We're open anytime and anywhere. TSB is a high street bank in the UK that was formerly part of the Lloyds Banking Group and is now owned by Spanish financial group Sabadell. Not all telephone banking services are available 24/7. If your business is part of a group, only one loan is allowed per group. We’ll let you know if we need this. ... the Bank of Ireland can allow sole traders to open their account without visiting a branch. 2 We'll waive the £3 monthly maintaining the account fee in any month you pay in £1,500 or more.. 3 Earn monthly credit interest of 0.60% AER Annual Equivalent Rate AER means Annual Equivalent Rate. If you are applying for a TSB Business Current Account only. MadeSimple will automatically forward your contact details to TSB, and you will be emailed a link to the TSB online application process (within 24 hours of your company being formed). And with more than 95 per cent of UK businesses having fewer than ten employees 4 , this will ensure Nationwide has wide appeal. It will always be updated clearly within the app See our Bounce Back Loan Scheme page for more information, including the scheme’s eligibility criteria. We’ve worked with participating providers of UK business banking accounts to agree a basic set of information that we’ll need to set up your business current account. Sole Trader accounts are exclusively available to those with a Starling Bank Current Account and are subject to eligibility checks. TSB Bank plc. It makes sure that every single penny you earn goes towards creating a successful business. The Countingup business current account is an e-money account provided by Prepay Technologies Ltd (PPT) which is an electronic money institution authorised and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN … Electronic payments (in or out) - including UK sterling Direct Debits*, Internet Banking, Telephone Banking and Mobile app payments, Business debit card transactions, including cash withdrawals ††, Cash (per £100 paid in** or out, or exchanged), Transfer between TSB accounts in your name, 6 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, Take Chip & PIN and contactless payments on the go with a free, Specialist support in helping you grow your business from, Manage your account through our Mobile App, Internet Bank, telephone or our network of over 500 TSB branches. We are receiving high volumes of applications at the moment, so it’s taking us longer than usual to process them. To help encourage sole traders to open a business account, TSB is offering customers a free Square Reader (worth £39) to take payments easier on the go. Elsewhere, 25 months of free day-to-day banking is hard to beat. Find out information about Business Current Account Services. The scheme will close to applications on 30 November 2020. 2. Registered in Scotland, no. Eligible PCA customers need to apply for a TSB BCA before applying for a … Discounted monthly fee of £5 for start-ups for 18 months and switchers for 12 months (£12.50 standard monthly fee). Sorry, we are only accepting Business Current Account applications from existing TSB Personal Current Account customers at this time. Our most recent customer survey indicates that 83% of customers are satisfied or completely satisfied with our Business Banking services.*. I want a new bank account for my business venture but, as a sole trader, cannot see the benefit of a business account, with its heavy charges, over an ordinary current account. Let's clear one thing up first and for all. We will update our website as soon as we are able to open accounts for new customers. This is to allow us to focus on supporting our existing customers through this unprecedented time. Banking at the Post Office - pay in cash and cheques at any Post Office counter. Independent service quality survey results. Two or more businesses under common ownership or control (including by the same individual or group of individuals) are considered to be a group. If you are looking to open a new Business account or apply for a Business loan, simply contact your local branch or call our team on 1890 500 177 (+353 1 2124045) to set-up an appointment to discuss what you will need to open an account.You can also discuss your application for credit with our advisor in advance of submitting an application. Whether you’re a large multinational, or a sole trader just starting out, you’ll likely find that Ireland offers the infrastructure and support you need to flourish. When you apply for a BCA we will ask you for your 2018-2019 tax return or additional documents, so please have that ready. If you would like to open a new business account we’re here to help. A number of providers have created bank accounts that have been designed for those who are sole traders. Opening your Business Current Account If you are looking to open or switch your Business Current Account, you can book an appointment at your local branch now or call our Business Banking Team on 1890 500 177 or +353 1 215 1363 . 4 simple steps: 1. Its 25-month free period is generous, with no fees for cash, cheques, standing orders and direct debits. Guidance for TSB Personal Banking customers running businesses. Read more about our lending commitments to you (PDF, 400KB), Monthly fee (waived if average balance in the month is £10,000 or more). Sole trader bank accounts are simply business accounts. Submit your company registration. Services that cost us more to process are going to cost you more to use; for instance, writing and accepting cheques. If you’re a sole trader, ... How do I open an account with Permanent TSB? Whatever your growth ambitions, we’re here to help you thrive. Most high-street banks – as well as specialist business banks – offer them and they work in a similar way to a personal current account. If you need help with something specific, let us know what it relates to or search a topic. Registered Office: Henry Duncan House, 120 George Street, Edinburgh, EH2 4LH. Unlimited Santander ATM cash deposit. If you maintain an average balance of £10,000 or more during a charging cycle, we won’t charge you the monthly fee. Your Business Banking Call Centre is available from 8am to 6pm Monday to Friday and 9am to 2pm Saturday (excluding UK public holidays). If you don’t bank with TSB please speak