarded, no FSCS	Bank · FSCS cover
Who can open one	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders	UK sole traders and UK limited companies
Cheapest plan	Free: £0 a month	Free for 12 months for businesses new to Lloyds, then £10 a month
Plans (monthly)	Free £0, Grow £49, Plus from £199	One plan: £10 a month after 12 months free for new customers
Card cashback	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped	Not listed for the debit card
Card payments in other currencies	1.8% on Free, 1.5% on Grow and Plus	2.75% non-sterling transaction fee
Domestic transfers	100 included on Free, 250 on Grow, then £0.30 each	Included
International transfers	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)	£15 in internet banking; SEPA £5
ATM withdrawals	2% in the UK, 2.5% abroad	Free in the UK; abroad 2.75%, plus 1.5% (minimum £1.50) for non-euro cash
Cash deposits	Not listed	£0.85 per £100 at an Immediate Deposit Machine, £1.60 per £100 at the counter or Post Office
Currencies you can hold	GBP, EUR and USD, with IBANs	GBP; separate Euro Current Account and Foreign Currency Account
Accepting card payments	Not listed	Tap to Pay, card readers, terminals and online payments offered; pricing not on the account page

The biggest difference: bank vs e-money

Lloyds is a bank (Lloyds Bank plc). It says the FSCS protects up to £120,000 of the eligible money you hold with it, though not every business customer meets the FSCS eligibility criteria.

Incard is an e-money institution (FCA firm reference number 1027309). It safeguards your money, kept separate from its own and not lent out, and it isn't covered by the FSCS. Is Incard safe? explains what that means.

Monthly and everyday fees

Lloyds is free for 12 months on a first Lloyds business account, then £10 a month. Direct Debits, standing orders, Faster Payments and internet bulk payments are included. Cash in or out costs £0.85 per £100 at an Immediate Deposit Machine and £1.60 per £100 at the counter or Post Office, and CHAPS costs £30. Lloyds doesn't pay interest on the account.

Incard Free costs £0 a month with 100 local transfers included, then £0.30 each. It doesn't list cash deposits, so if you take cash, Lloyds handles it and Incard doesn't.

Cashback: only Incard pays it

Lloyds doesn't list cashback on its business debit card. Incard pays 1% on advertising, recurring software and travel and 0.5% on other eligible spend on Free, uncapped. £5,000 a month on ads and software earns about £600 a year on Incard; Lloyds costs £120 a year after the first year. Simple arithmetic, not a forecast. See which brands count.

Foreign currency

Lloyds charges 2.75% on debit card payments in a foreign currency and £15 for an international payment in internet banking (£5 for SEPA). A Euro Current Account costs £24 a year and a Foreign Currency Account £60.

Incard charges 1.8% on foreign-currency card payments on Free and 1.5% on Grow and Plus. GBP, EUR and USD IBANs come with the account, with £5,000 a month of exchange at the interbank rate on Free.

Who can open each account

Lloyds is for UK businesses with turnover of £3 million or less, opened by owners or directors aged 18 or over who are UK resident. Limited companies must be active and registered at Companies House for at least 4 days. Incard accepts UK limited companies, LLPs and registered sole traders, and Swiss GmbH, AG and sole-trader businesses.

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries

Our verdict

Incard is the better fit for card-heavy businesses and anyone working in euros or dollars: cashback, lower card FX fees and three currencies in one account, with no monthly fee. Lloyds is the better fit if you need a bank with FSCS cover, cash deposits or Lloyds' Making Tax Digital software. Using both is common: Lloyds for reserves and cash, Incard for spending.

Our pick for card spend

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E-money · safeguarded, no FSCS

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