Important changes about your account and our new mobile app.

We’re letting you know about updates to our terms and conditions, our mobile app and when some transaction charges will start again.

We’ll also tell you how to pay in at the Post Office and keep you up-to-date on the rollout of the two-day cheque clearing system.

Here’s a summary of the changes to business banking, and when to expect them to happen:

Not before 11 February

Upgrade to Business Authentication App (if registered for Internet Banking)

  • You’ll be able to view account balances and transactions.
Not before 23 March

Business current account charges

  • We’ll start charging for debit card transactions, cheques and postal orders, and handling fees for deposits.
Transaction type Transactions will incur a charge from this date The charges will appear on your account invoice The account invoice amount will be collected from your business current account
Debit Card and Credits in 23 March 2019 10 April 2019 3 May 2019
Cheques in and out, and Postal Orders No earlier than 10 April 2019* No earlier than 10 May 2019* No Earlier than 2 June 2019*
* This date will include a minimum of seven days’ notice.
  • If you already use the Post Office to deposit cash, this will be the first time we’ve included this type of charge in your invoice.
Transaction type Transactions will incur a charge from this date The charges will appear on your account invoice The account invoice amount will be collected from your business current account
Cash deposits via the Post Office 23 March 2019 10 April 2019 3 May 2019
 
8 April

New Business Mobile App (if registered for Internet Banking)

  • Make transfers between your TSB accounts.
  • Make payments to recipients you’ve already set up using Internet or Telephone Banking.
  • Changes to the way we tell you about mobile app updates.
  • We’re combining your terms and conditions for telephone banking, internet banking and mobile banking and have created a user guide.
Not before 10 April

Cheque processing times

  • The new two-day cheque image clearing system is available in some branches now and will be available in more in 2019. We’ll let you know seven days before the cheque clearing system is available in all our branches, with a message on tsb.co.uk and here.
23 April

Post Office - you can use this service immediately, but if do you will be deemed to have accepted the terms and conditions.

  • Pay in cash – with your pre-printed paying-in slip.
  • Pay in cheques – with your TSB pre-printed paying-in slip. The Post Office will give you a TSB branded deposit envelope.

Business current account and savings accounts

  • Improved account closure terms.
  • If you are in Scotland, a new provision to cover third party Scots law.

Credit Cards

  • If you have a Credit Card, you need to settle your card balances from a TSB business current account – and a Direct Debit needs to be in place for repayments.
  • We are removing the £32 annual fee.
  • Annual interest rate will be advertised including compounded interest.
  • The typical APR is reducing from 22.4% to 17.6%.
  • Business credit limits are changing.
  • Individual cardholder limit can be lowered to £50.

What to do next:

  • If you haven’t already, it’s important to read about all these changes in detail below.
  • You can read and download your updated terms and conditions below.

To see your new and updated terms and conditions, just select from the sections below.

We have combined our terms and conditions for Internet Banking, Telephone Banking and Mobile Banking – these come into effect on 8 April 2019:

Ways to Bank terms and conditions - effective not before 8 Apr 2019

Ways to Bank user guide - effective not before 8 Apr 2019

The changes in more detail:

Business current account charges

Following the system issues we experienced when migrating our IT platform in April, we haven’t charged you for debit card transactions, cheques and postal orders, or handling fees for deposits. What we charge hasn’t changed, but they’ll start again soon. For a reminder of the amounts please look at the Charges brochure in the terms and conditions section above.

Business customers can now use the Post Office to deposit cash and cheques and we tell you more about this below. If you already use the Post Office to deposit cash, this will be the first time we’ve included this type of charge in your invoice.

You can see when the charges will start again by going to Changes to Business Banking

Mobile banking

Later this month, an upgrade to the Business Authentication App will enable you to see your account balances and transactions. The app will be upgraded again from 8 April 2019 which will allow you to make transfers between your TSB accounts and make payments to recipients you’ve already set up using Internet or Telephone Banking.

  • As the app terms and conditions are included in your current Business Internet Banking Agreement, this has been updated to reflect the new features and what they mean for you. We’ve also combined this agreement with your Telephone Banking terms and conditions.
  • Our new ‘Ways to Bank’ user guide provides information on how to access these services and explains the differences between them.
  • Because we’ll be making more improvements over the next year, we’re changing the way we let you know about them. We may give less notice when we change something that will benefit you.

How do I get the app?

Depending on your app store settings the app might update automatically. But, if you need to find the app, search for ‘TSB Business Mobile‘ in the App Store or Google Play. You’ll need to log on using your Internet Banking login information.  Once the upgrade to the mobile app takes place, you'll be able to find more information at tsb.co.uk/businessapp

Using the Post Office

You can pay in cash and cheques at over 11,500 Post Office locations.

  • Paying in cash - Cash paid in at a Post Office before 7pm (subject to Post Office opening hours) will be credited to your TSB account the next business day. Cash paid after 7pm at the Post Office will take a further business day to reach your account. It is important that you use your TSB pre-printed paying-in slip. Cash deposit limits will apply depending on the type of Post Office branch, so it’s best to check with them directly.
  • Paying in cheques - Cheques paid in at the Post Office, before any cut-off time advertised by the Post Office, will take one more business day to clear, as the cheque will need to reach us before being processed. It is important that you use your TSB pre-printed paying-in slip, and the Post Office will provide you with a TSB branded deposit envelope.

All cash and cheques deposits paid in at a Post Office branch count towards your usual Business Current Account tariff transaction limits.

Changes to credit cards

We’re making some changes to the charges on your Business Banking Credit Card (‘Credit Card’) and the way your statement must be settled.

  • Paying your Credit Card statement from a TSB business current account. If you have a Credit Card, you need to settle your card balances from a TSB business current account – and a Direct Debit needs to be in place for repayments.
  • Annual fee per card. As part of our commitment to fair fees and charges, we’re removing the £32 annual fee so you won’t need to pay this.
  • Annual interest rate. The monthly rate on your Credit Card is remaining at 1.358% for purchases and cash withdrawals as per your current terms and conditions. We have advertised our standard annual interest rates as 16.3% but we will now advertise this rate to include the impact of monthly compounding of interest – therefore the new advertised rate will be 17.6% and we will show this in your new terms and conditions.
  • Typical Annual Percentage Rate (‘APR’). The typical APR on your Credit Card is currently 22.4%. Once we remove the annual fee this will reduce to 17.6% - which reflects the annual interest rate only.
  • Business credit card limit. For additional or replacement Credit Cards, we will be including your credit card limit on the cover letter that accompanies the card. The maximum business credit limit available will increase from £10k to £25k subject to status, and the minimum product credit limit will also reduce from £1000 to £50.
  • Individual cardholder limits. You can now set a monthly spending limit of £50 on individual cardholders. This is a reduction from £500 previously. Please let us know if you would like to reduce limits for any of your cardholders.
Improved account closure terms

We’ve made it easier for you to close an account with us if you need to.

  • Business current account. If you need to close your business current account with us, you don’t need to give us a month’s notice and you can just let us know by phone or in branch.
  • Savings account. If you need to close your savings account with us, we don’t need any formal notice, you can just let us know by phone or in branch.
Cheque clearing

Cheques being processed through the Image Clearing System.

We previously told you about the rollout of the quicker two-day cheque Image Clearing System in all our branches. Due to problems with the wider industry rollout of this service across all banks and providers, we’ve had to delay our plans.

All banks will make this change, so if you write a cheque that’s paid into another bank that’s already moved to the new clearing times, your money could leave your account quicker.

 

Page last updated 1 February 2019.

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