TSB now part of Santander

Hattie627

Just received this by email from CEO of Santander UK:-

I’m writing to you as the new CEO of Santander UK. This is one of my first opportunities to write to you directly, and I wanted to personally share some good news. TSB has now become part of the Santander group This development strengthens our position as one of the UK’s leading banks. For you, it means we’re now better placed to continue to improve the services and products we offer. We’re investing to create a stronger future, and the best bank for customers in the UK. We’ll keep you updated on what this means for you, while keeping service steady. There’s nothing you need to do There’s no change to your Santander accounts, mortgage, or the way you bank with us today. Your products, services and day-to-day banking remain exactly the same for now. If you also bank with TSB, their website is the best place to go. Otherwise, this update is simply to keep you informed. As always, please remain vigilant against scams. We will never ask for your passwords, PINs or one-time passcodes, or ask you to move money to a ‘safe account’. Need any help? If you have any questions, you can visit Santander.co.uk or contact us using the usual details. Thank you for being a loyal customer of ours. I value the trust you place in us and look forward to continuing to support you. 

Nothing about FSCS protection. I assume that Santander and TSB accounts have separate cover for the time being.

surreysaver

The email I got said FSCS was separate and not combined, as they are still separate banking licences

friolento

I got nothing from Santander, even though have several Santander accounts and am using them extensively. I had one form TSB though…

On FSCS, they specifically state: your TSB and Santander accounts will continue to be held separately, each with their own FSCS protection

On 1 May, TSB became part of Santander. You can continue to bank with TSB as you normally do. Santander and TSB are working together to create better banking for customers in the UK.

What this means for you

You don't need to do anything today. You can keep using your TSB products, accounts and cards in the same way. We remain committed to delivering excellent service and putting you at the heart of everything we do.

What happens next

If we make any changes that affect your accounts or services in the future, we'll contact you with plenty of notice before those changes take effect. As a result of us joining Santander, we will begin sharing customer data. Please see our updated Data Privacy Notice here tsb.co.uk/privacy

Is my money protected?

All the protections you have today stay exactly the same. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person. If you also have accounts with Santander, your TSB and Santander accounts will continue to be held separately, each with their own FSCS protection.

Be aware of fraud

Unfortunately, fraudsters sometimes use news like this to try and catch people out. If anyone contacts you claiming to be from TSB or Santander and asks you to move money or share personal or financial details - it will be a scam. We will never ask you to transfer your account or money to Santander. If in doubt, speak to a trusted person or call 159 which will securely connect you to TSB.

	Need to know more?

Link to FAQ: https://www.tsb.co.uk/santander-update.html

aroominyork

Congratulations. I hope you have a long and happy life together, and are better matched than TSB was with Lloyds.

Gers

I’ve had two identical emails from TSB and two other identical (apart from name and branding) from Santander.

Really hoping it’s not one email per account!

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/81984208#Comment_81984208

And indeed the Sabadell bank who as the acquiring bank after the Lloyds forced disposal, could see no long term value in retaining TSB.

Do have to wonder if the brand will eventually simply fade away, or another morsel for Nationwide in years to come.

Yorkie1

I had completely missed that this was on the horizon until I got the email!

subjecttocontract

I don't see the point of TSB.

• It doesn't offer anything market leading or anywhere near it.
• They don't have a high street presence where I live.
• The only useful purpose that I can think of is to use it for switching to a better bank.

Am I missing a trick ?

Bridlington1

https://forums.moneysavingexpert.com/discussion/comment/81986018#Comment_81986018

They've offered some decent enough regular savers in the past and have done some rather nice switching offers. Also their spend & save account offers money for making debit card payments to yourself if you can be bothered.

GeoffTF

https://forums.moneysavingexpert.com/discussion/comment/81986018#Comment_81986018

TSB has lots of legacy customers who are not going to switch come what may. That made them an attractive buy for Santander. Mugs who will put up with anything are the best customers.

subjecttocontract

I am a TSB account holder...because I used to have their regular saver but I also have a long memory. I was one of those Lloyds customer who unfortunately got transferred to TSB when Lloyds split the two banks and I've never been able to forgive them for it. I don't suppose Lloyds care any more than any other bank cares about individual account holders.