Business Plus account

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 their accounts to be ready in just 48 hours. However, if your business structure is more complex, the application might need extra details and take longer to fill out. Once submitted, these intricate accounts often require around 21 days to process.

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:

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.