Tsb switch and advice

kpearsoncj

Hi i have just upgraded my tsb cash account to a classic vantage.

Does anyone have any good feedback on the account.

I currently bank with nationwide and am thinking of moving over to tsb through the 7 day switch as the branch is closer to where i work.

Just wondered how reliable they are - seen some megative press about IT and banking crashing every so often but them seem nice to deal with and that is more important to me.

Any advice or info is welcome thanks

Herbalus

If you already have a TSB classic vantage, why would you need to switch from Nationwide? The 7 day switch is opening a new account and transferring everything from your old account to the new one. You don't need to do that.

We can't know how reliable Lloyds, or any other bank, will be in the future. It's recommended to have at least two sources of money in the event that one source has issues. You could leave £50 in the Nationwide account and do all your normal banking through TSB?

kpearsoncj

its good to have a spare i know both have reliability issues only on a small scale i am not very keen on nationwide's policy to do recent mainaintance on there payment transfer systems on a weekend but overall i have been more than happy with them.

I am recovering from a previous redundancy on my credit file a few defaults so i am trying to stick with one that will help me best going forward into the future.

yazzypower

How long did it take u to upgrade from a cash to a full current account?, as i Opened account with lloyds a month ago and they gave me a cash account.

kpearsoncj

hi i opened the cash account in july.

EarthBoy

kpearsoncj wrote: »

Hi i have just upgraded my tsb cash account to a classic vantage.

TSB don't have Vantage; they have Enhance instead

innovate

Herbalus wrote: »

The 7 day switch is opening a new account and transferring everything from your old account to the new one. You don't need to do that.

The 7-day switch does actually not include the opening of a new current account. You need to have the account approved, sort code and account number known, before the 7 days switching starts.

See Q18 in http://www.paymentscouncil.org.uk/switch_service/faqs/

You would also be well advised to wait until you have received both, your debit card and your PIN for the new account before you ask for the switch. Otherwise you could find yourself stranded with no means to draw cash or make payments (e.g. old account closed, card and/or PIN not received- - - a completely realistic possibility). The new debit card / PIN are not covered by the 7-day switch guarantee.

Herbalus

innovate wrote: »

The 7-day switch does actually not include the opening of a new current account. You need to have the account approved, sort code and account number known, before the 7 days switching starts.

That's what I meant, even if it wasn't 100% clear. But thanks. I was just wondering, if both accounts have been opened for a few months at least, what was gained by switching?

innovate

kpearsoncj wrote: »

i am not very keen on nationwide's policy to do recent mainaintance on there payment transfer systems on a weekend but overall i have been more than happy with them.
.

All banks need to do regular maintenance at times. Weekends aren't banking days and least disruptive to the vast majority of customers, that's why larger changes happen then. Planned maintenance usually gets advised beforehand, so customers can make relevant arrangements.

innovate

Herbalus wrote: »

That's what I meant, even if it wasn't 100% clear. But thanks. I was just wondering, if both accounts have been opened for a few months at least, what was gained by switching?

Transfer of DDs, SOs, payees, incoming payments, and even closing of accounts. Whilst people have always been able to do all this themselves, some people prefer to have it done for them

System

TSB are reasonably reliable (as are Nationwide)

It's advisable to have a second account elsewhere for funds but this doesn't need to be a current account.

Mostly just personal preference really.