Nationwide VS TSB: Business Banking Review & Fee Comparison

Is Nationwide or TSB better for your small business?

Below we look at both Nationwide and TSB reviews on Trustpilot along with their App reviews from Apple and Google.

We then look at typical fees, business savings rates, foreign currency options and a whole bunch of other account features to help you make up your mind.

Nationwide vs TSB Trustpilot Reviews

	Nationwide	TSB
Trustpilot Review Score (out of 5)	1.7	4.2
Percent 5-Star Reviews	15%	56%
Percent 1- Star Reviews	75%	27%
Total Number of Reviews	5,509	21,942

Sources:
https://www.trustpilot.com/review/www.nationwide.co.uk
https://www.trustpilot.com/review/tsb.co.uk

Nationwide vs TSB App Reviews

	Nationwide	TSB
iPhone Review Score (out of 5)	4.8	4.8
Number of iPhone Reviews	595,000	457,400
Android Review Score (out of 5)	4.5	4.4
Number of Android Reviews	106,000	197,000

Sources:
https://apps.apple.com/gb/app/nationwide-mobile-banking/id542355130
https://apps.apple.com/gb/app/tsb-mobile-banking/id1160720878

Nationwide vs TSB Account Fees & Charges

	Nationwide	TSB
Free Business Bank Account	No	Yes
Free Business Account Term Length	NA	30 Months
Cheapest Monthly Account Fee	£6.50	£5
Most Expensive Monthly Account Fee	£30	£40
Electronic Payment Cost (in/out)	Free	Free
Cash Payments Cost (in/out)	1%	70p per £100
Cheques (in/out)	£1.50	70p
CHAPS Payments Cost	£15	£30
SEPA Payments Cost	No	£2

Nationwide vs TSB Business Savings Rates

	Nationwide	TSB
Types of Business Savings Accounts	Instant access, Limited access, Fixed rate	Instant Access, Fixed Bonds
Lowest Savings Rate (AER)	2.25%	1.35%
Maximum Savings Rate (AER)	6.50%	4.30%
Minimum Savings Amount	£1	£1
Interest Paid On Foreign Currencies	Yes	Yes

Nationwide vs TSB Account Opening Times

	Nationwide	TSB
Can You Apply Online?	Yes	Yes
How Long Does Opening An Account Typically Take?	7 Working days	10 Working days
Do They Check Your Credit?	Yes	Yes
Current Account Switch Service	Yes	Yes

Nationwide vs TSB Features & Account Types

	Nationwide	TSB
Business Current Account	Yes	Yes
Business Savings Account	Yes	Yes
Business Credit Card	Yes	Yes
Business Overdraft	Yes	Yes
Accounts For Startups	Yes	Yes
Accounts For Charities	Yes	No
Accounts For Sole Traders	Yes	Yes
Joint Business Accounts Available	Yes	Yes
Card Type	Visa	Mastercard
Online Banking	Yes	Yes
Mobile Banking	Yes	Yes
In Person/Branch Banking	Yes	Yes
Branch Locations	UK-wide	UK-wide

Nationwide vs TSB Customer Support Options

	Nationwide	TSB
Phone Support Available	Yes	Yes
Email Support Available	Yes	Yes
App Based Support	Yes	Yes
Web Based Support	Yes	Yes
In person Customer Support	Yes	Yes

Nationwide vs TSB Foreign Currency Accounts

	Nationwide	TSB
US Dollar (USD) Bank Accounts	Yes	Yes
Euro (EUR) Bank Accounts	Yes	Yes
Other Currencies Available:	Canadian Dollar Australian Dollar	Euros US Dollars Canadian Dollars Australian Dollars New Zealand Dollars Swiss Francs Japanese Yen Chinese Yuan Singapore Dollars Hong Kong Dollars Danish Kroner Norwegian Kroner Swedish Kroner Czech Koruna Hungarian Forint Polish Zloty Romanian Leu Bulgarian Lev Croatian Kuna Turkish Lira Israeli Shekel South African Rand Mexican Peso Argentinian Peso Brazilian Real

Other Business Services From Nationwide and TSB

	Nationwide	TSB
Business Loans	No	Yes
Commercial Mortgages	Yes	Yes
Invoice Financing	No	Yes
International Payments	Yes	Yes
Merchant Payment Services	No	Yes
Card Machines	No	Yes
Free Accounting Software	No	No

Nationwide vs TSB Banking Basics

	Nationwide	TSB
Bank Type	Building Society	High Street
FSCS Protection	Yes, up to £85,000	Yes, up to £85,000
FCA Number	106078	191240
Website	Nationwide Website	TSB Website

Common Comparison Questions

Does Nationwide or TSB have better customer reviews?

Nationwide scores 1.7 out of 5 based 5,509 Trustpilot reviews. Of these reviews 15% are 5-star and 75% are 1-star.

Whereas, TSB scores 4.2 out of 5 based 21,942 Trustpilot reviews. Of which 56% are 5-star and 27% are 1-star.

Does Nationwide or TSB have a better App?

Nationwide’s iPhone App is rated 4.8 out of 5 based on 595,000 reviews. And it’s Android App is rated 4.5 out of 5 based on 106,000 reviews.

In comparison, TSB’s iPhone App is rated 4.8 out of 5 based on 457,400 reviews. And it’s Android App is rated 4.4 out of 5 based on 197,000 reviews.

Does Nationwide or TSB have better business savings rates?

Nationwide offers the following types of business savings accounts: Instant access, Limited access, Fixed rate with interest rates ranging from 2.25% to 6.50%. (AER)

In contrast, TSB offers Instant Access, Fixed Bonds accounts with interest rates ranging from 1.35% to 4.30% (AER).

See Other Comparisons:
Nationwide vs Starling Bank
Nationwide vs Shawbrook Bank
Nationwide vs RBS (Royal Bank of Scotland)
Nationwide vs Wise
Nationwide vs Revolut Business


For other business bank accounts see our guide here.