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

AlvyLad

Have banked with LLoyds in the past, that cheesed me off, blocking ALL x3 my cards, then charging me over 3% interest for earlier transactions, when I was in Spain on "extended holiday" for 4 months in 2012. It literally cost me over £200 in phone bills alone, just trying to speak to Indian CS in Mumbai to resolve it. Got back home, went to the BRANCH, learned, they've charged me something like 30% unauthorised overdraft, I've had… never mind, they've allowed to transfer balance to main account from savings accounts…, couldn't even get all accounts closed there and then, as they haven't processed it all for over a month….

COULD NOT open any other alternative bank account, as they've literally put some sort "fraud alert" marker on me for half a year, my credit rating wasn't even that bad, had to get "help" from Citizens Advice ("chocolate teapot") only to have gotten then "amazing new bank"- Post Office everyday account. Thank god, cash was still viable currency.

Why am I telling ita ll? it's that even "prestige banks" were acting like "highway robbers" and there wasn't anything you could do about it.

These days, I'm with Revolut and Post Office, finding them both equally as reliable, and as good as each other, not even considering no big ('er) named ones and contemplating going to TSB, that potentially had bad reputation from 2018,

Do they?

Are they really are that bad today?

They are still trading, adapting… hopefully

Considering switching to them, hence, asking for an opinion,

Thanks!

ranciduk

they're absolutely fine for me

but of course they will disappear soon due to being bought out by Santander

QrizB

Note this is a six-year-old thread that's been bumped by someone who wanted to moan about Lloyds.

AlvyLad

https://forums.moneysavingexpert.com/discussion/comment/82022718#Comment_82022718

damn! wish I've knew it…. (something, something, something I've got against big banks)

AlvyLad

https://forums.moneysavingexpert.com/discussion/comment/82022750#Comment_82022750

note, that noted bump was noted for no other reason, whatsoever

Yes, I am contemplating on going with TSB "head forward" or any other, that would be less "big"/"prestigious"- arrogant mainstream bank, so, that I'd retain some sort of a human-client factor.