RBS vs TSB for business banking – How to choose? Comparing fees, features, pros and cons

Last updated on 10 August 2023

When it comes to choosing a reliable and efficient banking partner for your business, it’s essential to assess the options available in the market. In the UK, two prominent players in the banking sector are Royal Bank of Scotland (RBS) and TSB.

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Both institutions offer a range of business banking services, but they have distinct features and benefits that may influence your decision. In this article, we will delve into the pros, cons, key differences, costs, and other considerations of RBS vs TSB for business banking.

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Branch NetworkExtensive national presenceSmaller branch network, localised focus
Digital BankingComprehensive online and mobileOnline and mobile banking available
banking platforms
Pricing StructurePotentially higher fees for someCompetitive pricing, cost-effective
servicesfor SMEs
International BankingExtensive capabilitiesMore limited international presence
Customer SupportDedicated relationship managersPersonalised approach, business support
and specialist supportservices available
Ethical BankingNot emphasised explicitlyEmphasises ethical banking practices
Reputation and StabilityPast controversies, measures taken toFocus on customer-centric approach and
restore trustcommunity engagement
Product RangeWide range of financial productsComprehensive banking solutions
and services for businessesfor businesses
Customer Feedback andMixed feedback, consider reputationPositive reputation, community-focused
Satisfactionand user experiencesapproach
RBS vs TSB features compared

Please note that this table provides a general overview and it’s important to conduct thorough research and due diligence to ensure the accuracy of the information and assess specific features and offerings that are most relevant to your business’s needs.


  1. Royal Bank of Scotland (RBS):
  • As of 2021, RBS had approximately 16.5 million customers, including personal and business accounts, making it one of the largest banking institutions in the UK.
  • RBS has invested over £1 billion in digital banking technology to enhance its digital platforms and provide customers, including businesses, with convenient and comprehensive online banking services.
  • In 2020, RBS provided approximately £13 billion in gross lending to support small and medium-sized enterprises (SMEs) in the UK.
  1. TSB:
  • TSB has over 5 million customers, comprising both personal and business accounts, and has a strong focus on serving local communities across the UK.
  • In 2020, TSB launched its SME Charter, which outlines its commitment to supporting small businesses and providing them with fair and transparent banking services.
  • TSB was named the Best Business Banking Provider in Scotland at the 2020 Business Moneyfacts Awards, highlighting its recognition for providing tailored banking services to businesses in Scotland.

Royal Bank of Scotland (RBS)


  • Established presence: RBS is a well-known and longstanding institution with a significant market share in the UK. It offers a wide range of financial products and services tailored to businesses of all sizes.
  • Extensive branch network: RBS has an extensive branch network across the UK, making it convenient for businesses to access in-person banking services and advice.
  • Digital banking capabilities: RBS has made significant investments in its digital banking platforms, providing businesses with easy access to online and mobile banking services, including features like invoicing, payments, and financial management tools.
  • Specialist support: RBS offers dedicated support for businesses, including relationship managers who understand the unique needs and challenges faced by businesses across various sectors.


  • Limited regional focus: While RBS has a broad national presence, it may not have the same depth of regional focus as some smaller banks. This may be a consideration for businesses operating primarily in specific local areas.
  • Potentially higher fees: RBS’s extensive range of services may come with higher fees compared to some competitors, especially for smaller businesses with lower transaction volumes.
  • Reputation concerns: RBS has faced controversies and reputational challenges in the past, primarily due to its involvement in the global financial crisis. Although the bank has taken steps to rebuild trust, this history may still be a consideration for some business owners.



  • Customer-centric approach: TSB prides itself on its customer-centric approach and commitment to local communities. It aims to provide a personalised banking experience for businesses and individuals.
  • Competitive pricing: TSB offers competitive pricing structures, which can be advantageous for businesses seeking cost-effective banking solutions. This may be particularly appealing for small and medium-sized enterprises (SMEs) with tighter budgets.
  • Ethical banking: TSB emphasises its ethical banking practices, which can be appealing to businesses with a strong commitment to social responsibility and sustainability.
  • Business support: TSB offers a range of business support services, including dedicated relationship managers, business guides, and access to networking events, to help businesses thrive.


