TSB offers a range of business current accounts that are suitable for small businesses in the UK that provide them with a choice of account to find the best account for their needs. Below we look at reviews for the company along with the accounts they offer, how much they cost and other key things you need to know to help you decide which business bank account provider is right for your business.
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TSB Reviews
Below we look at reviews for TSB from a variety of websites. Please keep in mind that these reviews are for all of TSB’s services and so may not fully reflect their business offerings.
- Trustpilot: 3.3 of 5 based on 10,334 reviews.
- Review Centre: 2.1 out of 5 based on 9 reviews.
- Reviews.co.uk: 3.25 out of 5 based on 4 reviews.
TSB Business Services Plans, Packages & Prices
TSB offers business current accounts that include:
- Six months free day-to-day banking when you switch or set up your first account
- Simple tariff
- Free text alerts
- 24/7 online banking
- Mobile banking app
- Square reader to take chip and PIN and contactless payments with no fees for the first £1,000 of sales
- Specialist support to help you to grow
- Access to their best rates on their instant access savings account
Business Plus Account charges:
- £5 monthly account fee – waivered if balance above £10,000
- Cheque in and out £0.70
- Cash deposits £0.57 per £100
Business Extra Account charges:
- £5 monthly account fee
- Cheques in and out £0.65
- Direct debit and standing order payments £0.40
- Telephone and internet banking £0.15
- Debit card transactions (excluding ATMs) £0.40
- Automated credits £0.20
- Cash deposits £0.70 per £100
Electronic Business Tariff:
- £5 monthly account fee
- Cheques in and out £0.65
- Cash deposits £0.89 per £100
Fixed Fee Account charges:
- Monthly account fee varies from £5-40
- Additional fees can occur if you exceed your monthly transaction limits
Note plans, packages and prices were all accurate at the time of publication but may have changed since then. Please check TSB’s website for the latest information.
TSB Background
TSB was founded in 1810 as the Trusted Savings Bank before being known as TSB. TSB merged with Lloyds Bank in 1995 to form Lloyds TSB. In 2009, HBOS joined the growing Lloyds Banking Group. In 2015, TSB was taken over by Sabadell, who is a Spanish banking group.
TSB has established itself as a modern banking provider that operates across multiple channels to allow customers to bank with them face-to-face in their branch network, over the phone and through their digital channels – mobile banking app and internet banking.
TSB offers both personal and business banking as well as other financing products including loans and payment services. They offer a choice of business bank accounts which allows businesses to select the bank account that best suits their needs.
Switching To TSB
If you want to switch to TSB then you can apply online to set up an account and then have your existing account switched over to it. You will need to provide forms of identification and proof of business address as well as tax identification. They provide switchers with a dedicated team that will ensure that your switch goes as smoothly as possible, and it is backed by the Current Account Switch Guarantee.
Additional Business Services From TSB
TSB offers a range of business services which include:
- Savings accounts
- Credit cards and debit cards
- Loans
- Overdraft
- Commercial mortgages
- Payment services
TSB Business Service Availability
TSB offers their business bank accounts to businesses who are sole traders, partners or directors who are over 18 years old. The business must also be registered in the UK.
TSB Business Customer Service and Complaints
You can contact the TSB customer service team on 0345 835 3858 on Monday-Friday 8am-6pm and Saturdays 9am-2pm.
TSB Business Contact
You can get in contact with TSB by:
- Visit a branch
- Calling 0345 835 3858 (Monday-Friday 8am-6pm and Saturdays 9am-2pm)
- Online chat service 24/7
- Post – Duncan House, 120 George Street, Edinburgh EH2 4LH
Website: https://www.tsb.co.uk/business/accounts/
TSB Business Services Pros/Cons
Pros
- 24/7 online account management
- Contact centre open weekends
- Choice of bank accounts
- Offers six months free banking
- Has a network of branches
Cons
- Average ratings from a large number of customer reviews
- Some accounts have a lot of charges that can be confusing and add up
- Introductory free banking period shorter than other banks