Lloyds Bank has confirmed an increase in its monthly fees for some customers which will add £18 a year on to the cost of keeping their accounts open.
The bank has announced an increase to the general account maintenance fee for business account customers, which is being increased from £8.50 to £10 a month.
Per year, this new change will cost you an extra £18 per account.
If you are paying a cheque in or out, the fee is rising by 20% from £1.00 to £1.20.
Another increase can be found in the cost of taking out cash from places such as cash machines, post offices and also Lloyds branches themselves.
This will increase from £1.50 to £1.60 per £100. If you wanted to draw out thousands of pounds at once, these added costs can quickly add up.
The bank is getting rid of electronic payment fees, meaning that things such as direct debits and standing orders will no longer charge 20p per transaction, after your 100 free monthly payments run out.
Although many of these charges are fluctuating, a lot of them are also remaining the same.
This includes cash and cheques being paid into immediate deposit machines, which remains at 85p per £100.
For those worried about their specific bills, they can check how much they will go up via Lloyds online charges calculator at lloydsbank.com/bcacalculator.
With regards to the increases, a Lloyds Bank spokesperson said: “Businesses want clear, straightforward banking that works for them, and we’re making changes to give customers more predictable costs that are easy to understand.
“Over one million businesses trust us with their finances and by simplifying everyday banking charges, we’re helping businesses better anticipate their costs and manage their finances with confidence.”