26,000 switched away from TSB between April and June - MSE News

Former_MSE_Callum · 27 July 2018 at 10:05AM

TSB lost only 900 more customers between April and June than it did between January and March - despite its major IT meltdown...

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'26,000 switched away from TSB between April and June'

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eskbanker · 27 July 2018 at 10:30AM

Surely the first line of the post (and article) is a more significant and representative headline than the one used?

Edit: as it turns out (below), the figure of 900 used in the first line is actually based on a misinterpretation anyway! The point stands that if MSE believed the Q1 to Q2 loss variance was only 900, as per the body of the article, then it would have been a more relevant headline though....

Inner_Zone · 27 July 2018 at 10:46AM

Make that 901 soon.

Many like myself will have had a CC account of which the cashback payout ended at the end of June and was paid out in July, most also have 5% interest on their current account, so maybe like me waiting for it to be paid out in early August for July.

Then I'm off, closing TSB, current, savings and credit card accounts, having applied to another bank for a current account and already have saving and credit card accounts with others.

RedRuby_2 · 27 July 2018 at 10:49AM

Not sure if I'll be switching but they still haven't sorted out my complaint and I still can't view my credit card statements.

Honestly, it feels like picking the best out of a bad bunch as I'm not very happy with my other main bank.

EachPenny · 27 July 2018 at 11:11AM

eskbanker wrote: »

Surely the first line of the post (and article) is a more significant and representative headline than the one used?

Completely agree.

TSB have been subjected to a hatefest, including by organisations and individuals who ought to know better. Its a shame this still seems to be going on

The number of new accounts being opened should only be 'surprising' in terms of the online account opening facility being out of order, making the process harder work than normal.

That large numbers of people have opened accounts despite the inconvenience indicates what I suspect most of us already knew.... that offering a good interest rate attracts customers no matter what hurdles have to be jumped... un'suprisingly'.

I'd also like to know whether the figures are truly comparable. I'd assume the first quarter data referred to is for CASS switching - which I understand doesn't include non-CASS switching and cases where customers have simply opened (or closed) an account. The second quarter figures sound like non-CASS openings and closings may be included.

18cc · 27 July 2018 at 11:17AM

What an appalling headline it is things like this that give the media a bad name it in no way reflects the article

eskbanker · 27 July 2018 at 11:48AM

EachPenny wrote: »

I'd also like to know whether the figures are truly comparable. I'd assume the first quarter data referred to is for CASS switching - which I understand doesn't include non-CASS switching and cases where customers have simply opened (or closed) an account. The second quarter figures sound like non-CASS openings and closings may be included.

I think you've hit the nail on the head here but it's actually worse than that - the TSB first-half results state:

Around 26,000 customers switched their bank account away from TSB, and more than 20,000 customers opened a new bank account or switched their account to TSB in the second quarter of the year.

i.e. the figure for leavers is outbound switches only (presumably mostly CASS) but that the figure for joiners includes not just switches but all non-switch openings too.

If they're going to mingle switch and non-switch data then they should obviously include non-switch closures as well as openings - I'm not one to jump on the 'bash TSB gratuitously' bandwagon but I would see this as being duplicitous use of selective statistics....

KTF · 27 July 2018 at 11:49AM

Inner_Zone wrote: »

Make that 901 soon.

Many like myself will have had a CC account of which the cashback payout ended at the end of June and was paid out in July, most also have 5% interest on their current account, so maybe like me waiting for it to be paid out in early August for July.

Then I'm off, closing TSB, current, savings and credit card accounts, having applied to another bank for a current account and already have saving and credit card accounts with others.

I thought the 5% on the current account has been extended due to the issues?

pochisoldi · 27 July 2018 at 11:56AM

26000 accounts closed, 20000 accounts opened.

Where do they get these figures from? - their borked IT systems.

I wonder how many of the "new" accounts are actually Lazarus or Zombie accounts...

xylophone · 27 July 2018 at 12:09PM

I'm quite happy - two accounts which fund each other by internal SO on the same day - interest lifted once a month to form part of a regular saver contribution - fine by me.

minislim · 27 July 2018 at 2:22PM

i'm ok. just had a bit of access problems at one point but they fixed that and they've upped the interest rate to 5% but they have yet to offer me any form of compensation. which they have assured me they will.

if they do i'm happy to stay for a bit longer.

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26,000 switched away from TSB between April and June - MSE News

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