TSB is only accepting business current account applications from existing customers at this time. If you don’t already have a TSB account, TSB won’t be able to accept your application for a business current account. If you submitted an application before 20th September, it will be progressed and TSB will be in touch. If you’re still interested in business bank accounts, check out our comparison of business bank accounts in the UK 2024.
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. We picked it as the best high street business bank account because of the extra support it offers as well as its long introductory fee-free period.
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.
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.
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 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).
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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.
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).
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