TSB is a high street bank and finance provider offering business loans, overdrafts, commercial mortgages and more. There are several branches throughout Scotland and northern and southern England, with services available over the phone or online. Previously part of Lloyds Banking Group, TSB has been part of Spain’s Banco Sabadell since 2015.
TSB Loans & Finance
Business loans
TSB offers both fixed and flexible business loans from £1,000 up to £1 million at 9.94% APR representative (fixed). Businesses can borrow over 1 to 10 years and loans can be secured or unsecured. Depending on the type of loan your business chooses, your monthly repayments could stay the same or be linked to the base rate. Loans are available to both sole traders and limited companies.
Overdrafts
Existing TSB business customers can access an overdraft that can be secured or unsecured. Overdraft rates on borrowing over £7,000 is charged at 10.65% EAR representative and there is an arrangement fee of £100-£250 depending on the amount.
Commercial mortgages
TSB also offers commercial mortgages that start from £25,001 and can be repaid over a period of up to 25 years. TSB will lend up to 70% of the value of the property and sometimes more in specific circumstances.
TSB Reviews and Ratings
TSB provides both personal and business banking products so online reviews are written by both types of customers.
Online reviews are a mixture of very critical and fairly positive. Trustpilot reviewers are the least impressed, giving TSB a low average rating of 3.4 (34% say they’re ‘Bad’). Customers are mainly unimpressed with online and mobile banking as well as managing their basic services.
Smart Money People reviewers are more balanced, with some saying they’ve had a good experience with routine account transactions and processes. However, other reviewers say they have had problems with waiting times, rising interest rates, and problematic online banking.
There are six reviews on Reviews.co.uk which are both 5/5.
On Which?, TSB scores below average. 3/5 for customer service, communication, transparency of charges, service in-branch, and online banking. The bank scored 2/5 for handling complaints, telephone banking and mobile app.
TSB ranked joint 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, 12th for relationship/account management and 7th for service in-branch.
In October 2020 many TSB customers reported online banking issues, saying they were locked out of their accounts. A similar incident happened in 2018. TSB also closed 164 branches – a third of its physical branches – in September 2020.
Trustpilot – 3.4/5 (based on 14,007 reviews)
Google Reviews – no 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
- Choice of fixed and flexible business finance.
- Good Which? rating for customer service.
- Borrowing options for small and larger businesses.
Cons
- Generally negative reviews online.
- Branches are closing rapidly.
- Online services get a lot of criticism for unreliability and outages.
Website: TSB Business Loans and Finance