TSB Business Banking

About TSB

TSB are a retail and commercial bank that operate in the UK, though there have been no Northern Irish branches since the early 1990's. They were founded in 1810 as Trustee Savings Bank and have since amassed more than five million customers nationwide. Many will remember TSB as part of Lloyds TSB which was owned by Lloyds Banking Group until the banks split up as separate entities in 2014.

See our full TSB business bank account review of features, fees and how they compare against other online and high street bank accounts.

TSB pros & cons

Pros of TSB

• Have an extensive branch network
• Offer online & mobile banking
• New customers get 30 months free banking
• Interest rates up to 4.50% on savings
• Business overdraft available
• Covered by the FSCS

Cons of TSB

• Only offer one business current account
• Charge a monthly fee of £5
• No credit card available

TSB business current account

TSB only offers the one business current account, their Business Plus account.

Whether you're a new business looking for a startup bank account or if your business is just looking for a new bank, this account offers 30 months of free banking.

Afterwards businesses are moved onto their Business Plus tariff, where all automated transactions are free.

These are the fees after the free banking period:

Eligibility

To be eligible for TSB's business account you must confirm:

• You are a sole trader, partner or director
• You will use the account for business only
• You are over the age of 18
• You are a UK resident
• Your business is registered in the UK

During your application with TSB, you'll need the following documents:

• Identification (either a drivers license or passport)
• Proof of your address
• Proof of business address (if different to your home address)
• Other personal details of everyone involved

Opening an account

Here's how to open a TSB business account:

1. To open online download TSB's app from the App Store or Google Play or sign up from their website
2. To open in store find your nearest TSB and head on in
3. Complete their application - TSB will confirm your eligibility
4. Verify your ID - with photo ID such as a passport or photocard driving licence
5. Once approved (within 23 days on average) you can start banking

TSB business savings accounts

TSB offers two savings accounts that are only available to businesses that have a current account with them:

• Business Instant Access Account - this account accrues interest on balances of £1 or more, this is calculated daily and paid monthly. The interest rate is variable and calculated at 1.50% for balances under £5,000 and at 1.35% AER for balances over. Withdrawals are allowed with no limit to how many times you can or any penalties.
• Business Fixed Rate Bonds - choose a 12, 18 or 24 month terms, with fixed interest rates of 4.50%, 4.30% and 4.15% AER, respectively. The accounts have a minimum opening deposit of £1 and you can save up to £5 million, per account. You can open multiple at different terms, but no withdrawals or further deposits can be made once opened.

TSB reviews

TSB are rated excellent with 4.3 stars on Trustpilot, based on over 23,000 reviews, with over half scoring them 5 stars.

Their business app on the App Store scores 4.8 stars from over 22,400 ratings.

While on Google Play, the TSB business app gets 4.7 stars from over 8,600 customer reviews.

Information correct as of 6th May 2024.