Business Plus account

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:

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:

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, businesses can usually expect to have their account opened in 5 working days. However, if your business structure is more complex, we might need some more information from you. We will be in touch within 5 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:

1. Limited Companies & LLPs: Since they're separate legal entities, you can claim up to £85,000 for the business AND another £85,000 for a personal account
2. Sole Traders: They can only claim a total of £85,000, not separate amounts for personal and business accounts
3. Joint Business Accounts: If you're partners in a business with a joint account, you're collectively entitled to just one claim of £85,000. In short, yes, business accounts are protected, but the specifics depend on FSCS regulations

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:

• Free Banking for 30 Months: Enjoy daily operations with zero extra costs for over 2 years!
• Access Anytime, Anywhere: With our Business Banking App and online banking, you're always in control, 24/7
• No Fees on Withdrawals: Use any ATM or make debit card transactions without any fees. (Do remember, there are some limits.)
• Payment Solutions: Grab a free Square-reader, enjoy zero fees on up to £5,000 of sales, or get 30% off a Square Terminal for easy in-store or mobile card payments
• Expert Support: Unlock 12 months of free access to Enterprise Nation for tailored advice from industry experts

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.

To open your account, we may need to verify your identity and some details about your business. All business accounts will need to provide proof of business address, an explanation of what your business does, your expected or current turnover (if this is an existing business) and the key people involved in the business.

Different business entities may require additional information. To support you in applying for a TSB business account, you can find a guide to what we need(opens in a new tab) at UK Finance, the UK’s leading trade association for financial services.