Lloyds vs TSB for business banking

Updated on 7 August 2023

Are you considering Lloyds vs TSB? Choosing the right bank for your business can be a decisive factor in its success. Both Lloyds and TSB offer a range of business banking services tailored to the needs of businesses of all sizes.

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This article will provide a comprehensive comparison of the two, highlighting the unique features, fees, advantages and disadvantages of each to help you make an informed decision.

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Lloyds vs TSB

Online BankingComprehensive online banking with 24/7 account accessFull-featured online banking with 24/7 access
Mobile BankingAdvanced mobile banking app with transaction capabilitiesMobile banking app with balance checking and transaction functionality
24/7 Customer SupportPhone, email, and chat support availablePhone and email support available 24/7
Overdraft FacilityOverdrafts subject to approval, fees applyOverdrafts available with competitive rates
Business LoansVarious loan products available with different repayment termsRange of business loans available with flexible repayment options
Business Credit CardBusiness credit card available with up to 12 months interest-free periodBusiness credit card available with up to 18 months interest-free period
Business Savings AccountRange of savings accounts available with competitive interest ratesVariety of savings accounts available with tiered interest rates
Business MortgagesWide range of commercial mortgage options availableCommercial mortgages available with competitive rates
Invoice FinancingInvoice financing available to support cash flowInvoice financing services available to help manage cash flow
Business InsuranceComprehensive range of business insurance productsWide selection of business insurance options
Branch AccessExtensive UK-wide branch networkStrong local branch network
International TransactionsSupport for international transactions with foreign currency accountsInternational transactions supported, foreign currency accounts available
Interest-free PeriodUp to 12 months for business credit cardsUp to 18 months for business credit cards
Direct Debit FacilityDirect debit facility available for easy paymentsDirect debit service available for regular payments
Asset FinanceAsset finance options available for equipment and machinery purchasesVarious asset finance options available
Cash Flow FinancingCash flow financing solutions availableCash flow finance services available
Trade ServicesComprehensive trade services for import/export businessesRange of trade services to support international businesses
Business Advisor AccessAccess to business advisors for expert advicePersonalised advice from business advisors
Start-up SupportDedicated support for start-ups, including guides and resources18-month free banking for start-ups, plus resources and support
Business Growth ServiceWide range of growth services including expansion financing and growth strategiesSupport for business growth including access to local networking events and seminars
Lloyds vs TSB

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HSBC Business Banking
✓ Business Current Account
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✓ Business Current Account
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✓ Business Current Account
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Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
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Lloyds Bank

Lloyds Bank, a stalwart of the UK banking scene, provides a comprehensive suite of business banking services, designed to support businesses across their growth cycle. Their offerings are characterised by robust digital capabilities, extensive support services and a broad product portfolio.

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Pros and cons


  • Extensive Digital Offering: Lloyds offers a comprehensive online and mobile banking service, making it easy for businesses to manage their finances at their convenience.
  • Wide Product Range: From business loans and overdrafts to asset financing and insurance, Lloyds provides a wide array of financial products tailored to businesses.
  • Dedicated Business Support: Lloyds offers access to business advisors and various resources to help businesses navigate challenges and opportunities.
  • Strong Reputation: Lloyds has a solid reputation for business banking and is widely trusted in the UK business community.


  • Fees: While Lloyds offers a range of services, some come with associated fees and charges that may not be competitive.
  • Interest-free Period: Compared to TSB, Lloyds offers a shorter interest-free period on its business credit cards.

Fees and charges

Monthly Account Fee£6.50
Electronic Payments35p
Cash Payments£1 per £100
Cheque Payments65p
Lloyds Bank fees and charges

Unique and standout features

Lloyds boasts an innovative digital platform that enables businesses to manage their finances seamlessly.

Their “Business Toolbox” provides a range of resources from start-up guides to growth strategies. Moreover, they offer the “International Trade Portal” which assists businesses in exploring international markets.

Lloyds also offers sustainability-linked loans, aligning financial services with a commitment to environmental responsibility.


TSB, with a strong community focus, offers a more personalised approach to business banking. Their offerings balance competitive pricing with an emphasis on relationship banking and local service.

Pros and cons


  • Extended Interest-free Period: TSB offers a longer interest-free period on its business credit cards, helping businesses manage their cash flow better.
  • Competitive Fees: TSB’s fee structure is highly competitive and transparent.
  • Local Service: TSB’s strong local presence enables personalised service and relationship banking.


  • Limited Range of Services: While TSB offers all the core business banking services, its overall range may not be as extensive as Lloyds’.
  • Digital Capabilities: TSB’s digital offering, while solid, may not be as innovative as that of Lloyds.

Fees and charges

Monthly Account Fee£5
Electronic Payments20p
Cash Payments80p per £100
Cheque Payments60p
TSB fees and charges

Unique and standout features

TSB’s business banking is characterised by its “Local Banking” model, providing personalised service through their widespread branch network.

They also offer a competitive 18-month free banking period for start-ups, an attractive feature for new businesses.

Additionally, TSB offers a Business Marketplace, connecting businesses to a suite of digital tools to help manage and grow their operations.

Conclusion – Lloyds Bank vs TSB

Both Lloyds and TSB offer robust business banking services, with unique features catering to different business needs.

Lloyds, with its digital prowess, extensive support, and wide product range, is a good fit for businesses seeking comprehensive banking services and digital convenience.

TSB, with its competitive pricing, extended interest-free period and localised service, is a solid choice for businesses looking for cost-effective banking with a personal touch.

It’s important for businesses to carefully assess their specific requirements and choose the bank that best aligns with their needs and values.


Do both Lloyds and TSB offer online and mobile banking?

Yes, both Lloyds and TSB offer online and mobile banking services, providing businesses with the convenience of managing their finances digitally.

Which bank offers the longest interest-free period?

TSB offers a longer interest-free period on its business credit cards, up to 18 months compared to Lloyds’ 12 months.

Which bank offers more competitive fees?

TSB generally offers more competitive fees. However, the overall cost-effectiveness will depend on the specific services a business uses and the volume of transactions.

What unique feature does Lloyds offer?

Lloyds offers an innovative digital platform and various resources for businesses, including the “Business Toolbox” and “International Trade Portal”.

What unique feature does TSB offer?

TSB stands out with its “Local Banking” model and the Business Marketplace, providing personalised service and digital tools for business growth.

Which bank is more suitable for start-ups?

Both banks provide comprehensive support for start-ups, but TSB offers an attractive 18-month free banking period, which could be particularly beneficial for new businesses.

Reviewed by , Managing Director

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