How to open TSB business account online

10 July, 2025 · 10 min read

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TSB’s history stretches back 200 years, so it knows a thing or two about supporting businesses and their money. With more than 5 million customers, it’s one of UK banking’s big-hitters – although it’s currently in the process of being bought out by its rival Santander, with a deal expected to go through in early 2026.

TSB currently offers one main type of business account, although it’s currently only open to existing customers (unlike an ANNA business account, which is open to almost anyone who likes the cut of our jib).

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What types of business bank accounts are available at TSB?
TSB business account review: Key Features
TSB Business Plus Account pros & cons
What are the requirements to open a TSB Business Account?
What documents do I need to provide to open a TSB Business Account?
How much does a TSB Business Account cost?
How to apply for a TSB Business Account
TSB Business Account customer reviews
TSB vs ANNA – a case study
TSB vs ANNA – in summary
Summary table
Frequently asked questions

If you’re curious about the ins and outs of a TSB business account and want to know how everything works, we’ve pulled together everything you need to know, from a review of the key pros and cons, to how to open a business account with TSB.

To help you make a decision, we’ve also created a case study so you can quickly compare the benefits of a TSB new business account with an ANNA Big Business plan.

What types of business bank accounts are available at TSB?

Currently, TSB offers one type of business bank account – the TSB Business Plus Account – while ANNA offers three business plans, depending on your needs: Pay As You Go, Business, and Big Business.

Alongside its business bank account, TSB offers two types of business saving accounts. Previously, a Club, Charity and Society Account was also available, but this type of account is no longer available to new customers (don’t worry: if you already have one, you can still use it).

TSB Business Plus Account

Described as a ‘no frills’ account, the TSB Business Plus Account’s USP is its offer of 30 free months of day-to-day banking for new business customers. During this period, there are no monthly fees or charges for paying UK sterling in or out, while TSB’s Business Banking app and internet banking allow you to manage your account while on the move. Expert help from Enterprise Nation is also available during your first year with a TSB business account, so if you’re a small business, sole trader or start-up, you can enjoy the benefits of some extra support.

TSB Business Instant Access

This instant-access savings account allows businesses to withdraw money whenever they need it. You can choose to pay into your savings with cash, by cheque or by bank transfer, and interest rates start at 1.35% AER (Variable / Gross Variable) PA for balances of £4,999 and below.

TSB Business Fixed Rate Bonds

This fixed-rate account offers business savers a higher interest rate of 3.30% AER Gross for 12-month fixed bonds, and the chance to choose your preferred fixed term: 12, 18 or 24 months. Once you’ve chosen your term, your interest rate won’t change, and you’re not able to withdraw or add to your savings during that term – but you can save up to £5 million.

TSB business account review: Key Features

If you’re keen to know more about what you’d get when you open a TSB Business Plus Account, here’s a review of some of the key features you need to know about.

30 months free

For the first 30 months of your account, there are no monthly fees. Some types of transactions – such as moving cash in and out of your account – are free too.

Payment solutions

If your business takes card payments, you can get a free Square reader with your TSB business account. Square comes with your choice of perk: zero fees on up to £5,000 of sales, or 30% off a Square Terminal, for easy in-store or mobile card payments.

Expert support

With a TSB start-up business account, your first year comes with free access to Enterprise Nation, which connects businesses to the resources you need to succeed. You’ll be given instant access to a network of advisers and industry experts who can help you grow.

Easy access to cash

By partnering with LINK and Cash Access UK, TSB has made it easy for business account holders to access your cash.

TSB Business Plus Account pros & cons

Pros

Switching from an existing business account to a TSB Business Plus account is relatively smooth sailing, thanks to the bank’s dedicated switching team.
You can deposit cash and cheques at either your local Post Office branch or at one of 175 TSB branches across the UK.
The option of adding a Business Debit Card to your account gives you a quick and easy way to pay for goods and services through your TSB bank business account.
Your business bank account, whether it’s a TSB Business Plus Account or a savings account, is covered by the FSCS to the tune of £85,000.
The Business Banking App and online banking services give you a bit more control over your account.
A free text alerts service allows you to receive account updates directly to your mobile phone.

Cons

Currently, TSB is only accepting business account applications from its existing customers.
Support isn’t 24/7 – for help with common queries related to services such as checking your balance and transactions, you’re restricted by the opening hours of the helpline and mobile banking services: normal call centre times are 8am to 6pm Monday to Friday, and 9am to 2pm on Saturdays.
To open a TSB business bank account, you need to go to a branch of TSB in person to verify your identity and address.
When the expected Santander buy-out goes through, if you have an account with Santander as well as TSB, your savings will only be protected up to a total of £85,000, instead of £85,000 per institution.

What are the requirements to open a TSB Business Account?

There are a few eligibility requirements you need to know about to open a business account with TSB. You need to be at least 18 years old and live in the UK, plus your business needs to be registered within the UK too. You must also be an existing and active TSB customer, whether you hold a personal or business account.

What documents do I need to provide to open a TSB Business Account?

To ensure your application for a TSB business account runs as smoothly as possible, it helps to have any documents you might need close to hand. Luckily for you, we’ve got a run-down of everything you need.

