TSB possible takeover

tacpot12

One possible impact for your is if you have a lot of savings held with both banks. If Santander buys TSB, if you end up with more than £85K with the Santander, you will not be fully covered by the Financial Services Compensation Scheme (FSCS). You might want to move some money around after the sale goes through, but until then there is nothing to worry about.  

wmb194

ranciduk said:

WillPS said:

Politely, you're worrying over nothing. 

Whatever happens, any deposits you hold other than bonds will be returnable, if by no other method then by writing and following any subsequent instructions.

in the unlikely event that once my TSB fixed bond matures next year but my TSB current account no longer exists due to some takeover - I would have no current account or debit card with which to draw out the matured money - or to transfer some or all of the money to another bank

Unlikely I know, but still a bit scary if it did happen

but you are saying you could write to them and request a transfer to another bank?!

seems like a process that would have died out in the last century!

Your current account would become a Santander (or Barclays, or …) current account. You need not worry.

EarthBoy

https://www.cityam.com/natwest-rules-out-tsb-takeover/

ranciduk

wmb194 said:

ranciduk said:

WillPS said:

Politely, you're worrying over nothing. 

Whatever happens, any deposits you hold other than bonds will be returnable, if by no other method then by writing and following any subsequent instructions.

in the unlikely event that once my TSB fixed bond matures next year but my TSB current account no longer exists due to some takeover - I would have no current account or debit card with which to draw out the matured money - or to transfer some or all of the money to another bank

Unlikely I know, but still a bit scary if it did happen

but you are saying you could write to them and request a transfer to another bank?!

seems like a process that would have died out in the last century!

Your current account would become a Santander (or Barclays, or …) current account. You need not worry.

So they would let me transfer money from a TSB standard savings account- to a Santander/whoever current account? 

35har1old

Peter999_2 said:

Santander have approached Banco Sabadell about taking over TSB but it's a long way off if it actually happens.

I don't really understand why you think this means that they will close your current account if it does happen.  Banks want as many current account customers as they can get.

What is more likely is that they will incorporate the TSB IT within their existing IT and keep the brand name of TSB going.  Don't forget Lloyds also own Halifax and Bank of Scotland.   They all use the same IT systems but have kept the brand names for well over a decade.

You wander why given that they where considering exiting the UK

masonic

ranciduk said:

wmb194 said:

ranciduk said:

WillPS said:

Politely, you're worrying over nothing. 

Whatever happens, any deposits you hold other than bonds will be returnable, if by no other method then by writing and following any subsequent instructions.

in the unlikely event that once my TSB fixed bond matures next year but my TSB current account no longer exists due to some takeover - I would have no current account or debit card with which to draw out the matured money - or to transfer some or all of the money to another bank

Unlikely I know, but still a bit scary if it did happen

but you are saying you could write to them and request a transfer to another bank?!

seems like a process that would have died out in the last century!

Your current account would become a Santander (or Barclays, or …) current account. You need not worry.

So they would let me transfer money from a TSB standard savings account- to a Santander/whoever current account? 

If the current account changed, the TSB savings account would become a Santander/whoever account too. They would not be able to leave you with a savings account that cannot remain linked to your current account.

ranciduk

masonic said:

ranciduk said:

wmb194 said:

ranciduk said:

WillPS said:

Politely, you're worrying over nothing. 

Whatever happens, any deposits you hold other than bonds will be returnable, if by no other method then by writing and following any subsequent instructions.

in the unlikely event that once my TSB fixed bond matures next year but my TSB current account no longer exists due to some takeover - I would have no current account or debit card with which to draw out the matured money - or to transfer some or all of the money to another bank

Unlikely I know, but still a bit scary if it did happen

but you are saying you could write to them and request a transfer to another bank?!

seems like a process that would have died out in the last century!

Your current account would become a Santander (or Barclays, or …) current account. You need not worry.

So they would let me transfer money from a TSB standard savings account- to a Santander/whoever current account? 

