TSB launches new 'Spend and Save' current account

quirkydeptless

Got the email Today.

Finding it difficult to contain my excitement

Ed-1

quirkydeptless said:

Got the email Today.

Finding it difficult to contain my excitement

Lol 

IvanOpinion

I am being overwhelmed with nonchalance

Uxb1

notveryeducated said:

colsten said:

funkycredit said:

I am genuinely surprised they haven't announced the end of the TSB Plus.

Or the end of TSB. Surprised they haven't put themselves up for sale. 

At the end of 2019 when things were "normal" there were mutterings in the press that Sabadell might indeed be looking to sell TSB once its had been turnaround from the IT disaster.  Would not be the first time a Euro based bank entered the UK savings/banking market and found that it was not quite as easy to rip off customers as back in the home territory and that UK retail customers would chop/change/leave their banks at the drop of a hat

eskbanker

Uxb1 said:
Would not be the first time a Euro based bank entered the UK savings/banking market and found that it was not quite as easy to rip off customers as back in the home territory and that UK retail customers would chop/change/leave their banks at the drop of a hat 

Do you have any authoritative stats that support the view that UK switching activity is more prevalent than elsewhere in the EU?  Obviously the pace of implementing EU directives varies widely from one member state to another, but I wasn't aware that we were seen as more promiscuous than most - I found an old document at https://ec.europa.eu/info/sites/info/files/factsheet-2-06052013_en.pdf, that states "Switching payment accounts remains at a low level in the EU. Around 10% of payment account users switched accounts in 2011", and the UK hasn't ever got close to that, to the best of my knowledge.

colsten

funkycredit said:

This, presumably being the old classic. Not the classic plus? Or is it one & the same (I don't recall).... 

Two different ones. I have both types of account but expect only the Classic one to change, not the Classic Plus. I haven't yet received any personal communication from TSB about the impending change.

Herbalus

Great. Can’t wait for the threads to pop up about how to fudge the 30 debit card transactions per month.

i don’t make 30 genuine txns a month across all of my cards combined.

born_again

eskbanker said:

Uxb1 said:
Would not be the first time a Euro based bank entered the UK savings/banking market and found that it was not quite as easy to rip off customers as back in the home territory and that UK retail customers would chop/change/leave their banks at the drop of a hat 

Do you have any authoritative stats that support the view that UK switching activity is more prevalent than elsewhere in the EU?  Obviously the pace of implementing EU directives varies widely from one member state to another, but I wasn't aware that we were seen as more promiscuous than most - I found an old document at https://ec.europa.eu/info/sites/info/files/factsheet-2-06052013_en.pdf, that states "Switching payment accounts remains at a low level in the EU. Around 10% of payment account users switched accounts in 2011", and the UK hasn't ever got close to that, to the best of my knowledge.

https://www.wearepay.uk/wp-content/uploads/CASS-Monthly-Volumes-2020.pdf
Gives you the monthly switch figures.
https://www.statista.com/statistics/417599/current-account-switching-by-bank-gain-or-loss-uk
Gives you the winners & losers. 
Which are not as high as the powers that set it up hoped it would be. But they failed to take into account customer apathy. 
Even though it takes next to no work to do it, it is still too much for many. Even when they are not happy.

eskbanker

born_again said:

eskbanker said:

Uxb1 said:
Would not be the first time a Euro based bank entered the UK savings/banking market and found that it was not quite as easy to rip off customers as back in the home territory and that UK retail customers would chop/change/leave their banks at the drop of a hat 

Do you have any authoritative stats that support the view that UK switching activity is more prevalent than elsewhere in the EU?  Obviously the pace of implementing EU directives varies widely from one member state to another, but I wasn't aware that we were seen as more promiscuous than most - I found an old document at https://ec.europa.eu/info/sites/info/files/factsheet-2-06052013_en.pdf, that states "Switching payment accounts remains at a low level in the EU. Around 10% of payment account users switched accounts in 2011", and the UK hasn't ever got close to that, to the best of my knowledge.

https://www.wearepay.uk/wp-content/uploads/CASS-Monthly-Volumes-2020.pdf
Gives you the monthly switch figures.
https://www.statista.com/statistics/417599/current-account-switching-by-bank-gain-or-loss-uk
Gives you the winners & losers. 
Which are not as high as the powers that set it up hoped it would be. But they failed to take into account customer apathy. 
Even though it takes next to no work to do it, it is still too much for many. Even when they are not happy.

Sorry, perhaps I wasn't clear - I know the UK figures are published in detail and are typically running in 1-2% territory, even after the introduction of CASS (after that article was written), but was looking for info on how this compares with elsewhere in Europe, given Uxb1's apparent suggestion that we're above the average....

Gers

Had to set up mobile banking again just now (even though I had logged on much earlier) and no change to the accounts, still got three Classic Enhance and three Classic Plus accounts.

No communication about the changes either.