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26,000 switched away from TSB between April and June - MSE News
Former_MSE_Callum
Posts: 696 Forumite
TSB lost only 900 more customers between April and June than it did between January and March - despite its major IT meltdown...
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'26,000 switched away from TSB between April and June'
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'26,000 switched away from TSB between April and June'
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Comments
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Surely the first line of the post (and article) is a more significant and representative headline than the one used?
Edit: as it turns out (below), the figure of 900 used in the first line is actually based on a misinterpretation anyway! The point stands that if MSE believed the Q1 to Q2 loss variance was only 900, as per the body of the article, then it would have been a more relevant headline though....0 -
Make that 901 soon.
Many like myself will have had a CC account of which the cashback payout ended at the end of June and was paid out in July, most also have 5% interest on their current account, so maybe like me waiting for it to be paid out in early August for July.
Then I'm off, closing TSB, current, savings and credit card accounts, having applied to another bank for a current account and already have saving and credit card accounts with others.0 -
Not sure if I'll be switching but they still haven't sorted out my complaint and I still can't view my credit card statements.
Honestly, it feels like picking the best out of a bad bunch as I'm not very happy with my other main bank.0 -
Surely the first line of the post (and article) is a more significant and representative headline than the one used?
TSB have been subjected to a hatefest, including by organisations and individuals who ought to know better. Its a shame this still seems to be going on
The number of new accounts being opened should only be 'surprising' in terms of the online account opening facility being out of order, making the process harder work than normal.
That large numbers of people have opened accounts despite the inconvenience indicates what I suspect most of us already knew.... that offering a good interest rate attracts customers no matter what hurdles have to be jumped... un'suprisingly'.
I'd also like to know whether the figures are truly comparable. I'd assume the first quarter data referred to is for CASS switching - which I understand doesn't include non-CASS switching and cases where customers have simply opened (or closed) an account. The second quarter figures sound like non-CASS openings and closings may be included."In the future, everyone will be rich for 15 minutes"0 -
What an appalling headline it is things like this that give the media a bad name it in no way reflects the article0
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I'd also like to know whether the figures are truly comparable. I'd assume the first quarter data referred to is for CASS switching - which I understand doesn't include non-CASS switching and cases where customers have simply opened (or closed) an account. The second quarter figures sound like non-CASS openings and closings may be included.Around 26,000 customers switched their bank account away from TSB, and more than 20,000 customers opened a new bank account or switched their account to TSB in the second quarter of the year.
If they're going to mingle switch and non-switch data then they should obviously include non-switch closures as well as openings - I'm not one to jump on the 'bash TSB gratuitously' bandwagon but I would see this as being duplicitous use of selective statistics....0 -
Inner_Zone wrote: »Make that 901 soon.
Many like myself will have had a CC account of which the cashback payout ended at the end of June and was paid out in July, most also have 5% interest on their current account, so maybe like me waiting for it to be paid out in early August for July.
Then I'm off, closing TSB, current, savings and credit card accounts, having applied to another bank for a current account and already have saving and credit card accounts with others.0 -
26000 accounts closed, 20000 accounts opened.
Where do they get these figures from? - their borked IT systems.
I wonder how many of the "new" accounts are actually Lazarus or Zombie accounts...0 -
I'm quite happy - two accounts which fund each other by internal SO on the same day - interest lifted once a month to form part of a regular saver contribution - fine by me.0
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i'm ok. just had a bit of access problems at one point but they fixed that and they've upped the interest rate to 5% but they have yet to offer me any form of compensation. which they have assured me they will.
if they do i'm happy to stay for a bit longer.0
This discussion has been closed.
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