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?
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
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 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.
- 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).
Business banking scores
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.
More guides on Finder
-
Nearly half of Brits couldn’t cover a month of living costs from their savings
Almost half of Brits have £1,000 or less stashed away, meaning they’d struggle to cover a month of living expenses using their savings.
-
Ulster Bank switch deal: Get £200 (2024)
You can score yourself £200 for switching accounts through the Current Account Switch Service.
-
RBS switch deal: Get £200 (2024)
See what you need to do to get £200 just for switching accounts.
-
Club Lloyds switch deal: Get £175 (2024)
Find out how you can pocket £175 for switching current accounts and how much interest you could earn on top.
-
The average UK worker will spend £1,964 a year by returning to work full-time
New research reveals that the average commuter in the UK could spend £1,964 a year on returning to the office full-time
-
Home ownership in the UK: Key statistics for 2024
Official data shows that 63% of people in England and Wales own their home. We look at the latest home ownership statistics in the UK.
-
Rising costs, declining service: The shrinkflation of the UK’s rail services
New research reveals how much rail fares have increased over the last few years and how this has correlated with an increase in delays.
-
4 ways to get the most from Budget tax savings
How to get the most out of any savings you’ve made from the national insurance cuts announced in the Spring Budget.
-
Allica business bank account review
We explore the pros and cons of opening a business account with Allica Bank.
-
Spring Budget 2024: How to boost your finances with the new changes
How to turn tax savings announced in the Spring Budget into more than £1,000 in a year. Here are 4 ways to use national insurance savings.