TSB business bank account review

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

Posted

Fact checked
TSB
We say
★★★★★
Finder expert rating
25 months of banking for free
Once the 25-month free period ends, you’ll need to start paying some fees
Promoted
Tide

Try Tide as an alternative

  • Award-winning, smart, simple business account
  • The hassle-free account for your business
  • Get your sort code and account number in minutes
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.

What types of business account are on offer and what are the fees?

TSB offers one type of business account, called Business Plus.

One of the biggest draws of this account is that it provides free business banking for the first 25 months of use.

After this free period, you’ll be transferred onto a standard tariff, which includes a £5 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 £5 fee for that month.

On the standard tariff there are also some small charges for cheques (70p for each cheque paid into or out of the account) and cash (70p per £100 paid in, out or exchanged). 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 500 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. There are no fees for the first £1,000 of sales.
  • 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.

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.

Pros and cons of TSB business banking

Pros

  • 25 months of banking for free (and even after this the fees are still reasonably competitive compared to some other business accounts)
  • Branch network for in-person visits
  • Internet and mobile banking
  • Free business debit card
  • Free Square Reader to take customer payments
  • Integrations with accounting software available
  • Linked savings account option

Cons

  • Once the 25-month free period ends, you’ll need to start paying some fees
  • Business credit cards are no longer available with this account
  • No specific tools to help with account reporting or invoices

Our verdict

Although it’s a high street bank, TSB only offers the one business account, but it is a pretty decent option. The 25-month free banking period is one of the longest out there, and even after that the fees are reasonable compared to the wider market. 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.

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).

Compare TSB against its competitors

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free company registration when you open a Tide business account (usually £12)
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
1%
0.5% in Europe, 1% elsewhere
App, Online
Cashplus business
£69
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
First Year's Annual Fee Refunded
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Coming soon
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
loading

Compare up to 4 providers

Business banking accounts ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our team evaluates business banking accounts to determine their value against similar products on the market.
Learn the details of our methodology and scoring.

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.

More guides on Finder

  • Opening a bank account for a club

    Opening a current account for your club, community organisation, sporting society or charity can take a bit of time, but is a fundamental step in setting up your organisation. This guide covers the basics you need to get started.

  • How to open a bank account without ID in the UK

    While it’s impossible to open a bank account without proving your identity, banks accept a range of documents as ID; so even if you don’t have a passport or a driving licence, you should be able to get one. Here’s how to go about it.

  • Best bank accounts

    Discover how to find the best bank account for your needs.

  • Guaranteed business bank accounts

    If your credit score is less than ideal, you might be worried about being refused for a business account application. But there are business accounts with no credit checks, sometimes referred to as “guaranteed”, that can offer a solution.

  • Business bank accounts for discharged bankrupts

    It can be hard to get accepted for a business account after bankruptcy, even once you have been discharged. But some banks do offer business bank accounts without credit checks and will allow you to open an account.

  • Benefits of a business account

    While it may look like additional admin work, opening a separate business account is actually likely to make your work life easier and more organised. Here are the pros and cons.

  • How to set up a business bank account

    Need a bank account for your business but unsure of where to start? This guide covers all the basics, from why it’s a good idea to open one to the documents you will need.

  • Compare business bank accounts for startups

    Started up your own business and want to know more about opening a bank account? We take a look at what’s involved.

  • Compare business bank accounts for small businesses

    If you’re a small business owner, here’s what you need to know about opening a business bank account.

  • Same day business bank accounts

    Find out if it’s possible to open a business account on the same day you apply, as well as what documentation you’d need to do it.

Go to site