TSB business bank account comparison and review

TSB is a well-known banking name on the British high street, but how does its business account shape up?

4.0 ★★★★★ (212 reviews) Write a review
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Offers free business banking for the first 25 months
No longer accepts applications for business credit cards

TSB is a high street bank in the UK that was formerly part of the Lloyds Banking Group and is now owned by Spanish financial group Sabadell. TSB offers a range of banking products to its customers, which includes a business account.

Compare TSB’s business accounts

Name Product Account fee Bank transfers Requires credit check Arranged overdraft Accounting integrations Account management Key benefits Business bottom txt Link
Finder Award
FREE TRIAL
Business Plus
£5 per month (waived if balance stays in credit and averages over £10,000)
Free
FreeAgent, QuickBooks, Sage, Xero
Branch, online, app & phone
30 months of fee-free Business Banking when you switch to TSB.
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Name Product Interest rate and type Interest paid Invest Term Open via Incentive Table product description Apply link
TSB – Fixed Rate Bond
4.5% AER fixed
Anniversary of account opening
£1 - £5,000,000
1 year
Open via: website, mobile app
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TSB – Fixed Rate Bond
4.3% AER fixed
Anniversary of account opening
£1 - £5,000,000
1.5 years
Open via: website, mobile app
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TSB – Fixed Rate Bond
4.15% AER fixed
Anniversary of account opening
£1 - £5,000,000
2 years
Open via: website, mobile app
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TSB – Business Instant Access Account
1.35% AER variable
Monthly
£1 - £4,999
Instant access
Open via: website, telephone
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What types of business account are on offer and what are the fees?

TSB offers one type of business account, called Business Plus. When you switch to TSB, you won’t pay any account maintenance fees for 30 months if you keep your account within your agreed limits and avoid being overdrawn without an arranged overdraft.

After this free period, you’ll be transferred onto a standard tariff, which includes a monthly fee. But it’s worth noting that if your business account balance averages above £10,000 over the course of a month, you won’t be charged the fee for that month.

On the standard tariff there are also some small charges for cheques and cash. But direct debits, other electronic payments and ATM withdrawals are all still free.

What are the features of Business Plus?

  • Internet and mobile banking. Manage your account 24/7 online or via the TSB business banking mobile app. You can check balances and make payments to existing payees in the app, though you’ll need to log in to Internet banking to set up standing orders or add new payees.
  • Branch network. TSB currently operates around 220 branches across England, Scotland and Wales, which you can visit to complete banking transactions or speak to a member of staff in-person. You can also deposit cash and cheques at 11,500 Post Office branches.
  • Free debit card. The card is free to apply for and receive (with no annual fee), plus free to spend on and use for cash withdrawals at ATMs in the UK.
  • Free Square Reader. This lets you take chip and PIN or contactless payments on the go from your customers.
  • Integrations. Although not expressly promoted by TSB, accounting software Xero, Quickbooks and Sage all say they can integrate with this business bank account.
  • Savings account option. TSB offers the option of opening an interest-paying savings account alongside the Business Plus account.

Receiving payments

Since February 2022, TSB Business Plus account holders have been able to request and receive payment via SMS and WhatsApp messages, email, and QR codes. The bank’s new payments app, Revenu, uses open banking technology to allow users to collect payments quickly, without having to give account details each time.

The app links with a user’s Business Plus account, so payments requested via Revenu are deposited directly. The app is compatible with both Apple iOS and Android operating systems.

Revenu can be a great time-saver for business owners by enabling them to streamline their invoicing processes. It can also integrate with the popular cloud-based accounting software platforms Sage, Xero, and Quickbooks, allowing fast transaction reconciliation. However, users don’t require an accounting platform to collect payments.

The Revenu plan is free for 12 months, with unlimited use. After these 12 months, to keep the Revenu plan subscription, you will be charged a monthly fee (including VAT). If a customer decides to stop their Revenu plan subscription, they will continue to receive any payments requested before the subscription end date.

What about international banking?

You can make international payments from the Business Plus account, but it doesn’t really have any other international banking services or offer a linked euro or dollar account.

The business debit card is operated by Visa, so it can be used by cardholders to make payments anywhere in the world that Visa is accepted.

TSB business account customer reviews

TSB was highly commended in the business banking category in the Finder Customer Satisfaction Awards in 2024. It scored 4.7 out of 5, with 97% of users surveyed saying that they would recommend the high street bank’s business offering. Here’s what some of those TSB business customers had to say in our survey:

“The customer service is top notch because whenever I need support it is readily available.”

“They are reliable and helpful.”

“They are easy to do business with and they provide the lowest fees.”

On the Apple App Store, TSB’s business banking app scored 4.8 out of 5 stars based on over 21,000 reviews. On the Google Play Store, the app scored 3.4 out of 5 stars, from a total of around 8,200 reviews (January 2024).

On the reviews platform Trustpilot, TSB has a score of 4.2 out of 5 – classed as “Great” – based on more than 21,000 reviews of the bank as a whole (last updated January 2024).

Pros and cons of TSB business banking

Pros

  • Branch network for in-person visits
  • Internet and mobile banking
  • Free business debit card
  • Ability to request payments via text message, email and WhatsApp.
  • Free Square Reader to take customer payments
  • Integrations with accounting software available
  • Linked savings account option

Cons

  • Business credit cards are no longer available with this account
  • No specific tools to help with account reporting or invoices

Customer service information for TSB

Email support
Telephone support
In-app or live chat
Contact form
Branch support

The verdict: Is a TSB business account worth it?

Although it’s a high street bank, TSB only offers the one business account, but it is a pretty decent option. You can bank online, by mobile or in-branch, and have the option of a free Square Reader to take customer payments. There’s not much in the way of reporting or invoicing tools, like you get with some of the digital-only business accounts, but you can link up to software such as Xero and QuickBooks.

The bank’s new Revenu app feature does however allow businesses to quickly request and receive payments using email, SMS, WhatsApp and via unique QR codes that can be quickly generated.

Get started by visiting TSB’s website and sign up for an account. If you have read this review and decided that TSB’s account is not for you, you can also compare other business bank accounts on the market.

How to contact TSB

By telephone:
0345 835 3858 – lines are open Monday to Friday 8am to 6pm and Saturday 9am to 2pm.

Website live chat:
The automated chat service is available 24/7, then the live chat is staffed by customer support advisers from 9am to 4:30pm on Monday to Friday (excluding bank holidays).

Banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Written by

Michelle Stevens

Michelle Stevens is a deputy editor at Finder, specialising in banking, finance, credit and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full profile

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