Is TSB a reliable bank ? Just opened a current account plus with them

SebSai

My credit score is very poor and i was struggling to get a normal current account with the banks including basic accounts. 

I am using monzo as my main account and salary is coming in there. 

When i withdrew my savings from loqbox it asked me to move the money to a new account which they recommended. 

I applied for tsb current account plus and surprisingly they approved my application. ( they rejected my basic account application 6 months ago ).

i submitted my id and all is set and got confirmation email saying my account is open. 

Now, when i was searching about the tsb, i realised that it has one of the worst reputation and ranked right at the bottom. My understanding is that they had some IT failure a year ago and customers lost money. 

My plan was to bring my salary into tsb and use it as my main account. 

I am worried now.. i do not know if its a good idea.

i need some advice please..

monzo is great i love it. But i do want to bank with a proper high street bank and get my credit score sorted and eventually get a mortgaGe out.

please advice me on TSB.

upsidedownpancake

TSB is one of the most unreliable banks that exists in the UK.

I have no idea why you'd pick them if you knew they had a crap reputation.

cymruchris

TSB definitely had a few challenges a few months ago - but otherwise seem to be a fairly solid bank. I imagine they learnt a lot from that fiasco, and would hopefully not get themselves in such a mess in future. Stick with them, continue to build your positive credit history, and certainly 12 months down the line, you could look at opening another current account with a third provider. They say that having more than one current account is a good thing. (Don't close the Monzo) 

SebSai

upsidedownpancake said:

TSB is one of the most unreliable banks that exists in the UK.

I have no idea why you'd pick them if you knew they had a crap reputation.

See i couldn't get a full current account anywhere else. They offered me and i took it without a second thought. 

Just worried if my money going to be safe if i move it there. 

I have no savings to move. But salary is there..

SebSai

cymruchris said:

TSB definitely had a few challenges a few months ago - but otherwise seem to be a fairly solid bank. I imagine they learnt a lot from that fiasco, and would hopefully not get themselves in such a mess in future. Stick with them, continue to build your positive credit history, and certainly 12 months down the line, you could look at opening another current account with a third provider. They say that having more than one current account is a good thing. (Don't close the Monzo) 

Thank you for the advise.
i was thinking the same. 
monzo is amazing. I will keep it for sure. 

I have basic account in Santander, which i am using to deposit monthly savings. 

eskbanker

SebSai said:

My understanding is that they had some IT failure a year ago and customers lost money.

No, they had a major IT failure nearly two and a half years ago now (April 2018), and, while there was undoubtedly inconvenience to many (but not all) of their customers, TSB spent a fortune settling claims and reimbursing costs, so few would have lost out financially as such....

kaMelo

upsidedownpancake said:

TSB is one of the most unreliable banks that exists in the UK.

I have no idea why you'd pick them if you knew they had a crap reputation.

Because they pay 1.5% interest and all banks have reliability problems, that's a fact of life when they try to provide 24/7/365 online access.
TSB definitely had an IT meltdown a couple of years ago when migrating to Sabadell's software, it was pretty disastrous. But since then it has been no worse than any other bank. They all have IT problems at some point hence the advice to always have at least two accounts with different institutions to mitigate against this risk do definitely don't close the Monzo.
Enjoy your TSB current account knowing every pound in it is earning interest.

upsidedownpancake

cymruchris said:

TSB definitely had a few challenges a few months ago - but otherwise seem to be a fairly solid bank. I imagine they learnt a lot from that fiasco, and would hopefully not get themselves in such a mess in future. Stick with them, continue to build your positive credit history, and certainly 12 months down the line, you could look at opening another current account with a third provider. They say that having more than one current account is a good thing. (Don't close the Monzo) 

They've had several outages recently, hence why I said they're the most unreliable.

I use them but not as my main bank, and I don't see why the OP wouldn't just stay with Monzo, unless they want to withdraw more than £300 a month or lose their card more than once every 3 years.

eskbanker

upsidedownpancake said:

TSB is one of the most unreliable banks that exists in the UK.

upsidedownpancake said:
They've had several outages recently, hence why I said they're the most unreliable.

Fortunately, objective data relating to operational or security incidents affecting bank customers is now collated by the FCA and published at https://www.fca.org.uk/data-visualisation/operational-and-security-incidents-12-months-personal, where you'll see that TSB are far from the worst, having substantially fewer such incidents than Lloyds/Halifax/BOS, HSBC/FD/M&S, RBS/NatWest, Clydesdale/Yorkshire, Santander, and, perhaps significantly in the context of this thread, Monzo....

cymruchris

SebSai said:

cymruchris said:

TSB definitely had a few challenges a few months ago - but otherwise seem to be a fairly solid bank. I imagine they learnt a lot from that fiasco, and would hopefully not get themselves in such a mess in future. Stick with them, continue to build your positive credit history, and certainly 12 months down the line, you could look at opening another current account with a third provider. They say that having more than one current account is a good thing. (Don't close the Monzo) 

Thank you for the advise.
i was thinking the same. 
monzo is amazing. I will keep it for sure. 

I have basic account in Santander, which i am using to deposit monthly savings. 

And just to add - your money will be safe. 

There will be people (as you’ve seen) that have opinions. You’ve come to see what people think - you’ll get positive stories and negative stories - only you can decide whether you think tsb is a good Bank. 

I’m fairly confident (in my opinion) that you’ll not have any major issues over the next year or two that would make tsb stand out as a worse bank than any other high street names. 

They all get problems sometimes - but when they did have their meltdown (which is unlikely to happen again as it was a major software change) they did eventually compensate the majority of customers that lost out. 

Let us know in a few months how you’re getting on. 

blue.peter

I've had a current account with TSB since January, and have no complaints. I've experienced a minor problem, but it was easily fixed, and nothing worthy of a complaint. I have no intention of dropping them in the foreseeable future, and am not aware of any reason why you should. Their service is decent and, in my experience, far from being the worst (that'd be Royal Bank of Scotland). I won't pretend that they're perfect: they aren't. But what bank is perfect?