Business Plus
| During first 30 months | After 30 months | |
|---|---|---|
| Monthly fee | £0 per month | £5 per month |
| Business debit card transactions, including cash withdrawals | £0 | £0 |
| Cheques - Per cheque paid in or out. | £0 per cheque | 70p per cheque |
| Cash - Per £100 paid in or out, or exchanged. | £0 | 70p |
| Transfer between TSB accounts in your name | £0 | £0 |
| Electronic funds transfer ‘CHAPS’ payment | £30 | £30 |
Further fees and charges for other services can be found in your Business Banking Charges Guide.
Unarranged Overdrafts
If you ask us to make a payment when there’s not enough money in your account (or you don’t have enough Arranged Overdraft left) we may decide to make the payment by lending you money using an unarranged overdraft. If we do this, interest and fees apply as set out in this table:
| Amount borrowed using an unarranged overdraft | Interest | Daily fee |
|---|---|---|
| Up to £50 | No interest | No fee |
| £50 up to £200 | Annual interest rate of 19.9% per annum on the full amount borrowed using an unarranged overdraft | No fee |
| Over £200 | Annual interest rate of 19.9% per annum on the full amount borrowed using an unarranged overdraft | £1 a day Maximum 10 fee in any monthly charging cycle |
Unpaid item fee
If we return a cheque unpaid, or there’s not enough money in your account (or you don’t have enough Arranged Overdraft left) to pay a standing order or a UK Sterling Direct Debit, we’ll charge you an unpaid item fee as follows:
| Value of item returned unpaid | Fee |
|---|---|
| £20 and under | No fee |
| Over £20 | £3 for each item that’s returned unpaid Maximum 3 fees a day |
Good to know
We calculate interest and fees daily based on the amount you borrow at close of business on that day. We’ll add the unarranged interest and fees, and unpaid item fees, to your account monthly in one lump sum.
Remember you’ve got until 2.30pm (or up to midnight for standing orders) on the day a payment is due to pay enough money into your account to make sure the payment is made, and avoid paying interest and fees. See section 6 of the Business Banking Current Account Terms and Conditions for more information
Further fees and charges for other services can be found in your Business Banking Charges Guide.
If you’re a sole trader or a business with a single director, applying for a Business Bank account typically takes about 30 minutes. After you’ve applied, such straightforward businesses can usually expect a decision within 48 hours. However, if your business structure is more complex, we might need some more information from you. We will be in touch within 10 working days to let you know if we need anything else.
If you're self-employed, you might wonder if a personal bank account will suffice for your business. Technically, as a sole trader or member of a partnership, you could use a personal bank account. However, at TSB — like many other top banks — we mandate that all businesses, regardless of their type, use a Business Current Account. Simply put, using a personal account for business is not allowed at TSB; you'd need a business account.
Absolutely, business bank accounts, whether current or savings, are covered by the FSCS up to £85,000. However, it varies based on your business structure and personal banking:
To open a Business Bank Account online, you need to be at least 18 years old and live in the UK. Also, make sure your business is registered within the UK.
To set up a business account, you'll need a mix of personal and business documents. Here's a checklist for you:
Personal:
1. Proof of your home address
2. An ID for verification
3. If it's a partnership, your partnership agreement and details about each partner
For Your Business:
1. A note of your turnover
2. Description or nature of your business
3. Proof of your business name
4. Evidence of your business address
Gather these up, and you'll be all set!
Considering a TSB business bank account? Here are some great benefits to keep in mind:
With these benefits, your business banking becomes easier and more efficient!
Regardless of your business type, TSB offers a consistent Business Current Account (BCA) with the same attractive introductory deals. This applies whether you're opening a new account or switching your existing one over to us.
Anything we missed? Find it here
The Financial Conduct Authority requires us to publish the following information about our Business Current Accounts.
Our free Text Alerts service delivers account updates direct to your mobile phone as text messages. Each text gives you your balance and up to your last six recent transactions.
Registering for Business Internet Banking is the quick and secure way to manage your business’ finances 24/7.
If you have a hearing or speech impairment you can contact us using Text Relay or Textphone on 0345 835 3852 (lines are open 8am – 6pm Monday to Friday, 9am – 2pm Saturdays).
Your Business Banking Call Centre is available from 8am to 6pm Monday to Friday and 9am to 2pm Saturday (excluding UK public holidays).
Calls may be monitored and recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service. Not all telephone banking services are available 24/7.
TSB Bank plc. Registered Office: Henry Duncan House, 120 George Street, Edinburgh, EH2 4LH. Registered in Scotland, no. SC95237.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 191240.
TSB adheres to The Standards of Lending Practice for business customers which are monitored and enforced by the Lending Standards Board. Read more about our lending commitments to you (PDF, 400KB).
TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. (Please note that due to the schemes' eligibility criteria not all TSB business customers will be covered by these schemes).
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