TSB possible takeover

ranciduk

wmb194 said:

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? 

Most Building Societies offer savings bonds but not current accounts and they're still able to send your money to other banks and BS'.

That's what's at the root of my concerns 

E.g. the TSB easy saver savnings account- there is no actual way you can transfer monies from this account to, say , a Halifax current account - simply not possible 

You MUST transfer it to the TSB current account first 

Hence my worry about what the Times article said

Anyway,  worrying for nothing 

Thanks for all the help guys/gals 🙂

GeoffTF

I had an Abbey National account. When Santander took over, the only thing that changed in the short term was the name over the door. I continued to use the same debit card and cheque book. The debit card was replaced with a Santander branded card when it expired, and I continued to use the cheque book for many years.

WillPS

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!

In my experience, if you *write in*, confirming who you are + relevant account details, asking for the account to be closed and any funds to be returned by cheque, then either you will get a letter back confirming your instructions have been carried out or they'll send out a form/further instructions to return. 

I wouldn't ask for a bank transfer personally - I can see this opening a can of worms.

Obviously this isn't a quick process, but just to assure you that there is a route even if somehow you ceased to have any other access to an account this would result in them sending the money back to you. As others have said in the event TSB were sold you would still have an account with whoever purchased.

Olenna

This is one of the most bizarre threads I ever read on here 

If TSB is bought, it will take years to complete the transaction, get Court approval and integrate it's systems with the purchaser (assuming they're a bank or building society) and the FSCS protection (banking licence) may not ever be combined. 

If they do combine banking licences then usually fixed rate savers get the extra option to get cut loose as everyone else can usually leave under business as usual conditions.  

ranciduk

I know it’s mental, but I’m one of life’s worriers 🤪

Blame The Times and their appalling reporting!

anyway I read a takeover usually takes between six months and a year??

subjecttocontract

As of February 2025 TSB are ranked 14th overall out of 17 UK banks.
In other words, so far down the list as to be of little consequence.

Beddie

ranciduk said:

I know it’s mental, but I’m one of life’s worriers 🤪

Blame The Times and their appalling reporting!

anyway I read a takeover usually takes between six months and a year??

That's true, but take a look at Virgin Money, who are now part of Nationwide. There have been no changes at all to VM and it will take a good while before they integrate their systems. So nothing to worry about!

masonic

Or take the example of TSB itself...

Spun out of LBG in 2013

Acquired by Sabadell in 2015

IT migration in 2018

wmb194

ranciduk said:

I know it’s mental, but I’m one of life’s worriers 🤪

Blame The Times and their appalling reporting!

anyway I read a takeover usually takes between six months and a year??

Buying all of the shares in a particular legal entity is the quick and easy bit. Integrating the businesses - if you do - can take years. 

There are lots of examples from the Financial Crisis but e.g., YBS took on Barnsley, N&P and Chelsea BS' and for years ran those separately before ultimately merging them all with YBS.

MDMD

Beddie said:

ranciduk said:

I know it’s mental, but I’m one of life’s worriers 🤪

Blame The Times and their appalling reporting!

anyway I read a takeover usually takes between six months and a year??

That's true, but take a look at Virgin Money, who are now part of Nationwide. There have been no changes at all to VM and it will take a good while before they integrate their systems. So nothing to worry about!

And the reason VM have so many online platforms is sometimes it is easier to keep those going than try to integrate them.