There are 550 TSB branches spread across England, Wales, and Scotland, serving 4.6 million personal and business customers. Founded as Trustee Savings Bank plc in 1985, TSB still offers business current accounts, a savings account, debit and credit cards, and loans and finance for small businesses and charities.
TSB Business Banking Services
Current Accounts
TSB offers two current accounts – one for small businesses, and one for charities and not-for-profits. The business account can be managed online and on the app 24/7, and costs £5 a month. TSB will waive the fee if your balance stays above £10,000. Switchers can get 25 months’ free day-to-day banking if they stay within the terms of their account.
Savings account
Business customers can only set up an Easy Access Savings Account, giving them interest rates of 0.30% Gross/AER (variable) on balances of £5,000 plus. If your balance falls below £4,999, interest rates are significantly lower at 0.05% Gross/AER. You can open and manage your account over the phone, in-branch, and online.
Overdrafts
TSB overdrafts are charged at 10.65% EAR representative for overdrafts above £7,000, and the amount you can use depends on your circumstances. There’s also an arrangement fee of £100-250, depending on the terms, amount, and length.
Business finance and loans
Borrow between £1,000 and £100,000, and repay over 1-25 years or up to £25,000 as an unsecured loan. Interest rates are 9.94% APR representative (fixed). There’s also an arrangement fee of £100-250, depending on the terms, amount, and length of the loan. At the time of writing, TSB are not accepting new business credit card applications.
TSB Reviews and Ratings
Trustpilot reviewers are mixed with many reviewers unhappy with TSB’s customer service, citing online glitches and unexpected charges.
There are only six public reviews on Reviews.co.uk, which are mixed. Smart Money People reviewers are also split down the middle. Some think TSB advisors are helpful and friendly, and their business has everything it needs, but others are very disappointed by slow service.
On Which?, TSB scores below average. 3/5 for customer service, communication, transparency of charges, online banking and service in-branch, and 2/5 for complaint handling, telephone banking and mobile app.
TSB ranked 9th in a list of the 14 largest business current account providers for overall service quality in an independent survey.
In the same list of 14 business current account providers, TSB also ranked 11th for online and mobile banking services, 12th for relationship/account management, and 7th for service in-branch.
Trustpilot – 3.4/5 (based on 14,007 reviews)
Reviews.co.uk – 2.5/5 (based on 6 reviews)
Smart Money People – 2.54/5 (based on 28 reviews)
Which? – 63% Which? Customer Score
Pros
- Simple products that could suit a wide variety of small businesses.
- 25 months’ free everyday banking when you switch.
- High interest on the savings account, compared to other easy access accounts.
Cons
- No branches in Northern Ireland.
- Just one current and savings account to choose from.
- Poor scores in independent service quality survey.
Website: TSB Business Banking