Proof of home address. This could include a non-TSB bank or building society statement, or a council tax bill from the last 12 months - you’ll need to take these documents to a branch.
Proof of ID, such as a passport, full UK driving licence or tax notification from HMRC. As with your home address, your identity needs to be confirmed in-branch.
Proof of your business name and its address, if you don’t work from home.
Your partnership agreement and any necessary details about your business partners.
ID for anyone who has control over or influence on the business.
Proof of the nature of your business, and its turnover.

You’ll also need to provide some supplementary information, including the reason you want to open a TSB business account, how it’s going to be used, and the kind of activity the bank can expect from you and your partners. For example, do you anticipate cashing lots of cheques, or withdrawing large amounts of cash?

How much does a TSB Business Account cost?

TSB monthly account fees

Free for 30 months, then £5 a month, which is waived if your average monthly balance is £10,000+. In comparison, an ANNA Pay As You Go Plan comes with no monthly fees attached.

TSB international payment fees

It’s free to make non-urgent payments in Euros via SEPA, otherwise it’s £15 using internet banking, and £21 for standard international payments elsewhere.

TSB local transfers in and out

Electronic payments made in or out of your account, including Direct Debits and Standing Orders in sterling, are free.

TSB pay cash in deposit

Paying cash in or out of your TSB business account, plus cash exchanges, are free for the first 30 months. After your introductory period is up, you’ll pay 70p per £100 (or, if you choose ANNA for your business banking, cash deposits are absolutely free).

TSB ATM withdrawals

The standard limit on using your TSB Business Account card is £700 per cardholder per day, as long as you have the funds available. This service is available at over 50,000 cash machines in the UK.

Can you pay a cheque in an online TSB business?

Cheques paid in or out of your TSB business account are charged at 70p per transaction once your 30-month introductory period is up (before that, it’s free).

How to apply for a TSB Business Account

It’s possible to apply for a TSB business account online, although you need to present your ID and proof of address in-branch. Once TSB has all the necessary documents, it will aim to be in touch regarding your account within 5 working days.

TSB Business Account customer reviews

In February 2025, an independent survey reviewed 16 of the largest business current account providers. It revealed that of 1,200 TSB business account customers, 55% would recommend TSB to other SMEs, and 60% would recommend its online and mobile banking services.

When looking at TrustPilot reviews, TSB has a ‘great’ 4.2 rating across almost 27,000 reviews (just like an online bank with no monthly fees we could mention, thanks to over 3,500 reviews…). Some of the more negative reviews for TSB report issues when making business transactions, and technical problems with the app.

On Reviews.io, TSB has a less-favourable rating of 1.8, although this is based on only 91 reviews.

TSB vs ANNA – a case study

We’ve delved into the ins and outs of how a TSB business account works, so now let’s see how an ANNA Pay As You Go plan compares with a TSB Business Plus Account, once your first 30 months are up.

Imagine you’re a sole trader who has an up-and-coming business that deals with quite a bit of cash and is (coincidentally enough) looking for some Absolutely No Nonsense Admin.

Your business might have the following needs:

3 international (non-Euro) payments of £500 each.
2 electronic CHAPS payments.
5 cash withdrawals of £400 each from ATMs.
8 cash deposits of £1,500 each.

A TSB Business Plus Account with a balance of under £10,000 would incur the following fees:

International payments: £45 (£15 per transaction)
CHAPS payments: £60 (£30 per transfer)
ATM withdrawals: £0 (you can withdraw up to £700 per cardholder, per day)
Cash deposits £84 (70p per £100)
Standard monthly account fees: £5
Total TSB business account fees: £194

Meanwhile, an ANNA Big Business plan would involve the following:

International payments: £0 (4 free SWIFT payments per month)
CHAPS payments £0 (unlimited free CHAPS payments)
ATM withdrawals: £0 (unlimited free ATM withdrawals)
Cash deposits: £0 (pay cash into your account commission-free)
Monthly account fees: £49.90 +VAT
Total ANNA Big Business plan fees: £49.90+VAT (which you can claim back if you’re VAT registered).

TSB vs ANNA – in summary

Based on our case study, we can see that if you’re a business that makes regular cash deposits and local CHAPS payments, or purchases supplies from outside the UK and EU, a TSB business account could prove expensive.

ANNA’s Big Business Plan takes the headache out of calculating the fees you’ll pay for everyday transactions by charging one simple monthly fee and giving you the flexibility to do your everyday banking without the hidden charges. (And for those who need a more basic account, ANNA’s Pay As You Go Plan has no monthly fee, forever).

You can apply for an ANNA business plan online, and don’t have to visit a branch to prove who you are – in fact, everything you do with ANNA can be done in-app – and while TSB’s helpline and mobile banking services aren’t always available, ANNA’s exceptional, award-winning customer service is at your fingertips 24/7, with not a robot in sight.

While we’re tooting our own horn, we might also mention the handy add-ons that help limited companies deal with their bookkeeping: with +Taxes, ANNA can sort out your corporation tax and VAT while you get on with stuff that’s a lot less boring.

You can also access features such as payroll, credit and bulk payments, while for sole traders, integration with accounting software such as Xero and unlimited pots to help you separate your expenses (which you won’t find at TSB) are super handy.

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