TSB Business Current Account Review

Launched in 2013, TSB is a full-service bank offering personal and business banking services.

Previously part of the Lloyds Banking Group, TSB only offers one business current account, but is it the right one for you?

Monthly Fee

£5

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

24,349 Reviews, average rating of 4.3/5

Accessibility

Manage your account online, through the Business mobile app, by telephone banking or in person at a TSB or Post Office branch.

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Eligibility Criteria

– You’re at least 18 years old
– You’re a UK resident.
– Your business is registered in the UK

Our Verdict

The TSB Business Plus Account is an attractive current account, particularly for start-ups and smaller businesses.

Its main advantage is the 30-month free banking period, which eliminates day-to-day fees and can significantly cut initial costs.

The ability to deposit cash and cheques at both TSB and Post Office branches and high transfer limits through online and mobile banking further enhance its appeal.

However, after the initial 30 months, a £5 monthly fee kicks in, which could affect budget-conscious businesses. The account also incurs non-sterling foreign exchange fees and higher charges for international transactions, which may not be cost-effective for those who frequently deal overseas.

The mobile app’s limited functionality might be restrictive for businesses with complex banking needs, and the closure of physical branches could inconvenience those reliant on in-person services.

Why You Should Trust Us

Business Expert was founded to assist you in making informed financial decisions for your business.

Our reviews are entirely independent, impartial, and balanced, sharing both the advantages and disadvantages of various service providers and products.

We ensure all information is thoroughly fact-checked and regularly updated, providing the latest insights to help you choose the best product for your needs.

Pros & Cons

Pros

Free Banking Period: Enjoy 30 months of free day-to-day banking with no monthly fees or charges for UK sterling transactions.
Overdraft Facility: Option to apply for an overdraft with interest only charged on the amount used.
Business Debit Card: Free card with no annual fee, accepted worldwide where Visa is accepted.
Cash and Cheque Deposits: Deposit cash and cheques at both the Post Office and TSB branches.
Online and Mobile Banking: Access through a user-friendly app and internet banking, including text alerts for account updates.
High Transfer Limits: Generous daily transfer limits for payments and transfers through internet and mobile banking.
Customer Service: Access to live chat support, telephone banking, and in-branch assistance during extended hours.

Cons

Monthly Fee After 30 Months: £5 monthly fee applies after the initial 30-month free period.
Fees for Some Transactions: Charges for particular transactions, such as electronic funds transfers (CHAPS payments) and international payments.
International Fees: Non-sterling foreign exchange fees apply for card transactions and cash withdrawals in foreign currencies.
Limited Functionality of App: Some users find the app lacking advanced features, making it somewhat restrictive for larger businesses with complex needs.
Branch Closures: Impending closures of physical branches may inconvenience businesses that rely on cash transactions.

TSB At A Glance

Item	Reviews
Bank Accounts	Business Current Account 1. Business Plus Account Business Savings Accounts 1. Business Instant Access Savings Account 2. 12-Month Business Fixed Rate Bond 3. 18-Month Business Fixed Rate Bond 4. 24-Month Business Fixed Rate Bond
Pricing	Free everyday banking for the first 30 months
Overdraft	Available on application
Ease of Use	Highly-rated business mobile app, online banking, telephone banking and in-person services at TSB and Post Office branches
Security	FSCS protection up to £85,000, TSB Fraud Guarantee, 24/7 monitoring, one-time passcodes and the Business Banking Authentication App
Customer Support	Live chat is available between 9 am and 4.30 pm Monday through Friday; telephone support is available Monday through Friday, 8 am to 6 pm, and Saturday, 9 am to 2 pm, excluding UK bank holidays; in-branch assistance
Reviews	‘Excellent’ average Trustpilot rating of 4.3 out of 5 based on 24,439 reviews
Eligibility Criteria	You must be at least 18 years old, be a UK resident and have a business registered in the UK

Who Should Use TSB’s Business Banking Services (And Who Shouldn’t)?

A TSB Business Account may be suitable for you if:

You Want Free Banking: Benefit from 30 months of free everyday banking, making it ideal for businesses looking to minimise costs.
You Need Overdraft Flexibility: The account offers an overdraft facility with interest only charged on the amount used, providing financial flexibility for your business needs.
You Want Flexible Account Management: Customers can access their accounts digitally through the online platform or mobile app, by telephone banking, or in person at TSB and Post Office branches.
You Value Customer Support: Access live chat, telephone banking, and extended in-branch support for comprehensive customer service.
You Need Versatile Deposit Options: If you frequently handle physical transactions, the flexibility to deposit cash and cheques at TSB and Post Office branches can be helpful.
You Are Interested in Additional Business Support: Access free business advice and support through Enterprise Nation, along with exclusive offers in the TSB Marketplace, which can provide valuable resources and discounts for your business.
You Want Secure Online Transactions: Utilise TSB’s comprehensive security features, including FSCS protection, 24/7 fraud monitoring, and secure data transfer, ensuring peace of mind for online and mobile banking.

