RBS to TSB - is it the right direction for your Business Bank Account?
TSB Bank plc is a retail and commercial bank, which is a subsidiary of the Spanish Sabadell Group. TSB Bank operates a network of 550 branches across England, Scotland and Wales, and offers a full range of banking services.
But can it offer an alternative to RBS business bank customers?
Running a small business can mean many challenges. Finding that you are obliged to move your bank account has become a new headache for the many thousands of business owners currently banking with RBS.
If you are affected, you may have been surprised to find that RBS want you to take your very lucrative business elsewhere - but it’s nothing personal. The Government has demanded that RBS increase competition in UK business banking - by decreasing their own market share.
Why do I need to switch?
RBS ran into problems of their own in the lead up to the financial crisis some ten years ago. They had to be rescued by the taxpayer with £45billion in cash.
In return for the support, RBS has had to commit to a shake-up of the business banking market which will ultimately mean more competition, more choice and possibly reduced costs.
It was originally agreed that RBS would transfer customers into a relaunched Williams and Glyn Bank, which would then be sold. But finding a buyer proved harder than anticipated - prompting the necessity for an alternative scheme.
This would give financial assistance to Challenger Banks, funded by RBS. This is known as the Alternative Remedies Package or, more commonly, the Business Banking Switch.
So, as an RBS Business Banking client, you need to find another bank, but you can take advantage of some generous provisions to soften the blow.
You will able to make your choice of one of 11 Challenger Banks under the scheme - and take your pick of the incentives and services they offer, which may range from free banking to cash incentives.
But which one should you choose? RBS will get in touch directly with all businesses who are eligible to take part, but if you've got specific questions and want to talk to independent experts you can call us on 0330 808 8802 or email firstname.lastname@example.org
Should you move to TSB?
RBS will be handing over a total of £775 million in grants and incentives to competitor banks. Each bank in the scheme will need to bid for the funding, and each one will be offering a different range of incentives.
TSB is one of the banks taking part. TSB is one of the older names in British banking - but its history as a business in its present form only dates back to 2013 when the bank was formed from the existing business of Lloyds TSB Scotland plc, when a number of Lloyds TSB branches in England and Wales and all branches of Cheltenham & Gloucester were transferred into it.
The relaunched TSB Bank has its headquarters in Edinburgh and more than 4.6 million customers with over £20 billion of loans and customer deposits across the UK. TSB then accepted a takeover offer made from the Spanish bank, Sabadell, in the March of 2015, which was completed on 8 July 2015.
Customer service is a major focus. The bank has set out to provide a friendly, personal and caring service, with branches as well as online services.
But is TSB the right move for you and your business? For some independent answers call 0330 808 8802 or email email@example.com
You need to make a move
Switching your banking provider now can be a major positive for your business.
It could mean gaining access to valuable new services and products which could support new business plans. But you need to tread carefully. You need to find the bank that can offer what you need - and deciding just what you need can be difficult.
You need some expert help.
At Rangewell, we work with all the banks in the UK - and know just what each of them is really offering.
We know what we are looking for - we have a multidisciplinary team that includes experienced former RBS Business Bankers and Relationship Managers who know the business banking market inside out. They know the business banking market - and can help you find the services which really count when you are considering a move.
Our expertise means that we can we can assist you in identifying the banks that are right for your particular sector, your plans - and your business.
We don’t stop there. Once we have helped you find the bank that’s right for you, our team will use their help you negotiate to ensure you get exactly what you want from them.
What’s more, our service is free. We won’t charge you anything for our time or support.
We want to use our expertise to support your business - because we think that you might want to become a client of ours one day. When you are in need of funding for your business we can search the entire market to find the deals that are right for you, saving you money and making your plans a reality.
When you want to discuss your present needs, how the RBS move will affect you and the options available to you, we want to help. Whatever the choice you make about your the bank that provides your business account , you don’t want to make the wrong switch so call 0330 808 8802 or email firstname.lastname@example.org to talk to us about your specific questions and issues.