  • Smaller branch network: Compared to RBS, TSB has a smaller branch network, which may limit the physical accessibility of banking services for businesses operating in specific areas.
  • Limited international presence: TSB’s international banking capabilities are more restricted compared to larger banks, which may be a drawback for businesses with global operations or aspirations.
  • Less comprehensive digital offerings: While TSB provides online and mobile banking services, its digital capabilities may not be as advanced or feature-rich as those offered by larger banks.

RBS vs TSB – Key differences

  1. Size and scale: RBS is a larger institution with a broader national and international presence, whereas TSB is relatively smaller and focuses more on localised services.
  2. Pricing structure: TSB often offers more competitive pricing, making it a cost-effective option for businesses, especially SMEs.
  3. Digital banking: RBS has invested significantly in its digital banking platforms, providing more comprehensive online and mobile banking services compared to TSB.

RBS vs TSB – Costs and other considerations

When it comes to costs, both RBS and TSB have varying fee structures depending on the type of business account and services you require.

It is crucial to carefully review and compare the fee schedules, including transaction charges, maintenance fees, overdraft fees, and any additional services or features that may incur costs.

Consider your business’s specific banking needs and evaluate which bank offers the most competitive and suitable pricing for your requirements.

Customer service level

Furthermore, take into account the level of customer service and support each bank provides. Consider factors such as accessibility to customer service representatives, availability of business advisors or relationship managers, and the quality of assistance offered.

Prompt and reliable customer support can be crucial for businesses, especially during urgent financial matters or when seeking guidance on financial planning and growth strategies.

Range of services and products

Another essential consideration is the range of business banking products and services offered by each bank.

Evaluate whether they provide solutions that align with your business needs, such as business loans, lines of credit, merchant services, cash management tools, international banking capabilities, and integration with accounting software.

Assessing the comprehensiveness and suitability of the services offered by each bank is vital to ensure they meet your present and future business requirements.

Trust and reputation

Additionally, consider the reputation and stability of the banks.

While RBS has faced past controversies, it has taken measures to restore trust and enhance its operations.

TSB, on the other hand, has sought to position itself as a more customer-centric and community-focused bank.

Research the current standing of both institutions, their financial stability, and their track record of serving businesses to make an informed decision.


Lastly, seek feedback from other business owners or industry peers who have experience with RBS or TSB. Their firsthand insights can provide valuable perspectives on the quality of services, ease of banking, and overall satisfaction with either bank.

RBS vs TSB – Verdict

In conclusion, choosing between RBS and TSB for your business banking needs requires careful consideration of the pros, cons, key differences, costs, and other relevant factors.

Assess your business’s unique requirements, compare the offerings of both banks, and evaluate their pricing, customer support, product range, and reputation.

By conducting thorough research and analysis, you can make an informed decision that best aligns with your business goals and financial requirements.


Can I open a business account with RBS or TSB online?

Both RBS and TSB offer online account opening options for businesses. You can visit their respective websites to initiate the account opening process and provide the necessary documentation.

Do RBS and TSB provide business loans?

Yes, both RBS and TSB offer business loans to support the financial needs of businesses. They have different loan products and eligibility criteria, so it’s advisable to compare their offerings to determine which aligns better with your specific requirements.

Can I access my business account with RBS or TSB through mobile banking apps?

Yes, both RBS and TSB provide mobile banking apps that allow you to access your business account, make transactions, view balances, and perform other banking activities on the go. Their mobile apps are available for download on compatible devices.

Do RBS and TSB offer international banking services for businesses?

RBS generally has more extensive international banking capabilities compared to TSB. If your business requires international banking services, such as foreign currency accounts, international transfers, or trade finance, it is advisable to review the offerings of both banks to determine which better suits your needs.

Can I get assistance from a dedicated relationship manager for my business with RBS or TSB?

Yes, both RBS and TSB provide dedicated relationship managers who can offer personalised support and guidance for your business. They can assist with various banking needs, provide advice, and help you navigate the banking services offered by the respective banks.

Are there any additional fees or charges to consider besides the standard account maintenance fees?

Yes, it’s important to review the fee structures of both RBS and TSB thoroughly. Besides the standard account maintenance fees, there may be additional charges for specific services, such as transaction fees, overdraft fees, and other value-added services. Understanding the fee schedules will help you assess the overall cost of banking with either institution.

Remember to consult with the banks directly or visit their websites for the most up-to-date and detailed information regarding their business banking offerings, features, and terms and conditions.

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Reviewed by , Managing Director


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