TSB boosts small business offer with 25-month free banking deal
TSB has delivered a boost to small and medium-sized businesses (SMEs) with a new offer of 25 months’ free banking, up from six months previously.
TSB’s free banking offer will give start-ups breathing space to get up and running, and help businesses that have been hit by the pandemic to get back on their feet.
The business banking offer also comes packaged with a wide range of support to give SMEs the tools they need to grow and prosper.
Through TSB’s partnership with Enterprise Nation, business customers have a year’s free membership worth £99 giving access to:
- A coronavirus business support hub
- 12 months’ free digital advice and support
- Over £500 worth of exclusive discounts with big-name brands
- Opportunities to promote their business within a community of 70,000 businesses
TSB’s partnership with fintech Square has also given more than 5,000 businesses easy and affordable access to credit and debit card processing.
Business customers receive a free Square card reader, and the first £1,000 of transactions are fee-free. Square also enables businesses to set up an online presence and take remote payments, a lifeline for many businesses during the pandemic. So far in 2021, this has driven transactions totalling more than £8 million.
TSB Business Banking customers can also connect and export transactions, using Open Banking, to accounting software packages like Xero and Quickbooks.
Mark Curran, business banking director at TSB, commented: “TSB has demonstrated its strong commitment to supporting small businesses throughout the pandemic and we’re determined to continue that as the recovery gathers pace.
“As we start to come out of lockdown, we see a tremendous opportunity to support SME customers meet the pent-up demand for their services. Our 25-month free banking offer and comprehensive package of business solutions, tailored for microbusiness, will support them as they play their part in helping the economy recover.”
TSB issued more than £600 million in loans to SME customers as part of the government-backed Bounce Back Loan Scheme (BBLS). It has also adopted a prompt payment commitment that ensures smaller suppliers are paid within ten days of invoice.