Business Banking Switch Account

Moving your business bank account to us is easy and hassle-free. We have a dedicated team to help you switch, leaving you free to concentrate on your business. And, to make your decision to move even easier, we'll give you 25 months’ free day-to-day business banking, when you keep your account within agreed limits, to welcome you to TSB.

 
 
Switching

Reasons to switch to TSB

  • 25 months’ free day-to-day banking – so long as you keep your account within agreed limits and don’t go overdrawn without arranging it first 
  • After the free banking period, you’ll have a simple tariff and great ongoing value 
  • Dedicated team to make sure the switch goes smoothly, backed by the Current Account Switch Service guarantee
  • Free Square Reader worth £39, so you can take chip & PIN and contactless payments on the go. Pay no fees on your first £1,000 of sales
  • Specialist support from Enterprise Nation and Funding Options – helping you grow your business
  • Manage your account through our Mobile App, Internet Bank, telephone or our network of over 550 TSB branches. You can also deposit cash and cheques at 11,500 Post Office branches 
  • Our Business Debit Card allows you to withdraw money from an ATM and you pay no fees on transactions using your Debit Card 

Tariff after 25 months’ free banking

Below is our simple charging tariff, which you will move on to once your 25 months’ free banking has finished. Services that cost us more to process are going to cost you more to use; for instance, writing and accepting cheques.

If you maintain an average balance of £10,000 or more during a charging cycle, we won’t charge you the monthly fee.

Further fees and charges for other services can be found in your Account Charges Explained brochure.

Business Banking Switch Tariff
Transaction type Charges
Monthly fee (waived if average balance in the month is £10,000 or more)  £5
Electronic payments (in or out) - including UK sterling Direct Debits*, 
standing orders and faster payments
Free
Internet Banking, Telephone Banking and Mobile app payments  Free
Business debit card transactions, including cash withdrawals ††  Free
Cheques† (per cheque paid in** or out) 70p
Cash (per £100 paid in** or out, or exchanged) 70p
Transfer between TSB accounts in your name  Free
 
† Cheques include postal orders 

* For SEPA Direct Debit please see the International Services Tariff Brochure. 

** Cash and cheques paid in at a Post Office branch will take an additional day to reach us, and you will need your TSB pre-printed paying-in slip. The charges (for deposits) apply irrespective of whether your transaction is carried out at a TSB branch or a Post Office branch. Daily ATM cash withdrawal limits apply. 
 
†† This includes the use of debit cards to withdraw cash over branch counters and where a bank giro credit is paid using either a debit card or a cheque drawn on your account and processed as cleared funds. The owner of any non-TSB cash machines may charge you for their services. All LINK machines will give you an on-screen warning of charges, in advance, allowing you to continue or cancel the transaction. 
 

If you overdraw your account or exceed an overdraft limit without prior agreement, you’ll be charged a higher rate of interest on this unauthorised borrowing. The rate is displayed in all branches and at www.tsb.co.uk/business/issb/borrowing

Because of the additional work involved in monitoring your account, we may also charge the following fees:

Unauthorised borrowing daily fee Charge

The first time you overdraw your account or exceed your agreed limit with us by £50 or more, an Unauthorised Borrowing Daily Fee is chargeable. After that, the charge will continue daily until the account is within its existing limit or in credit.

We will not charge a daily fee for unauthorised borrowing up to £50. We do charge £10 per day for an unauthorised balance from £50 up to and including £200, or £20 per day for an unauthorised balance above £200. We will not charge you a daily fee for more than 10 days in any one billing period. 

Unpaid item Charge

We charge each time we have to return a cheque unpaid or there is insufficient money in your account to pay a standing order*** or UK 
Sterling Direct Debit.

£20 for each item not paid. We will not charge you for unpaid items up to the value of £20 and we won’t charge you this fee more than 3 times per day. 

*** For standing orders, where, on the date that such a payment is due to be made there is not enough money in your account to make that payment, we will attempt to complete the payment again in the afternoon of the same day and also make an additional retry attempt the following morning (“the retry period”). You will only be charged if all three tries are unsuccessful, and this will be charged after the final try has failed. We’ll contact you every time we return an item unpaid. Any unauthorised borrowing or return item charges will be accrued into one lump sum and charged on a monthly basis. If you don’t have enough money in your account to pay the same Standing Order three consecutive times it will automatically be cancelled and you will need to set it up again. 

Save time and streamline administration with our free Online Payment Control.

Online Payment Control gives you greater control when making payments through our Business Internet Banking. Choose between two services:

  • Individual limits – this allows you to set a user’s payment limit for each transaction. 

OR 

  • Two or three to authorise – if your business requires two or three people to authorise all payments, you will be able to use this service to make online payments. 

Your business bank account with TSB supports the most common payment services:


Useful documents

Please find key documents and further information on our legal page.

Financial Services Compensation Scheme

FSCS

Visit fscs.org.uk to find out more.