Chase Bank vs. Lloyds - A complete comparison of accounts, features and more

Tommy Buckley

27.10.23

6 minute read

Thinking of switching banks or opening a new account? You’ll have lots of options to choose from here in the UK, including both traditional banks and digital providers.

In this guide, we’ll be pitting one of the UK’s oldest banks against one of its newest. It’s Lloyds Bank vs. Chase, seeing how they compare on everything from accounts, features and fees to security, cards and more.

We’ll also look at how much each bank charges for international transactions. For example, sending money abroad or spending on your card while on holiday. This can be really important if you travel a lot or have family living in other countries.

We’ll even show you an alternative which could save you money - the Wise account.

But for now, let’s get some background on Lloyds Bank and Chase.

Chase vs. Lloyds Bank - An overview

Before diving into the detail of account features and fees, it’s worth knowing a little about each bank.

Lloyds Bank is one of the UK’s oldest banks, with a history dating back to 1765. It’s part of leading financial services company Lloyds Banking Group.

As a retail bank, it provides services to both personal and business customers, as well as offering private banking and international banking services.

It offers online and mobile banking like almost every major bank these days. But Lloyds also has a network of over 500 high street branches¹ throughout the UK.

Along with current and savings accounts, it also offers mortgages, loans, credit cards and wealth management services.

Now, onto Chase. It’s a newcomer to the UK, having been launched by US banking giant JPMorgan Chase in 2021. It’s a fully digital bank, so there are no UK high street branches.

Chase offers a much smaller range of services compared to Lloyds. In fact, it offers just a current account and savings account, both of which are managed through the Chase mobile banking app.

As well as having millions of customers in the US, Chase also has over 1 million customers here in the UK. ²

Chase vs. Lloyds Bank - Accounts

Lloyds Bank offers a wide range of different current accounts, including:³

Classic Account - a current account for free everyday banking, with an overdraft facility available if needed.
Club Lloyds - an account with a monthly fee and extra rewards, including credit interest and an annual lifestyle benefit
Silver - a perk-packed current account with a monthly fee, with benefits including European travel insurance, mobile insurance and breakdown cover.
Club Lloyds Silver - an account package with a monthly fee, which combines all the best features of Club Lloyds and Silver
Platinum - a step up from the Silver account, including benefits such as worldwide travel insurance, mobile insurance and breakdown cover, all for a monthly fee.
Club Lloyds Platinum - with the highest monthly fee, this account includes all the best features of the Club Lloyds and Platinum accounts.

There are also savings accounts, and dedicated accounts for young people and students available at Lloyds. All accounts come with online and mobile banking, and a debit card as standard.

Chase, on the other hand, just has one current account and one savings account. Both are managed via the Chase app only.

The Chase current account offers:⁴

A debit card with 1% cashback on everyday spending for a year
Interest of 1% AER (1% gross) on your balance
Linked savings account with 4.1% AER interest.

Chase vs. Lloyds Bank - Fees

Before opening a new bank account, it’s important to read the small print when it comes to fees and charges.

So how much does it cost to have an account with Lloyds Bank or Chase? Let’s take a look.

Monthly fees

Neither Lloyds nor Chase charges a fee to open or switch to an account.

Chase doesn’t charge any monthly fees for its current and savings accounts but some of Lloyds premium accounts do come with a charge:

Lloyds Bank account	Monthly fee⁵
Classic	Free
Club Lloyds	£3 - waived if you pay in £2,000+ a month
Silver Account	£10
Platinum	£21
Club Lloyds Silver	£10 + £3 Club Lloyds fee (waived if you pay in £2,000+ a month)
Club Lloyds Platinum	£21 + £3 Club Lloyds fee (waived if you pay in £2,000+ a month)

Pricing and Fees Correct as of 01-May-2023

Everyday fees

Here’s what you can expect to pay for everyday banking with both providers:

Transaction	Lloyds Bank (Classic)⁶	Chase (Personal Account)⁷
Faster Payments within UK	No fee	No fee
CHAPS payment	£30	Not available
ATM cash withdrawal (UK)	No fee (although some ATM operators may charge their own fee)	No fee (although some ATM operators may charge their own fee)
Debit card payments (UK)	No fee	No fee

Pricing and fees correct as of 29-Sep-2023

Chase vs. Lloyds Bank - International money transfer

Want to use your new bank account to send money overseas? You can do it with Lloyds, but unfortunately Chase doesn’t offer international transfer services at the moment.

