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
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.
Business customers can only set up an Easy Access Savings Account, giving them interest rates of 1% Gross/AER (variable) on balances of £5,000 plus. If your balance falls below £4,999, interest rates are significantly lower – 0.15% Gross/AER. You can open and manage your account over the phone, in-branch, and online.
TSB overdrafts are charged at 11.36% EAR representative, 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 £25,000, and repay over 1-10 years. 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 mainly unhappy with TSB’s customer service, citing online glitches and unexpected charges.
There are only two public reviews on Reviews.co.uk, which are both 5-stars. Smart Money People reviewers are 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 application process, communication, and service in-branch, and 2/5 for customer service, transparency of charges, and complaint handling, and telephone/online banking.
TSB ranked 14th 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 14th for online and mobile banking services and relationship/account management, 12th for SME overdraft and loan services, and 7th for service in-branch.
- 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.
- 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