Does TSB offer a business account or how can I create a TSB Business banking account? TSB which stands for Trustee Savings Bank is a commercial bank that provides retail banking, commercial banking, general insurance, and life insurance. Also, it offers both personal and business banking accounts. As a business owner, you can get support on how to grow your business by creating a TSB business bank account today. Perhaps you’re a small-scale business owner, a start-up, or an existing business, you can create an account to get loans to help your company move to the next level.
Unlike the personal account, TSB Business account customers enjoy exclusive features and benefits. Ranging from advice on financial wellbeing to networking opportunities down to its welcome perks and discounts. TSB is dedicated to helping small business owners by giving them the latest information and advice. Is your business on the verge of crumbling? All you need to do is to join the large community of TSB business account owners.
Why Should I Create a TSB Account For My Business?
In all honesty, business banking has never been easier. But with TSB, you will experience a new level in business banking. There are tons of features you’ll get to enjoy when you create an account for business. Below are what you get to enjoy;
- As a bank that is committed in the growth of business, you’ll get 25 months of free day-to-day banking. That means, in the first 25 months of banking with TSB, you won’t incur charges for depositing or withdrawing cash. Also, you won’t be charged for paying standing orders and direct debits as well as paying in or issuing cheques.
- You can manage your account 24/7 via the mobile app or internet banking.
- A business account grants you access to apply for the business debit card. With the card, you withdraw money from any TSB ATM without paying any fee. One good thing about the card is that it comes with no annual fee.
- With a business account, you can make contactless payment on the go.
- Deposit cash and cheques at 11,500 Post Office branches.
- Transfer money and pay bills to another person or company.
Above all, it opens the room for applying for other products and services. Mind you, once the first 25 months of your free day-to-day banking have elapsed, you’ll begin to incur charges for any transaction you make. However, the free-day-today-banking is only given to new customers of the platform. Peradventure if you switch from a personal account to a business account, don’t expect to enjoy this offer.
TSB Business Account Fees
As stated above, if your 25 months of free banking have finished, you will start paying certain fees on your TSB Business account. However, the prices of TSB business account services vary depending on what you do on your account. Below are the transaction types and the fees that come with them.
|Cash Exchanged [per £100]||70p|
|Internet Banking, Telephone Banking, and Mobile App Payments||Free|
|Cash Paid Out [per £100]||70p|
|Cash Paid In *** [per £100]||70p|
|Business debit card transactions||Free|
|Cheques deposit [per cheque]||Free|
|Transfer of Funds to for same-day value||£30|
|Request not to pay a cheque that you have been issued||£10|
|If the cheque has been lost or stolen||Free|
|Regular monthly statement of your account||Free|
|Mid-term statement ordered via a TSB cash machine||Free|
|Mid-term statements ordered at a branch||£3|
|Account Monitoring [Daily]||£20 per month|
|Weekly Monitoring||£7 per month|
|Monthly Monitoring||£5 per month|
|Details of Balances And other information provided at your request to your accountant||£25 per hour plus VAT|
|SMS Text Alerts||Free|
The monthly fee is waived if the average balance in the month is up to £10,000 or more.
Requirements to Get Started
On the contrary, a TSB Business Bank account is not available in all regions and territories. Presently, TSB operates across 290 branches in Scotland, England, and Wales. Thus, it is necessary that you meet the following requirements before opening a business account on TSB;
- Your business must be based in the United Kingdom.
- You must be a UK resident.
- You must be above 18 years of age.
- Your business should be incapable of issuing bearer shares.
- Your business should not be connected or involved in the gambling industry.
- Also, your business must have not been liquidated or dissolved.
Above all, you need a form of identification, proof of business address, Tax Identification Number, and personal details about other parties in your business.
Getting Started on TSB Business Online Banking
TSB Business application process is quite easy to go about. In the meantime, TSB allows NatWest and RBS customers to switch their accounts to TSB Business Banking. You can create an account either on the website or via the app. Here, we’ll be showing you how to apply via the website;
- Visit the TSB Business official website on your device browser.
- Click on the ‘’Apply today’’ button on the homepage.
- Tap ‘’Apply Now’’ on the right side of the next page.
- If you have tried to apply before but for one reason or the other could not complete it, select ‘’I want to receive my application’’.
- If not, scroll down and choose the type of business organization you have.
- After that select ‘’I Want to open a new business account’’.
- Confirm that your business does not trade with any of the industries displayed on the pop-up page.
- Scroll down and tap ‘’Agree and continue’’
- Then you will be taken to the application page.
- Enter your personal details on the fields provided and select ‘’Continue’’ once you’re done.
Follow the on-screen instructions and with more clicks of a button, you will be done with the application process. Immediately TSB receives your application, they go on to process it. And if they need any extra information from you, they will get back to you within five business days.
TSB Business Account Login
If eventually you’re approved after applying, you can login into your account to manage your account. If you’re using a publicly shared device, it is advisable to always log out of your account. Thus, you can login to your account using the guidelines below;
- Visit the official website on your web browser.
- Tap ”Login” at the top right of the homepage.
- Enter your user ID on the next page and tap ”Continue”.
- On the next page, enter your password.
- Then click ”Login”
In the process of logging into your account, you will a box that reads ”Remember my user ID”. If you’re the owner of the device, you can click on it to stay automatically logged in. But if otherwise, don’t click it.