![]() ![]() TSB’s online presence is famously volatile, with online banking (including the apps) frequently going down for hours or even days at a time. ![]() Some of the interest rates offered on borrowing through TSB are not as competitive as they could be. Only offering one business current account makes life a little simpler for consumers, but some business owners will resent the lack of choice of tariffs. What are the drawbacks of setting up a TSB business banking account? While not quite as omnipresent as some bigger rivals, there are plenty of branches of TSB dotted throughout the UK for those who look to bank in person. The addition of a free Square reader will be particularly appealing to customers that process in-person transactions. While the lack of credit card is a shame, TSB offers plenty of features as part of its solitary business current account. With 30 months of free banking, and a low monthly fee and limited microtransaction fees after this term expires, TSB is among the cheapest high street banks to maintain a business current account with. What are the advantages of setting up a TSB business banking account? Details of your annual turnover, broken down on a month-by-month basisįailure to provide these documents will slow down what can already be a long application process, so do not take any chances.Proof of ID (such as a passport) and UK citizenship.To speed up the application process, ensure you have everything TSB will ask for to hand. As always, this approach will yield faster results as you will be able to address any questions immediately rather than exchanging emails. You can apply for a TSB business account online, or find your closest branch and make the arrangements in person. As long as your company has a clear credit history and your business model is not deemed an unacceptable risk, there is no reason why your application will be declined. TSB is not particularly stringent on who is permitted to open a business account. Is my company eligible for a TSB business bank account? You can manage your Business Plus Account in person at a branch of TSB, using the TSB Business website, or through the Android or iOS app. Once these 30 months are up, the Business Plus account costs £5 per month – though any calendar month that your balance exceeds £10,000 for the entire period will see this charge waived. Opening this account offers all the perks and benefits that we just described, and is free for 30 months (unless you exceed your balance and enter an unplanned overdraft – this voids the period.) TSB keeps things simple for business customers by only providing one business current account, known as the Business Plus Account, though savings accounts can also be opened. What business banking accounts does TSB offer? TSB does not offer business credit cards – investigate signing up with Capital on Tap if that is a need. Holders of a business account with TSB will also be able to apply for unsecured business loans (for sums starting as low as £1,000) and a business overdraft. Three months of free access to Revenu, the TSB app’s in-house bookkeeping software.One year of free advice and services for business owners through the Enterprise Nation initiative.Partnership offers with Square, the payment processing app that takes card payments.30 months of free banking, devoid of account charges.Some of the perks associated with choosing TSB for your business banking needs include: Yes, TSB offers a number of different services for business customers under one account banner, making this high street bank worthy of consideration. *We receive a commission once you’ve finished your fee-free £1,000 of sales.Video: Choosing a business bank account Does TSB support business banking? We’ll help with the boring bits, so you can do more of what you do best. For any complex needs our Relationship Manager teams are there to advise you. With TSB you can use internet banking, Mobile Banking App, in-branch, online with TSB Smart Agent, Post Offices or you can call us. If you need funding, our local Relationship Managers can provide a decision in principle within 48 hours, and you’ll have access to over 50 lenders via the Business Marketplace - so you can find the funding that best suits your needs. We provide all our customers with free Enterprise Nation membership for a year, with a network of 70,000 UK Businesses and over 300 events. We’ll also provide a free Square Reader for contactless card payments with no fees to pay on your first £1,000 of sales*. You’ll get 25 months of free banking – so long as you keep your account within agreed limits and don’t go overdrawn without arranging it first, rolling off onto a simple tariff. 25 months free banking for starters, but there’s a lot more we can do to help you run and grow your business. The TSB Business Current Account gives you the freedom to focus on what you do best and the tools to do the rest. ![]()
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