Is banking with TSB a bad idea?

dinglebert

I have had enough of TSB and will be looking to move once this lockdown period has ended.   I have been with them 40 years this year.  We had our mortgage with them.  Got my main account, our joint extra account and around 5 saving accounts.

They have hacked me off over the past couple of years for a number of reasons.

My local branch went down to two days a week.  Since the virus its been shut.

You can't pay in cheques on the app.  In fact you can't do much at all on the app.

Online bank wouldn't allow me to open a new savings accounts. I like to have a number of them for different purposes.  I had to go to my local branch with ID even though I have been with them for 40 years and went to school with the manager.

They wouldn't allow me to open a cash ISA for one of the kids, claiming that anyone who had been in receipt of the £250 the government gave to all children around 2003-2012 was not allowed to have an ISA.  They then closed the complaint the next gain without telling me.  When I reopened it they stated they didn't have to respond within the normal period as the complaint had been closed.   They then apologised, give me £150 as "compensation" and then refused still to allow me to open the account. I reopened complaint and they have not responded for past 15 months.  NSI have told them they are wrong.  I opened one via Tesco in 30 minutes.

I think the only reason I stay with them is the extra value account.  As its joint we both get our cars covered and the family holiday insurance.  I may keep that account and move to Nationwide as their app is very good.

colsten

I wouldn't give up an account that I have held for decades, as this would remove a major element (longevity) from my credit files.

Equally, I wouldn't, and never did, stick to a single bank for all my financial needs. It has been, and still is very easy to pick whatever is the best deal from whoever, regardless of who you used to do your financial transactions with in the past.

thefunnyman

hello all, i've opened an HSBC bank account and have requested to switch my TSB account to them. very happy so far with the new HSBC account.

i think it wont effect my credit rating as ive had the TSB account for 12 years, but ive got a credit card for a few years and never missed a payment, and like 3+ loans over 6 years that ive never missed a payment so i dont think it will effect me. 

Archi_Bald

Your credit files will be affected in several ways. Whether any of them matter is a question only you can answer. 

1 - there will have been a hard search when you applied for the HSBC account

2 - you have lost your longstanding account. This removed important information about your ability to manage an account. 

3 - your HSBC account will appear in your credit files

thefunnyman

Archi_Bald said:

Your credit files will be affected in several ways. Whether any of them matter is a question only you can answer. 

1 - there will have been a hard search when you applied for the HSBC account

2 - you have lost your longstanding account. This removed important information about your ability to manage an account. 

3 - your HSBC account will appear in your credit files

i highly doubt it's going to make or break my credit file. or when i need to remortgage in 2 years