TSB vs NatWest for business banking

Updated on 7 August 2023

In the realm of business banking, the decision to choose the right bank can make a significant difference to the growth and sustainability of your business. This article provides an in-depth comparison between two popular banks in the UK – TSB vs NatWest – shedding light on their features, fees, unique selling points, and more, helping you make an informed decision for your business banking needs.

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TSB vs NatWest

Absolutely, here’s a more comprehensive comparison of features with added detail:

FeaturesTSBNatWest
Online BankingComprehensive online banking platformAdvanced online platform with additional features
Mobile AppUser-friendly mobile app with basic featuresAward-winning app with comprehensive functionality
Overdraft FacilityAvailable, subject to approvalAvailable, with competitive rates
24/7 Customer Service24/7 telephone and online support24/7 support with dedicated relationship managers
Business Credit CardBusiness credit card available with rewardsWide range of business credit cards with benefits
International PaymentsAvailable, with competitive feesAvailable, includes currency account options
Cashback on SpendingNot availableAvailable on selected business expenditure
Free TransactionsLimited free transactions for startup accountsLimited free transactions for startup accounts
Startup AccountFree banking for up to 18 monthsTailored packages for startups with additional perks
Business Savings AccountAvailable with competitive interest ratesWide range of options with tiered interest rates
Business LoansAvailable, with a range of terms and ratesBroad loan portfolio catering to diverse needs
Invoice FinancingNot availableAvailable, helping manage cash flow
Merchant ServicesNot availableAvailable, in partnership with WorldPay
Business InsuranceAvailable through third-party partnersComprehensive business insurance options available
Investment ServicesAvailable with advisory servicesRobust portfolio of investment services
Asset FinanceAvailable, with different leasing optionsWide range of asset financing options
Bespoke Services for Large BusinessesNot availableTailored services for corporates and large businesses
Support for Green/Sustainable BusinessNot availableActive support for eco-friendly initiatives
Business Training and Support ProgramsAvailable through TSB’s local banking modelWide variety of resources and events available
Business MortgageCommercial mortgages availableWide range of commercial mortgage options
Dedicated Relationship ManagerAvailable for certain account typesAvailable for all business customers
Financial Planning ServicesAvailable with in-branch consultationsComprehensive financial planning services
Cash Management ServicesAvailable, with a range of solutionsAdvanced cash management solutions
Trade FinanceAvailable, assisting with international tradeWide range of solutions for international trade
Business Credit Score ServicesNot availableAvailable, helping businesses manage credit
E-Commerce ServicesNot availableAvailable, including card payment solutions
Business Growth Enabler ServicesNot availableAvailable, with tools and resources for growth
Currency AccountAvailable, assisting with international transactionsComprehensive range of foreign currency accounts
Treasury SolutionsNot availableTailored treasury solutions for larger businesses
Fraud and Security ServicesStrong security measures and fraud alertsAdvanced security and proactive fraud monitoring
TSB vs NatWest

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fee
Pricing Trial period Contact

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up To 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply In 10 Minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact

TSB

TSB, a renowned high street bank, boasts a comprehensive range of products and services specifically tailored for small to medium-sized businesses. Known for its personalised approach and competitive rates, TSB strives to simplify banking for its business customers.

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Pros and cons

Pros

  • Wide range of banking products catered towards SMEs.
  • Competitive interest rates on business loans and savings accounts.
  • Excellent online and mobile banking facilities.
  • Comprehensive customer support.

Cons

  • Limited support for large corporations and complex business needs.
  • Lack of services such as invoice financing and merchant services.
  • No support for green or sustainable business initiatives.

Table of fees and charges

Type of transactionFee
Account Maintenance Fee£5/month
Domestic Electronic PaymentsFree
Cash Deposit Fee0.70% of deposit value
International Payments£15 to £25 per transaction
Overdraft FacilityVariable
TSB fees and charges

Unique and standout features

TSB has built its reputation around SME-focused services.

The bank offers startup accounts with free banking for up to 18 months, enabling new businesses to find their footing without being burdened by banking fees.

Also, TSB’s business training and support programs offer valuable insights for SMEs, aiding them in their growth journey.

NatWest

NatWest, part of the Royal Bank of Scotland Group, is a powerhouse in the UK’s business banking sector. Offering robust services to all sizes of businesses, from startups to multinational corporations, NatWest continually innovates to deliver top-notch banking solutions.

Pros and cons

Pros

  • Extensive range of products and services to cater to all business sizes and complexities.
  • Support for green and sustainable business initiatives.
  • Innovative features like invoice financing and merchant services.
  • Cashback on business expenditures.

Cons

  • Fees and charges may be slightly higher compared to competitors.
  • Their broad offering can be overwhelming for some small businesses.

Table of fees and charges

Type of transactionFee
Account Maintenance Fee£5/month
Domestic Electronic PaymentsFree
Cash Deposit Fee0.75% of deposit value
International Payments£15 to £30 per transaction
Overdraft FacilityVariable
NatWest fees and charges

Unique and standout features

NatWest stands out for its emphasis on innovation and support for all types of businesses.

It offers tailored services for larger businesses and provides unique features such as invoice financing and merchant services.

Moreover, its commitment to sustainable business practices and support for green initiatives are noteworthy, aligning banking with the global sustainability goals.

Conclusion – TSB vs NatWest

Both TSB and NatWest offer robust services for businesses, but their focus areas differ.

TSB is an excellent choice for SMEs, with a personalised approach and a comprehensive range of products.

NatWest, on the other hand, caters well to businesses of all sizes and complexities and stands out with its innovative features and commitment to sustainability.

Ultimately, the choice depends on your specific business needs and preferences.

FAQ

Do both TSB and NatWest offer online and mobile banking?

Yes, both TSB and NatWest provide online and mobile banking facilities.

Which bank offers support for green or sustainable businesses?

NatWest provides support for green and sustainable business initiatives.

Which bank has better services for large businesses?

NatWest offers bespoke services for large businesses.

Does TSB offer free transactions for startups?

Yes, TSB offers a start-up account with free banking for up to 18 months.

Can I get a business credit card from both TSB and NatWest?

Yes, both banks offer business credit cards.

What unique features does NatWest offer?

NatWest provides unique features such as invoice financing, merchant services, and support for green initiatives.

Which bank is more SME-focused?

TSB is more SME-focused with a personalised approach to its services.

Do both banks provide 24/7 customer support?

Yes, both TSB and NatWest offer 24/7 customer support.

Are international payments possible with both TSB and NatWest?

Yes, both banks allow international payments, though fees apply.

Which bank offers cashback on business spending?

NatWest offers cashback on certain business expenditures.

Reviewed by , Managing Director

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