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

Katiehound

Whichever major bank you use you are protected for up to £85k . The issue here might be that you are unable to access your funds for a short period.  TSB are no worse than others, it just seems to be if there is a problem then everyone comments, whereas if other banks have problems there is silence!
The TSB crash meant that many folk had compensation.
sadly pretty much no-one will be giving any decent interest, with the basic bank rate it means most are paying peanuts!- if not now, then scheduled for a rate reduction in the near future.

Stick with TSB but keep Monzo too. It is not wise to have all your eggs (or £s) in one basket.

blue.peter

SebSai said:
i have decided to stick with tsb and see how it goes.

Sensible. There's no point in dumping a bank unless and until it gives you reason to do so. Other people's experiences are more useful before you choose a bank than after you've done so. And this applies even to my pet hate, RBS. I had an awful experience with them, and will never recommend them. But I wouldn't tell anyone to dump them if they're happy with their service.

sheramber

I have been with RBS for over 50 years and never had a problem with them.

Archie_Duke

Holder of Two TSB Classic Plus accounts for several years. Including all through the IT issue. I wasn’t affected at all, did all my banking with them online and have had no problems. I switched one account out to NatWest to get a bonus last year and the switch went smoothly.

mab3000

I just have a current plus account with them for some savings now, I did use them as my main account a few years ago, never had a problem with them. Only thing I found annoying was trying to change my address, it was either filling out a fiddly form which I then had to print and sign, or something on those lines, or go into branch, which I ended up doing in the end, whereas my other accounts I could easily just change my address online. 

DCFC79

Do remember your credit score is only seen by yourself, your history is what's important.

Nothing wrong with TSB but have access to other cash if there's another issue at TSB like in the past.

FBL1993

I'm thinking of switching my current account from Santander but I have no idea how to make the next step. Any advise from knowleedgable people? I'm 26 and have been with Santander since it was Abby. My sister is always going on about Nationwide - are they a good option?

eskbanker

FBL1993 said:

I'm thinking of switching my current account from Santander but I have no idea how to make the next step. Any advise from knowleedgable people? I'm 26 and have been with Santander since it was Abby. My sister is always going on about Nationwide - are they a good option?

What does 'good' mean to you?  Some are looking for switch incentives, others interest, or customer service, or local branches, or decent apps, or overdraft facilities, etc, etc....

A good starting place would be https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

Katiehound

FBL1993 said:

I'm thinking of switching my current account from Santander but I have no idea how to make the next step. Any advise from knowleedgable people? I'm 26 and have been with Santander since it was Abby. My sister is always going on about Nationwide - are they a good option?

As well as the advice from Eskbanker above I would also say it's always wise to have 2 accounts with two different banking groups so that you are never stranded- it's not wise to  have all your cash stashed in one place.
 A switch incentive is always a nice little 'welcome' especially in the current climate of such low interest.

SlovakianGuy

I would use Monzo as my main account and TSB as a back up for cash deposits/withdrawals.

If you switch everything to TSB, you might be disappointed. It's like jumping back in time 20 years or so. Not just TSB, but most other banks. I see my wage a day before it's actually paid into my Monzo account. As it's not exactly the same amount each month, it's nice to see how much I'm going to get (without the need to log into my electronic payslip account). Some direct debits are shown even 3 days before they are taken out. It helps to make sure you have enough funds in your accounts when the payment is due. Standing orders go out on weekends too. That's why I also pay my rent from Monzo by standing order. No matter what day of the week, it's still paid on time. This is not the case with all banks. Not sure about TSB right now, but many banks only send standing orders on working days. Forget about additional payment info, such as TIME, wich may be pretty useful and don't understand why most banks in 2020 still don't show payment times, only dates.

I hold current accounts with 8 different banks and only Starling can be compared to Monzo in terms of functionality. TSB isn't anywhere near. At least TSB show some retailers logos in the app, which is better than most other dull bank apps, but other than that, not many benefits.
Btw, I DO have problems to log in to my TSB from time to time, or if I wanna go back from some subpage, it just logs me out which is pretty annoying. I don't have these problems with Nationwide, Halifax, NatWest, etc. I wanted to save details about my salary and a couple other things in my TSB online banking. Filled all the info, clicked Save button and when I check it later, it still shows my salary is 0 and all other info that I just filled in and saved, is not there. Looks to me like their IT system is still rubbish, even after 2 years.