A TSB Business Account may not be suitable for you if:

You Are Concerned About Ongoing Fees: A £5 monthly fee applies after the initial 30-month free period, which might impact your budget planning.
You Handle International Transactions Frequently: Non-sterling foreign exchange fees apply for card transactions and cash withdrawals in foreign currencies, which can be costly for businesses with international dealings.
You Rely Heavily on Physical Branches: With the closure of physical branches, businesses that depend on in-person services might find this inconvenient.
You Have Complex Banking Needs: The app’s limited functionality and the potential need for additional banking services or advanced features might be restrictive for larger businesses.
You Need Immediate Account Opening: While the application process is generally efficient, more complex business structures may face delays, which can affect your operations if you require swift account setup.

Products & Features: TSB Business Banking Services

Business Plus Account

Best For: Start-ups and small businesses

Key Features:

Free everyday banking for 30 months, including bank transfers, debit card payments and cash deposits.
Free UK ATM cash withdrawals
Visa business debit card with no annual fee.
An overdraft facility is available, subject to application.
Deposit cash and cheques at any TSB or Post Office branch.
Wide range of account management options, including the TSB Business App, online banking, telephone banking, or in-person at a TSB or Post Office branch.
Receive daily or weekly account alerts via SMS.
Free business advice and support through Enterprise Nation.
You can access the TSB Marketplace, which offers exclusive offers from Revenu, Square, Adobe Acrobat Pro, Ember, and more.

Savings Accounts

Although this article focuses on TSB’s business current account, the bank also offers a range of business savings accounts for businesses to earn a return on their surplus cash.

At the time of writing, the savings accounts available for application were the Business Instant Access Savings Account and the Business Fixed Rate Bond for 12, 18 and 24-month terms.

Pricing & Fees Breakdown

TSB Business Plus Account customers enjoy 30 months of free day-to-day banking, after which standard fees will apply.

The table below shows the pricing structure during and after this free period.

Service	First 30 Months	After 30 Months
Monthly account fee	£0	£5
Electronic payments	£0	£0
Transfers to another TSB account you hold	£0	£0
CHAPS	£30	£30
Debit card transactions	£0	£0
ATM withdrawals	£0	£0
Cheques paid in and out	£0	70p per cheque
Cheques deposited via the mobile app	£0	£0
Cash paid in, out or exchanged	£0	70p per £100
Standard international payments to qualifying EEA countries	£0	£0
Standard international payments to non-qualifying EEA or other countries	£2	£21
Express international payments	£28	£28
SEPA direct debit payments	£0	£0
Using your card abroad	2.75% non-sterling foreign exchange fee	2.75% non-sterling foreign exchange fee
Cash withdrawals in euros within an EEA country	2.75% non-sterling foreign exchange fee	2.75% non-sterling foreign exchange fee
Cash withdrawals in any currency in countries outside in a qualifying EEA country	2.75% non-sterling foreign exchange fee. The converted sterling total then incurs a 1.5% non-sterling cash transaction fee (minimum £1.50)	2.75% non-sterling foreign exchange fee. The converted sterling total then incurs a 1.5% non-sterling cash transaction fee (minimum £1.50)
Cash withdrawals in any currency in non-EEA or non-qualifying EEA countries	£0	£0
Receiving up to £100 from non-EEA or non-qualifying EEA countries	£2	£2
Receiving over £100 in euros from qualifying EEA countries	£0	£0
Receiving over £100 from non-EEA or non-qualifying EEA countries	£7	£7

As of August 2024, qualifying EEA countries are Austria, Azores, Belgium, Bulgaria, Canary Islands, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Guadeloupe, French Guiana, Hungary, Iceland, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Madeira, Malta, Martinique, Mayotte, Netherlands, Norway, Poland, Portugal, La Reunion, Romania, Saint Martin, Slovakia, Slovenia, Spain (including the Balearic Islands), Sweden.

Ease of Use & The Application Process

TSB’s Business Plus Account supports online and mobile banking, providing businesses easy access to their finances anytime, anywhere. The TSB Business Banking App, available on both the Apple App Store and Google Play Store, allows users to monitor transactions, transfer funds, and manage payees conveniently.

You can also use TSB and Post Office branches to deposit cash and cheques, withdraw funds, and access the Change Giving service. This flexibility ensures that businesses of all sizes and banking preferences are catered to, whether they prefer in-person, online, or mobile banking.

Applying for TSB’s Business Plus Account is straightforward and relatively quick. For sole traders or businesses with a single director, the online application process typically takes around 30 minutes.

TSB begins processing the application immediately upon receiving all the necessary documents. For simpler business structures, a decision is usually made within 48 hours. However, for more complex businesses, the process could extend to up to 10 working days.

This streamlined application process is designed to minimise disruption, allowing businesses to start using their accounts promptly. The option to apply online makes the process accessible and convenient, eliminating the need to visit a branch. TSB’s dedicated account-switching team also ensures a smooth transition for those moving from another bank, further enhancing the overall user experience.

