Leave TSB?

julie777

Personally, we have not had any major problem with TSB but with the meltdown farce ongoing is it safer to leave?

keef-WhatStandards

I think that would depend on if you use the benifits or not. e.g. if you have "savings" that are currently getting a "good" return and/or you use the moneyback on card purchases.

julie777

Yes I like the interest rate which I think has just been put up to 5% although I do not use the card. The interest alone makes me want to stay.
Presumably Martin would have told everyone to leave if he felt the bank could collapse due to IT issues?

newatc

Your money is safe (up to 85K anyway) it's just whether the benefits of using them are greater than the hassles you are having or might have (given their management credibility is low).
I only have current account with them and I've had no hassles except changing my password as a precaution. I have other banks accounts which I think is a must for those whose finances allow irrespective of your main bank.
I'm getting the 5% on the £1500 and I've decided to stay with them for the time being and see how it goes.

eskbanker

julie777 wrote: »

Presumably Martin would have told everyone to leave if he felt the bank could collapse due to IT issues?

I think any journalist would need to be very careful in making any such claims, and one with his profile and following could easily trigger problems by doing so.

While TSB, like all other high street banks, is protected by FSCS, meaning that you'd get your money back in the event of a bank being allowed to fail, it remains prudent advice not to have all your eggs in one basket, so as to ensure access to cash if an account with TSB (or anyone else) became unavailable for whatever reason (not specifically bank failure but widespread system problems or just your own account being blocked or your card being lost/stolen, etc). So, no need to leave TSB if you're happy to earn the interest, but have at least one more account elsewhere as well....

pochisoldi

julie777 wrote: »

Personally, we have not had any major problem with TSB but with the meltdown farce ongoing is it safer to leave?

If you haven't had any problems, you're happy with the service, and the products offered then stay.

Personally, I think their credit card has become almost unusable - current statement availability out the window, cashback paid when they feel like it, both CSV and QIF transaction downloads broken (date stamps all one day earlier than the actual tranaction date, too difficult for me to post process and use). Only showing the last 20 transactions on the account, Direct debits screwed up.

On the current account side, they're paying 5% interest, for very little effort. The problem with QIF transaction downloads having no date field has been fixed (and was worked around by using CSV downloads).

So for me the current accounts are staying, the credit card is being parked at the end of the month (the spend gets shifted onto another card paying 0.5%). None of the accounts are being closed.

Your mileage may vary - My main account isn't with TSB, I have credit cards elsewhere. If all my eggs were in the TSB basket on 23rd April, I would have looked further afield by now.

PochiSoldi

CityOwl

newatc wrote: »

Your money is safe (up to 85K anyway) it's just whether the benefits of using them are greater than the hassles you are having or might have (given their management credibility is low).
I only have current account with them and I've had no hassles except changing my password as a precaution. I have other banks accounts which I think is a must for those whose finances allow irrespective of your main bank.
I'm getting the 5% on the £1500 and I've decided to stay with them for the time being and see how it goes.

We have £4,500 at 5% and haven't had any issues, so we will not be going anywhere (plus I don't like kicking anyone when they are down). Our main account is elsewhere and like many on these forums we have a number of current accounts.

TSB have been good for us and they will probably get their act together in due course. You may move and then find your new bank does an IT upgrade and it all goes pear-shaped again. Better the devil you know

However, this whole debacle should act as a warning to anyone with just one current account. Take advantage of the deals available and get another account to mitigate the risk.

Mnd

We have 3 accounts paying the 5% and a 0% credit card
The only problem we have had is they failed to take the direct debit on the above CC, which they have acknowledged.
It did cost me a few pounds because my club Lloyd only paid out 1 direct debit that month so I never got any interest that month.
I have told them this, but haven't heard back yet
So I will be staying

Lolly88

pochisoldi wrote: »

If you haven't had any problems, you're happy with the service, and the products offered then stay.

Personally, I think their credit card has become almost unusable - current statement availability out the window, cashback paid when they feel like it, both CSV and QIF transaction downloads broken (date stamps all one day earlier than the actual tranaction date, too difficult for me to post process and use). Only showing the last 20 transactions on the account, Direct debits screwed up.

On the current account side, they're paying 5% interest, for very little effort. The problem with QIF transaction downloads having no date field has been fixed (and was worked around by using CSV downloads).

So for me the current accounts are staying, the credit card is being parked at the end of the month (the spend gets shifted onto another card paying 0.5%). None of the accounts are being closed.

Your mileage may vary - My main account isn't with TSB, I have credit cards elsewhere. If all my eggs were in the TSB basket on 23rd April, I would have looked further afield by now.

PochiSoldi

Couldn't agree more. I will keep my current account with TSB for now because of the good interest rate. However I closed my credit card as I've been having multiple issues with it since the IT problems first begun which has made it hard to use and become a significant inconvenience.

keef-WhatStandards

pochisoldi wrote: »

Personally, I think their credit card has become almost unusable -

Interesting. I use their credit card for certain transactions as it is a 0% on purchases. Never been able to use it contactlessly and TSB didn't seem interested in sorting it out, but the advice of having an alternative is good on both card and current account.

Zanderman

We're staying, 4 accounts earning 5%, what's not to like?

Apart from a few difficulties logging in at the height of the crisis we've had no problems either.

And it's reasonable to anticipate TSB will (hopefully!) continue to have attractive offers to keep people, as they have apparently lost a lot of customers.

As for them failing - no-one has suggested that is likely. Apart from some people with very vivid imaginations. And even if they did our cash is still protected.

So, no reason to leave, every reason to stay.