TSB Business Banking Review

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Learn more about TSB’S Business Plus current account and compare it with other business bank providers at NerdWallet.

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Information written by Joel Kempson Last updated on 11 October 2022.

TSB is a UK bank with over 300 branches and more than five million customers. TSB offers business banking to sole traders, partners and company directors with businesses registered in the UK.

TSB Business Plus accounts can be managed in its branches, online and via its app. Account holders are also able to speak to a business adviser over the phone and manage certain account features through text alerts.

TSB is a former member of Lloyds Banking Group and now part of the Spanish banking group Sabadell.

TSB is regulated by the Financial Conduct Authority (FCA). What’s more, your funds up to £85,000 will be protected by the Financial Services Compensation Scheme (FSCS) if the bank fails. It’s worth noting that FSCS protection applies to all UK authorised banks, building societies and credit unions.

Find out more about TSB business banking, including the benefits and features that might suit you and your business.

Pros and cons of TSB Business Banking

There are a number of pros and cons to consider for TSB business banking.

Pros of the TSB Business Account

  • You can deposit cash and cheques at TSB branches in England, Wales and Scotland or at Post Offices.
  • Businesses can have free business banking for the first 25 months.
  • You can cash and cheque deposits (free for the first 25 months).
  • There is integration with accounting software.

Cons of the TSB Business Account

  • There is no free account reporting or invoicing tools after three months
  • There are no branches in Northern Ireland.
  • £5 monthly fee if your average monthly balance is under £10,000 (after free banking period ends).
  • The account has a £5 monthly fee if your average monthly balance is under £10,000.
  • Cheque deposits cost 70p after the free period ends.
  • Cash deposits cost 70p per £100 after the free period ends.
  • Foreign transaction charges start from 2.75%.
  • Only one TSB plan is available to new customers, so it is a one-size-fits-all account.

What business bank accounts does TSB offer?

TSB currently offers one business banking product to new customers, TSB Business Plus. This account has a fixed monthly fee at the end of a 25-month, fee-free period. This monthly fee is waived if you maintain an average monthly balance of over £10,000.

If you are an existing TSB business account holder, you may have an older account that is no longer available for new customers to open or existing customers to switch to. These accounts are:

  • Fixed Fee account: This type of account offers a range of service plans from A-E for a fixed fee of from £5 to £40 a month. Customers with this account can still choose to downgrade or upgrade their tariff.

  • Business Extra Tariff: This tariff is aimed at businesses relying on large cash transactions and offers free withdrawals for a £5 a month fee.

  • Electronic Business Tariff: This plan offers free BACS transfers and free direct debits for a monthly fee of £5.

What are the TSB Business Account charges?

The only business account tariff currently available from TSB for new customers is the Business Plus account, which comes with an initial free day-to-day banking period of 25 months.

Most of the transactions you make during your initial 25-month period will be free. This includes paying for taking out cash, issuing or depositing cheques, and all standing orders and direct debits. However, you must keep to the agreed limits of your account and not use an overdraft without TSB’s agreement.

At the end of the 25-month period, you will be charged a £5 monthly fee unless your average balance is over £10,000, in which case the fee is waived. You will also be charged for depositing or issuing a cheque (70p) or paying cash in or out (70p per £100).

TSB charges for unarranged overdrafts. It also charges £10 per day for an unarranged overdraft between £50 and £200, and £20 per day over £200. However, you will not be charged a daily fee for more than 10 days in a single billing period.

Arranged overdrafts may be available depending on certain lending criteria, but you will be charged interest and an arrangement fee.

Transactions and cash withdrawals taking place in euros in an EEA country will incur a 2.75% fee. In any other territory or currency, foreign transactions will also be charged an extra 1.5% non-sterling cash transaction fee (minimum £1.50).

How to open a TSB Business Bank Account

You can open a TSB business account in a branch or online. TSB aims to process applications straight away and will contact you within five working days if additional documentation is required.

You will need:

  • to be over 18
  • to be a sole trader, partner or director of a company
  • your business to be registered in the UK
  • proof of a UK business address

You may find that the quickest way to open your account is by applying online, though if you are unable to upload certain documents you may need to visit a local branch.

You can use banking trade body UK Finance’s free business current account checklist to make sure you have all the relevant documentation to apply for a business current account.

» MORE: Opening a business bank account online

What features does the TSB Business Account offer customers?

The TSB business account offers customers a range of features and services that can help businesses in their daily operations.