Safety & Security

TSB is a fully authorised and regulated bank and has put the following security measures in place to protect your money and data:

FSCS Protection: Balances up to £85,000 are covered by the Financial Services Compensation Scheme, ensuring your funds are protected in case of bank failure.
Fraud Refund Guarantee: As of October 2023, TSB has refunded 91% of stolen funds to innocent fraud victims.
24/7 Fraud Monitoring: Continuous monitoring of accounts for suspicious activity, with automatic logout after five minutes of inactivity to prevent unauthorised access.
Device Tracking: TSB keeps a record of devices used for online banking, flagging and noting any login attempts from unfamiliar devices or locations.
Secure Data Transfer: All online data is securely transferred and encrypted, ensuring safe transactions.
Identity Verification: Customers’ identities are confirmed via One-Time Passwords sent to mobile phones or landlines when setting up new payments.
Business Banking Authentication App: Allows business customers to authenticate transactions and secure activities like setting up new payees.

What TSB Business Customers Say

TSB customers have consistently praised its business banking services, earning an “excellent” average Trustpilot score of 4.3 out of 5, based on 24,439 reviews. Similarly, the bank’s Business Mobile Banking app also has positive feedback, with an average rating on the Apple App Store of 4.8 out of 5, based on 23,600, and 4.7 out of 5, based on 9,089 reviews on the Google Play Store.

Some of the most common customer comments include:

Positive Reviews

Professional and Dedicated Staff: TSB staff are frequently commended for their professionalism, expert advice, and ability to resolve issues.
Personal Touch: Customers value the face-to-face interactions at branches, noting staff’s patience and helpfulness.
High Recommendations: Many reviews highlight TSB’s commitment to excellent service and dedication to customer satisfaction, leading to strong recommendations from long-standing customers.
Banking App Usability: Some users find the TSB banking app easy to use, efficient, and secure.
Security Features: Some customers positively highlight the security measures for online and mobile banking, providing peace of mind when using TSB’s services.

Negative Reviews

Online Services and Technical Issues: Customers report frustration with online banking difficulties, including account switching problems and accessing features.
Branch Closures: Complaints arise from the inconvenience caused by the closure of physical branches, particularly for businesses reliant on cash transactions.
Account Opening Delays: There are significant complaints about lengthy delays and bureaucratic challenges when opening business accounts.
Communication Breakdowns: Customers experience frustration due to poor communication between different departments, leading to lost business opportunities.
Banking App Limitations: The app is criticised for lacking functionality, including issues with fingerprint login and linking multiple accounts.

Additional Information About TSB

TSB, known initially as Trustee Savings Bank, has a rich history dating back to its founding. The bank underwent several transformations, starting in 1986 when it was renamed TSB Scotland and, later, TSB Bank Scotland in 1989. A significant change occurred in 1995 when TSB merged with Lloyds Bank, leading to the creation of Lloyds TSB in 1999.

In 2013, the company was re-registered under the TSB Bank name, marking a return to its roots. A year later, TSB ceased to be part of the Lloyds Banking Group, becoming an independent entity once again. This independence was further solidified in 2015 when TSB was acquired by the Sabadell Group, which has since allowed the bank to continue serving its customers across the UK with renewed focus and autonomy.

How TSB Stacks Up Against The Competition

Feature	TSB	Lloyds Bank	HSBC	Santander UK
Business Current Account Options	1	9	6	3
Overdraft	Amount on application	Up to £5,000	Up to £30,000 – £100,000 depending on account	Up to £25,000
Cash & Cheque Deposits	✅	✅	✅	✅
Mobile App	✅	✅	✅	✅
Account Integrations	❌	Business Finance Assistant	❌	❌
FSCS Protection	✅	✅	✅	✅
Learn More	Visit TSB	Visit Lloyds Bank	Visit HSBC	Visit Santander UK

TSB Business Account FAQs

Does TSB do business accounts?

Yes, TSB offers a business account called the Business Plus Account, which has various features, including 30 months of free day-to-day banking.

Is TSB a good business bank?

TSB is generally considered a good business bank for small and medium-sized enterprises. Customers often praise the personalised service at TSB branches, the professionalism of staff, and the convenience of their business banking features, such as online and mobile banking. However, there are some mixed reviews, especially regarding the functionality of their digital services and occasional delays in account management.

How long does it take to open a business account with TSB?

Opening a business account with TSB typically takes around 30 minutes for sole traders or businesses with a single director when applying online. Once the application is submitted, straightforward cases usually receive a decision within 48 hours. However, the process may take up to 10 working days for more complex businesses as TSB reviews the additional documentation and details provided.

Can I pay cash at the Post Office to my TSB account?

Yes, you can pay cash into your TSB account at any Post Office branch. This service lets you deposit cash and cheques, check your account balance, and exchange cash for coins through the Change Giving service. All you need is your TSB bank card and PIN to complete the transaction.

Does TSB do business credit cards?

No. As of August 2024, TSB no longer offers business credit cards. However, you can apply for a business overdraft or loan.

What is the maximum I can transfer from my TSB Business account?

The maximum you can transfer from your TSB Business accounts depends on the payment method. Single immediate payments have a maximum transfer limit of £50,000 and a daily limit of £100,000. International payments have a maximum limit of £75,000 per payment and per day.