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.
TSB vs NatWest
Absolutely, here’s a more comprehensive comparison of features with added detail:
| Features | TSB | NatWest |
|---|---|---|
| Online Banking | Comprehensive online banking platform | Advanced online platform with additional features |
| Mobile App | User-friendly mobile app with basic features | Award-winning app with comprehensive functionality |
| Overdraft Facility | Available, subject to approval | Available, with competitive rates |
| 24/7 Customer Service | 24/7 telephone and online support | 24/7 support with dedicated relationship managers |
| Business Credit Card | Business credit card available with rewards | Wide range of business credit cards with benefits |
| International Payments | Available, with competitive fees | Available, includes currency account options |
| Cashback on Spending | Not available | Available on selected business expenditure |
| Free Transactions | Limited free transactions for startup accounts | Limited free transactions for startup accounts |
| Startup Account | Free banking for up to 18 months | Tailored packages for startups with additional perks |
| Business Savings Account | Available with competitive interest rates | Wide range of options with tiered interest rates |
| Business Loans | Available, with a range of terms and rates | Broad loan portfolio catering to diverse needs |
| Invoice Financing | Not available | Available, helping manage cash flow |
| Merchant Services | Not available | Available, in partnership with WorldPay |
| Business Insurance | Available through third-party partners | Comprehensive business insurance options available |
| Investment Services | Available with advisory services | Robust portfolio of investment services |
| Asset Finance | Available, with different leasing options | Wide range of asset financing options |
| Bespoke Services for Large Businesses | Not available | Tailored services for corporates and large businesses |
| Support for Green/Sustainable Business | Not available | Active support for eco-friendly initiatives |
| Business Training and Support Programs | Available through TSB’s local banking model | Wide variety of resources and events available |
| Business Mortgage | Commercial mortgages available | Wide range of commercial mortgage options |
| Dedicated Relationship Manager | Available for certain account types | Available for all business customers |
| Financial Planning Services | Available with in-branch consultations | Comprehensive financial planning services |
| Cash Management Services | Available, with a range of solutions | Advanced cash management solutions |
| Trade Finance | Available, assisting with international trade | Wide range of solutions for international trade |
| Business Credit Score Services | Not available | Available, helping businesses manage credit |
| E-Commerce Services | Not available | Available, including card payment solutions |
| Business Growth Enabler Services | Not available | Available, with tools and resources for growth |
| Currency Account | Available, assisting with international transactions | Comprehensive range of foreign currency accounts |
| Treasury Solutions | Not available | Tailored treasury solutions for larger businesses |
| Fraud and Security Services | Strong security measures and fraud alerts | Advanced security and proactive fraud monitoring |
 | 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.
Cutting edge payroll software
- Powerful and easy to use
- HMRC & RTI compliant
- Used by payroll pros
The CRM platform to grow your business
- Great for entrepreneurs
- Powerful data analytics
- Manage sales and data
Powerful web builder and advanced business tools
- Great for startups
- Powerful web page builder
- E-commerce available
Supercharged content planning
- Great for marketing
- Better than lists or sheets
- Manage social media
Create a new website in 10 minutes. Easy.
- Launch your website fast
- Powerful data intuitive
- No coding skills needed
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 transaction | Fee |
|---|---|
| Account Maintenance Fee | £5/month |
| Domestic Electronic Payments | Free |
| Cash Deposit Fee | 0.70% of deposit value |
| International Payments | £15 to £25 per transaction |
| Overdraft Facility | Variable |
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 transaction | Fee |
|---|---|
| Account Maintenance Fee | £5/month |
| Domestic Electronic Payments | Free |
| Cash Deposit Fee | 0.75% of deposit value |
| International Payments | £15 to £30 per transaction |
| Overdraft Facility | Variable |
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
Yes, both TSB and NatWest provide online and mobile banking facilities.
NatWest provides support for green and sustainable business initiatives.
NatWest offers bespoke services for large businesses.
Yes, TSB offers a start-up account with free banking for up to 18 months.
Yes, both banks offer business credit cards.
NatWest provides unique features such as invoice financing, merchant services, and support for green initiatives.
TSB is more SME-focused with a personalised approach to its services.
Yes, both TSB and NatWest offer 24/7 customer support.
Yes, both banks allow international payments, though fees apply.
NatWest offers cashback on certain business expenditures.