25 June 2015

TSB triples free banking period for business switchers

TSB Business Banking has tripled the free banking period for people switching their business current accounts to them, from six to 18 months.

During the free banking period, customers will not be charged for day-to-day transactions, providing that they keep their account in credit and do not go overdrawn without prior arrangement*.  No minimum account balance is required.

For 18 months, business banking switchers will be able to make unlimited deposits and withdrawals and will not be charged for the following:

  • Paying in or taking out cash.
  • Paying in or issuing cheques.
  • Paying standing orders and direct debits.

When customers approach the end of the free banking period, TSB will advise them of the most appropriate tariff to move onto, based on the type and number of transactions they typically make.

TSB participates in the 7 day switcher guarantee scheme and has has a dedicated account switching team to manage and support businesses through the changeover leaving customers free to concentrate on running their companies.  Once the account has been switched, business banking customers can manage them online, by phone or at one of TSB's high street branches.

Business start-ups will continue to receive 18 months free banking on their TSB business accounts.  

Rob Heaton, TSB's Head of Business Banking Products says: "There's lots of talk about current account switching for personal customers but most businesses don't realise they could benefit from shopping around for a better current account deal. Extending our free banking offer for switchers means that every single penny that these companies earn can go straight back in to building their business.  This enables local businesses to thrive across the country, which is a good thing for all of us.

"Our business customers are telling us they want a simple straight forward approach to banking which is exactly what we aim to provide.  TSB was born to bring competition to the market and offering 18 months of free banking to business banking switchers will certainly help achieve this."

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Notes to editors

*accounts will be charged interest if they go overdrawn.

This offer is for new switchers only. Free banking periods for existing switcher customers will not be extended.

TSB was created to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our 4.6 million customers, award winning mobile and digital banking, nationwide network of branches and 8,500 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk.



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