Milly Fox-Jones
Duncan FerrisMany or all of the products and brands we review are from our partners who compensate us. This may influence which products we write about and the product we choose in our ‘promotion’. However it doesn’t influence our reviews. Our opinions are our own.
TSB is a UK retail bank, which says it has more than five million customers. It offers business banking to sole traders, general partnerships and private limited businesses registered in the UK.
The bank offers one account for new business customers that can be used for everyday business banking, its Business Plus account. This account offers one tariff (£5 per month and some transaction fees) after an introductory 30-month, fee-free period.
TSB Business Plus Account
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Monthly FeeFree for 30 monthsNo monthly fee for first 30 months, then £5 thereafter (waived if average monthly account balance kept above £10,000)
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UK Card Purchase FeesFree
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UK Bank Transfer FeesFrom freeDirect debits, Faster Payments, BACS: Free | CHAPS: £30
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Offer30 months of free Business Banking when you switch to TSBSubject to keeping your account within agreed limits and not going overdrawn without arranging it first.
- Your business must be registered in the UK
- Must be 18 years or over
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Key features
- FSCS ProtectionEligible deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).
- 30 months’ free bankingNew business customers can get fee-free everyday banking for 30 months after signing up.
- Credit facilitiesTSB business customers can access a range of credit facilities, such as business loans and overdrafts.
- FCA regulatedTSB is a UK-authorised bank regulated by the Financial Conduct Authority (FCA).
TSB business account pros & cons
Pros
- All new business customers benefit from 30 months’ free everyday banking.
- The account can be managed online, via the app, over the phone or in a branch.
- Eligible deposits of up to £85,000 are protected by the FSCS.
- There are branches in England, Wales and Scotland for face-to-face support.
- Business Plus customers can get the payment services app Revenu free for 12 months.
Cons
- While it is possible for customers in Northern Ireland to open a TSB account, there are no TSB branches there.
- Once the 30-month fee-free period is over, the account will be subject to a £5 monthly fee (if your account balance is under £10,000 each month), as well as a 70p charge for paying cheques or cash in or out.
- Customer support is not available 24/7 except for an automated chat service, so any urgent queries can only be answered via the chat’s advisers from 9am to 4.30pm on weekdays, or by phone from 8am to 6pm, Monday to Friday and 9am to 2pm on Saturdays.
The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.
TSB business account full review
TSB is a UK bank offering banking services to both personal and business customers in the UK. It was originally founded over 200 years ago, but it has been in its present form since 2013. A former member of Lloyds Banking Group, TSB is now part of the Spanish banking group Sabadell.
Its Business Plus account offers banking to both start ups and established businesses, with a single simple tariff and a 30-month fee-free offer to new customers. At the end of this introductory offer, the monthly fee is £5 and the account will be subject to some transaction fees, namely a 70p charge for cheques paid in or out, and per £100 of cash paid in or out, or exchanged.
The account also comes with a 12-month free trial to Revenu, an app that integrates with the account to support payment requests and invoices. However, once the trial has ended, there is a monthly fee of £6, with the option to cancel at any time.
TSB business account features: at a glance
| Monthly fee | £5 after 30-month fee-free period (waived if average monthly account balance is £10,000 or more over a charging period) |
| Transaction fees | Yes, for some transactions, after 30-month free-free period |
| Account management | Online, app, phone, branch |
| FSCS protection | Yes |
| Set-up time | 10 days on average |
| Cash deposits | Yes |
| Cheque deposits | Yes |
| Access to other banking services | Yes |
| International payments | Yes |
| Customer service | In-app chat bot Web chat with agents In a branch Phone: 0345 835 3858 Monday to Friday 8am to 6pm, Saturday 9am to 2pm (excluding bank holidays) |
| Multiple user access | Yes |
| Create and send invoices | Yes, free for 12 months |
| Integration with accounting software tools | Yes |
Where TSB business account stands out
Network of branches: TSB operates many branches across Scotland, England and Wales, where you can access services or speak to advisers.
30 months’ fee-free: Standard fee-free periods tend to range between 12 and 24 months, so TSB’s 30-month offering is competitive.
Deposit cash and cheques: At any Post Office or branch, you can deposit cash and cheques into your Business Plus account.
Software integration: Business Plus customers get 12 months free of Revenu, an app that integrates with your account to support payment requests and invoices.
Free everyday banking: Even after the 30-month fee-free period, everyday transactions, such as debit card transactions and cash withdrawals, are free.
Where TSB business account falls short
Access in Northern Ireland: While you can open a TSB business account if you’re based in Northern Ireland, there are no branches in the country.
Customer service hours: While there are multiple ways to get in touch for customer support, none of these services have a 24-hour option, apart from an automated chat service.
TSB business account customer reviews
TSB has a ‘great’ rating on Trustpilot with 4.2 out of 5, based on over 21,500 reviews. However it’s important to note that these reviews are for TSB in general, not just its business offerings.
Again, the TSB mobile app covers TSB in general, and has a rating of:
- App Store: 4.8 out of 5, based on 453,000 reviews
- Google Play: 4.7 out of 5, based on over 195,000 reviews
This information is correct as of 15 January 2024.
TSB business account eligibility
To apply for a TSB business account, you must:
- be 18 or over
- have at least one partner or director who is a UK resident
- have a UK-registered business that is based in the UK
- be authorised by your business to open a bank account
- have a simple business structure of no more than three layers
- not be in administration, liquidation or dissolved
How to apply for a TSB business account
To open a TSB business account, you’ll need to follow these steps:
- Apply online or in a branch.
- Provide information about your business (including turnover and nature of your business), as well as proof of your identity and address.
- Wait to hear if your application has been successful.
Review methodology
At NerdWallet Ltd UK, we base our reviews and ‘Best of’ pages’ on the results of surveys we undertook about what was important to people that use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means ‘our best’, and is based only on what products we have aligned to our surveys and which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best of’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may include lenders’ rates. This additional information has not been included in our star rating or evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
