This study discusses the effect of long‐range interactions within the self‐consistent Hartree‐Fock (HF) approximation in comparison to short‐range atomic Hubbard interactions on the band structure of twisted bilayer graphene (TBG) at charge neutrality for various twist angles. Starting from atomistic calculations, it determines the quasi‐particle band structure of TBG with Hubbard interactions for three magnetic orderings: modulated anti‐ferromagnetic (MAFM), (NAFM) and hexagonal anti‐ferromagnetic (HAFM). Then, it develops an approach to incorporate these magnetic orderings along with the HF potential in the continuum approximation. Away from the magic angle, it observes a drastic effect of the magnetic order on the band structure of TBG compared to the influence of the HF potential. Near the magic angle, the HF potential plays a major role in the band structure, with HAFM and MAFM being secondary effects, but NAFM appears to still significantly distort the electronic structure at the magic angle. These findings suggest that the spin‐valley degenerate broken symmetry state often found in HF calculations of charge neutral TBG near the magic angle should favor magnetic order, since the atomistic Hubbard interaction will break this symmetry in favor of spin polarization.