to your existing bank about the government backed lending support available. Permanent TSB. (Please note that due to the schemes' eligibility criteria not all TSB business customers will be covered by these schemes). As a freelancer, sole trader or gig worker, you and your business are one and the same in the eyes of the law – and the taxman! To apply for a Coronavirus Business Interruption Loan Scheme (CBILS) Overdraft you must already have a TSB Business Current Account (opened before 23 March 2020) to be able to apply. With over 500 branches and access via Post Offices, TSB is a good choice for sole traders who prefer branch service. key documents and further information on our legal page. Banking on your computer - our Internet Banking service is currently used by over half of our business customers. The Business Extra account from TSB charges a monthly maintenance fee, and charges for different types of transactions. Key features for start ups and switchers: 6 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, Use a Square reader to take chip & PIN and contactless payments. So if you have already applied for a Bounce Back Loan from us or another lender, or have already received a Bounce Back Loan, we are unable to accept your Bounce Back Loan application. If you operate your business through an existing Halifax Personal Current Account, you must first open either a Lloyds Bank or Bank of Scotland Business Current Account or Loan Servicing Account to be able to apply for the Bounce Back Loan Scheme. Not all telephone banking services are available 24/7. With our Business Internet Banking service, you can do business at any time of the day or night. TSB adheres to The Standards of Lending Practice for business customers which are monitored and enforced by the Lending Standards Board. Manage your money 24/7 with our Mobile App or our internet Banking service. The best sole trader bank account depends entirely on your needs! Overdraft interest is accrued daily and charged on the 15th of the following month. SC95237. If you did not have a TSB Business Current Account on 1 March 2020, we will need to see additional documents to show your business was trading before then. Below is our simple charging tariff, which you will move on to once your 6 months’ free banking has finished. Visit one of over 500 high street branches. Speak to a Business Advisor by calling 0345 835 3858, You are a sole trader, partner or director, An existing TSB Business (BCA) or Personal Current Account (PCA) customer, and, Your TSB account was open by 11 May 2020, and, You were using the account for your day-to-day business banking needs and you meet the scheme eligibility criteria explained on the. This enables us to support more local businesses right across the UK, and improving customer service in all areas of our banking offer remains a priority to us. During the first 6 months you will not be charged for: All we ask is that you operate your account within agreed limits, for example not going overdrawn without prior agreement. The difficulty in opening a business bank account leads many to continue to use their personal account. Registered Office: Henry Duncan House, 120 George Street, Edinburgh, EH2 4LH. TSB offers a range of banking products to its customers, which includes a business account. This is to allow us to focus on supporting our existing customers through this unprecedented time. * Based on 981 surveys with TSB Business customers conducted by Motif, an independent market research agency, between May and July 2020. If you’d like this in another format such as large print, Braille or audio please ask in branch. Call us on 0800 515 4621 1 and select option 1 Our Business Debit Card gives you a quick, easy and cost-effective way to settle your day-to-day business expenses. The branches TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. Your TSB account was open by 11 May 2020, and; You were using the account for your day-to-day business banking needs and you meet the scheme eligibility criteria explained on the Bounce Back Loan Scheme page. If you submitted an application before 28 September we will be in touch. We understand that some smaller businesses may have been using their TSB Personal Current Account for business trade. This could be business transactions in your TSB Personal Current Account or additional documents. 3. As part of an independent regulatory survey, customers were asked how likely they would be to recommend their business current account provider to other SMEs. In the same list of 14 business current account providers, TSB also ranked 14th for online and mobile banking services and relationship/account management, 12th for SME overdraft and loan services, and 7th for service in-branch. The option to choose the TSB business current bank account is presented to you during your company registration. The owner of any non-TSB cash machines may charge you for their services. Take care of your day-to-day banking when you need to. ... depending on the type of company you run and account you want. TSB Bank plc is covered by the Financial Services Compensation Scheme and the Financial Ombudsman Service. However, when my customers are making payments to the account they can now only do this by entering my personal name because of the new account name checking process being rolled out. You will need to provide a few details such as name, type and address and tell us what your business is. If you are applying for support through the Bounce Bank Loan Scheme. Calls may be monitored and recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service. As part of a regulatory requirement, an independent survey was conducted to ask approximately 1200 customers of each of the 14 largest business current account providers if they would recommend their provider to other small and medium-sized enterprises (SMEs*). TSB adheres to The Standards of Lending Practice for business customers which are monitored and enforced by the Lending Standards Board. Your Business Banking Call Centre is available from 8am to 6pm Monday to Friday and 9am to 2pm Saturday (excluding UK public holidays). Access online, at Santander branch counters, ATMs and Post Office branches 9. 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