If the current account changed, the TSB savings account would become a Santander/whoever account too. They would not be able to leave you with a savings account that cannot remain linked to your current account.

So all my accounts would either stay as TSB, or all of them would become Santander/whoever accounts?

There's no way my current account only would change,  and my fixed bonds would stay with TSB? (Because The Times article seemed to hint at that possibility)

All or nothing?!

And The Times is being (unintentionally) misleading? 

wmb194

ranciduk said:

masonic said:

ranciduk said:

wmb194 said:

ranciduk said:

WillPS said:

Politely, you're worrying over nothing. 

Whatever happens, any deposits you hold other than bonds will be returnable, if by no other method then by writing and following any subsequent instructions.

in the unlikely event that once my TSB fixed bond matures next year but my TSB current account no longer exists due to some takeover - I would have no current account or debit card with which to draw out the matured money - or to transfer some or all of the money to another bank

Unlikely I know, but still a bit scary if it did happen

but you are saying you could write to them and request a transfer to another bank?!

seems like a process that would have died out in the last century!

Your current account would become a Santander (or Barclays, or …) current account. You need not worry.

So they would let me transfer money from a TSB standard savings account- to a Santander/whoever current account? 

If the current account changed, the TSB savings account would become a Santander/whoever account too. They would not be able to leave you with a savings account that cannot remain linked to your current account.

So all my accounts would either stay as TSB, or all of them would become Santander/whoever accounts?

There's no way my current account only would change,  and my fixed bonds would stay with TSB? (Because The Times article seemed to hint at that possibility)

All or nothing?!

And The Times is being (unintentionally) misleading? 

You really don't need to worry. It would either continue to be run as a separate entity e.g., Virgin Money since its recent purchase by Nationwide (for a few years at least) or all its accounts would be merged with the buyer's bank e.g., A&L and B&B (savings accounts) when they were purchased by Santander UK. 

You won't be left in a situation where you cannot withdraw your money. Most Building Societies offer savings bonds but not current accounts and they're still able to send your money to other banks and BS'.

masonic

ranciduk said:

masonic said:

ranciduk said:

wmb194 said:

ranciduk said:

WillPS said:

Politely, you're worrying over nothing. 

Whatever happens, any deposits you hold other than bonds will be returnable, if by no other method then by writing and following any subsequent instructions.

in the unlikely event that once my TSB fixed bond matures next year but my TSB current account no longer exists due to some takeover - I would have no current account or debit card with which to draw out the matured money - or to transfer some or all of the money to another bank

Unlikely I know, but still a bit scary if it did happen

but you are saying you could write to them and request a transfer to another bank?!

seems like a process that would have died out in the last century!

Your current account would become a Santander (or Barclays, or …) current account. You need not worry.

So they would let me transfer money from a TSB standard savings account- to a Santander/whoever current account? 

If the current account changed, the TSB savings account would become a Santander/whoever account too. They would not be able to leave you with a savings account that cannot remain linked to your current account.

So all my accounts would either stay as TSB, or all of them would become Santander/whoever accounts?
There's no way my current account only would change,  and my fixed bonds would stay with TSB? (Because The Times article seemed to hint at that possibility)
All or nothing?!
And The Times is being (unintentionally) misleading? 

I suppose it's possible for the current account business and savings account business to be sold to two different banks, although that would be pretty dumb.

If that happened then they wouldn't leave thousands of savers with money trapped, unable to withdraw because their linked accounts are no longer internal.

Stop catastrophising. 

EarthBoy

35har1old said:

Peter999_2 said:

Santander have approached Banco Sabadell about taking over TSB but it's a long way off if it actually happens.

I don't really understand why you think this means that they will close your current account if it does happen.  Banks want as many current account customers as they can get.

What is more likely is that they will incorporate the TSB IT within their existing IT and keep the brand name of TSB going.  Don't forget Lloyds also own Halifax and Bank of Scotland.   They all use the same IT systems but have kept the brand names for well over a decade.

You wander why given that they where considering exiting the UK

That was only a rumour.  The CEO of Santander UK said the opposite.