  • Extensive branch network across England, Scotland and Wales where you can speak to staff and complete transactions. You can also use Post Offices to complete some transactions.
  • Cash and cheque deposits are free in the first 25 months, then available for a fee.
  • 24/7 online and mobile banking through internet banking or the TSB business banking mobile app.
  • Business debit card to make free ATM withdrawals and payments.
  • Ability to integrate with accounting software from Sage, Xero and QuickBooks.
  • A TSB savings account is also available

What do other TSB business banking reviews say?

While TSB’s ratings on Trustpilot were middling to poor, this included its personal banking services as well as its business accounts. However, the TSB Business Mobile app fares much better with reviewers in the Apple Store and on Google Play.

Trustpilot: 3.7 out of 5, based on over 16,200 reviews with 48% rating it as ‘5-star’ and 32% as ‘1-star’.

Apple Store: 4.7 out of 5, based on over 14,000 reviews.

Google Play: 2.6 out of 5, based on over 5,000 reviews.

This information is correct as of 10 October 2022.

Conclusion

A TSB Business Plus account will likely cover the needs of many UK businesses.

The basics of online banking, as well as branch services and cash and cheque deposits are all covered. If you rely on regularly making deposits to a local branch, you will likely benefit significantly from the TSB branch network, as well as being able to use services at Post Offices. Businesses in Northern Ireland will not have the benefit of local branches, however.

For many looking to switch banks, 25 months of fee-free banking will also be a tempting bonus.

If your business deals with a lot of foreign transactions, or you do not need to make regular deposits in person, you may find that there are better deals available with a challenger bank.

TSB Business Current Account FAQ

What is the TSB Business Account?

The Business Plus account from TSB is a business current account that your business can use to issue and deposit cheques, pay in or pay out cash, make online transfers and carry out other banking services.

The account can be managed online, through a dedicated app or at TSB branches in Great Britain.

How does the TSB Business Account work?

There are a variety of ways to use your TSB Business Plus account. You can manage your money 24/7 through its mobile app or internet banking system, visit over 300 high street branches across England, Scotland and Wales, or speak to an adviser over the phone. You can also make cash or cheque deposits at Post Offices across the UK.

How long does it take to open a TSB Business Account?

How long your application takes will depend upon the type of business you operate, how quickly you can access certain documentation and whether you are applying in a branch or online.

TSB business account applications are processed as soon as the relevant documentation is received. If TSB needs any further information, you should be contacted within five working days.

How can I make a business account switch to TSB?

Switching to TSB is backed by the Current Account Switch Service guarantee, so it should be a quick and simple process that should be completed within seven working days.

TSB operates a dedicated team with the aim of making switching as smooth a process as possible for new customers.

Who can apply for a TSB Business Account?

In order to open a TSB Business Plus account you will need to be:

  • aged over 18
  • a sole trader, partner or company director
  • opening an account for a UK-registered business

You will also need to require the account solely for business use and have read TSB’s terms and conditions.

What do I need for my TSB Business Account application?

TSB are among a group of UK business account providers that have agreed to a basic template of information required to open an account.

Examples of what you will need include:

  • business name
  • start date
  • expected turnover
  • proof of identity (e.g. valid passport or photo driving licence)
  • proof of address (e.g. bank or credit card statement or UK
  • mortgage statement from the last three months)
  • certificate of incorporation or partnership agreement (unless you are a sole trader)

» MORE: How to open a business bank account in the UK

How does TSB business online banking work?

You can access online banking 24/7 either through your browser or via the dedicated TSB Business Mobile app.

You can use online banking to check your balance, transfer funds, make payments, export statements, manage direct debits and much more.

Does TSB offer a business credit card?

TSB no longer offers business credit cards, having discontinued them from 11 May 2021.

Does TSB have a business banking app?

Yes. TSB offers a free dedicated business banking app that can be used to check your balance, transfer funds, make payments and manage direct debits.

You can also access secure chat help, report a lost or stolen card, dispute transactions and more.

Does TSB offer traditional support?

Yes. TSB business account customers can access traditional services at over 300 branches, as well as by speaking to a business adviser on the phone.

Where can I find the TSB business account login details?

TSB provides a step-by-step interactive guide on its website to logging back in to your internet banking or mobile app if you lose access.

About the author:

Joel Kempson is a personal finance expert and writer at NerdWallet. He has previously written for Money.co.uk and Uswitch, as well as being quoted in the Daily Express, The Mirror and The Sun. Read more

Services offered by this provider may change over time. Always check Ts&Cs.

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