If you make an international transfer with Lloyds Bank, here’s what it’ll cost you:

Transaction type	Lloyds Bank fee⁶
Send international transfer - in EUR	No fee
Send international transfer - other currencies	£9.50 + plus correspondent bank fees of £12-£20
Receive international transfers - in EUR from EEA	No fee
Receive international transfers - other currencies	- £2 for up to £100 - £7 for £100+

Pricing and fees correct as of 29-Sep-2023

There’s also the exchange rate to consider. Lloyds Bank is likely to add its own margin to the mid-market exchange rate. This is the rate that banks use to trade currency with each other, and it’s known as one of the fairest rates you can get.

By adding a margin, the bank can make money, but it means that you get a slightly worse rate for the currency conversion. So, the transfer ends up costing you more.

Lloyds doesn’t publish its margin, although you can check rates via online banking or contacting the bank before sending an overseas transfer.

Wise: a cost-saving alternative for managing your money internationally

Banks aren’t always the best option for sending money internationally. Some like Chase don’t offer the service at all, while others such as Lloyds Bank charge high fees for sending money in certain currencies.

The good news is that there are alternatives available. If sending and receiving international payments is something you’ll really need, check out Wise.

You can send money worldwide, to 150+ countries with Wise for low, transparent fees. Best of all, you’ll always get the mid-market exchange rate with no costly margins on top. And never any hidden fees.

Wise makes it fast, convenient and affordable to manage your money internationally. It’s ideal for travelling too, as there’s even a Wise card for spending just like a local.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Chase vs. Lloyds Bank - Cards

All accounts with both Lloyds Bank and Chase come with a contactless debit card as standard.

Lloyds uses Visa cards, while Chase uses Mastercard, and both offer cashback on spending. Here’s the details:

Lloyds Bank - up to 15% cashback when you sign up with its Everyday Offers program and spend with selected retailers.⁸
Chase - 1% cashback on all everyday spending for a year, in the UK or overseas (max. £15 a month).²

Using your debit card overseas - withdrawal fees and limits

You can use your Lloyds Bank or Chase debit card to withdraw cash at ATMs both within the UK and abroad.

It’s usually fee-free to spend and withdraw cash within the UK , although some ATM operators may charge their own fee for cash withdrawals.

However, using your debit card overseas does usually come with some fees and limits. Let’s take a look:

Provider	Overseas ATM fee	Withdrawal limit	Overseas card purchases fee
Lloyds Bank	£1.50 + 2.99% foreign currency transaction fee⁶	£500 per day⁹	£0.50 + 2.99% foreign currency transaction fee⁶
Chase	No fee⁷	£500 per day, max. £1,500 a month¹⁰	No fee⁷

If you’d rather swerve the fees or get better exchange rates, consider taking the Wise card with you on your travels.

It automatically converts your money to the local currency at the mid-market exchange rate, for just a small conversion fee. Or if you already have the currency in your Wise account, it’s free.

Chase vs. Lloyds Bank - Security

Lastly, we come to security - how safe is your money with Lloyds Bank and Chase Bank? The first thing to know is that both are fully regulated and licensed UK banks, offering up to £85,000 protection under the Financial Services Compensation Scheme (FSCS).

Lloyds offers all the high-level security features you’d expect of one of the UK’s biggest banks. This includes built-in security in the Lloyds Bank mobile app, a solid Fraud Guarantee and secure biometric account access.

Chase also offers a number of security features, such as:

Numberless debit cards - all card details are stored safely in the Chase app
Active fraud monitoring
Card controls in the app, including freezing and setting personalised spending limits
24/7 customer support.

So which is better - Lloyds Bank or Chase?

Ultimately, it’s up to you to decide which bank or account fits your needs.

Both Lloyds and Chase offer online and mobile banking, but Chase’s app has more features to appeal to customers wanting to bank on the move. If you prefer to do your banking in person, Lloyds is the one to choose as it has a network of high street branches.

Chase is better for spending and withdrawing cash abroad, although it doesn’t offer international transfers like Lloyds Bank does.

In terms of accounts, there’s a much wider choice at Lloyds Bank than Chase. Some come with monthly fees (while Chase’s account is free) but you do get an impressive package of benefits in return.

Both banks also offer robust security and protection for your money.

Hopefully after reading this guide, you’ll have all the info you need to compare the two - and other providers - and find the right bank for you.

Sources used:

Sources last checked on date: 29-Sep-2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.