Is banking with TSB a bad idea?

thefunnyman

I have been banking with TSB for 12 years and i am very happy with the account and i like TSB. but i am wondering if i go to apply for a loan, credit card or mortgage with amother provider lets say barclaycard credit card or loan with santander will i be rejected on the basis i bank with TSB? for example they think they wont get paid on time because TSB has so much technical issues and is not a reliable bank

does anyone else think the same? thanks

eskbanker

TSB had their well-publicised major technical issue over two years ago now and there's no reason to think that they are less reliable than any other bank now.  They all have incidents but there's a formalised reporting regime that allows these to be monitored objectively, so https://www.fca.org.uk/data-visualisation/operational-and-security-incidents-12-months-personal makes it clear that over the past year TSB have been among the more reliable banks, with fewer operational and security incidents than both Barclays and Santander, for example.

pjread

No.  But if you have so little faith in them, why are you still banking with them (especially if it's your only account)?

London7766551

You will not be rejected for that reason. You can get these things from TSB there is no need to go to another bank if it works for you.

soulsaver

It's always a good idea to have a fall back position with an alternate bank/banks incase they close/freeze your account or tech melt etc.

TOP_CAT

This first post sounds like one of the red top newspaper headlines ?

Happy for 12 yrs but the poster states the bank is unreliable...... whats that all supposed to mean ?

thefunnyman

TOP_CAT said:

This first post sounds like one of the red top newspaper headlines ?

Happy for 12 yrs but the poster states the bank is unreliable...... whats that all supposed to mean ?

i'm very happy with the account but i'm just worried banks/providers wont lend to me because my current account is with TSB 

Archi_Bald

thefunnyman said:

TOP_CAT said:

This first post sounds like one of the red top newspaper headlines ?

Happy for 12 yrs but the poster states the bank is unreliable...... whats that all supposed to mean ?

i'm very happy with the account but i'm just worried banks/providers wont lend to me because my current account is with TSB 

All lenders want to know is how likely you are to default on the loan repayment. What kind of loan are you thinking of taking out? Have you had a loan application turned down before?

If you really believe that having a TSB account would be held against you, you should swiftly switch your account. Who would you go to, and why? By how much would you increase your chances to get a loan? 

born_again

thefunnyman said:

TOP_CAT said:

This first post sounds like one of the red top newspaper headlines ?

Happy for 12 yrs but the poster states the bank is unreliable...... whats that all supposed to mean ?

i'm very happy with the account but i'm just worried banks/providers wont lend to me because my current account is with TSB 

And why would they think that?

ALL banks have systems issues at some point. More often that customers realise.

DCFC79

thefunnyman said:

TOP_CAT said:

This first post sounds like one of the red top newspaper headlines ?

Happy for 12 yrs but the poster states the bank is unreliable...... whats that all supposed to mean ?

i'm very happy with the account but i'm just worried banks/providers wont lend to me because my current account is with TSB 

Nothing wrong with TSB, I would take on board previous advice and get yourself an account opened with another bank.

phillw

ALL banks have systems issues at some point. More often that customers realise.

If anything, after everything TSB went through and the compensation they paid out, they are probably a better bet moving forward.
I can't imagine only having an account with one bank though.