New TSB Basic Account

[Grassy_K]

I needed to open a new basic account for personal reasons this month, but with a trashed credit profile and bad debts to most of the high street names, it was a bit of a search - but I eventually settled on, and was accepted for, the TSB Cash Account with no problems.

The TSB is a "new" bank, recently hived off from Lloyds. The Cash Account offers free banking, and all usual current account services such as direct debits, internet & mobile access, VISA debit card - just no overdraft, which in my situation is probably a good thing, LOL. Received my card through the post this morning.

I thought I would mention this account here because since it's a new bank, there should be no risk of set-off against bad debts for anyone (just yet), and they seem relaxed about crap credit history for this account.

I intend to keep this account in good order, have my wages paid in and generally be a good boy with a view to nurturing a long-term relationship.. start afresh, as it were.

[Never-In-Doubt]

Re: New TSB Basic Account

Cheers mate. Well done.

Dont suppose you can show us what the cards like - blanking details obviously like I did earlier (Santander thread)....

If you don't I won't check your agreement

[SaltnVinegar]

Re: New TSB Basic Account

I've also applied for this account as a 'back up' account as my bank (Natwest) have had a few IT glitches recently!

[Never-In-Doubt]

Re: New TSB Basic Account

I've also applied for this account as a 'back up' account as my bank (Natwest) have had a few IT glitches recently!

Online or in branch only?

edit linky is here --> http://www.tsb.co.uk/current_accounts/cash_account.asp

DOH!!!

[SaltnVinegar]

Re: New TSB Basic Account

Online or in branch only?

edit linky is here --> http://www.tsb.co.uk/current_accounts/cash_account.asp

DOH!!!

Online with account opened in principle (got account number & sort code) - just got to go to local branch with ID now.

[Grassy_K]

Re: New TSB Basic Account

Cheers mate. Well done.

Dont suppose you can show us what the cards like - blanking details obviously like I did earlier (Santander thread)....

If you don't I won't check your agreement

LOL. Just for you Niddy

[SaltnVinegar]

Re: New TSB Basic Account

Wow! Can't wait to get mine

LOL. Just for you Niddy:-

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[ScabHunter]

Re: New TSB Basic Account

Wow, what a useful thread this is!

I wish it was possible to give reputation beyond the act of just thanking a post. Grassy_K, you deserve a lot more than just a few thanked posts.

I don't know whether you've seen it, but I started a comprehensive thread on here last year, which aimed to cover all of the banking options open to people with damaged credit files. This included some which had never been mentioned on consumer forums before.

I now need to go back and edit that thread pronto, as it looks as though this is now the best basic account on the market, along with the Co-op Cashminder. Assuming that the bank is not lying on its website, you get full electronic payments and an unrestricted VISA card which can be used worldwide. Contrast that with Nationwide, whose VISA card from the basic Cash Card account can't be used overseas, and many of the other High Street banks (including Haemorrlloyds), whose debit cards can only be used in machines of the same banking group.

For AAD, it could be a major find, as hardly anyone is likely to have prior debts with a new bank. Unlike many of the other “unusual” solutions, this one has plenty of branches throughout the country. One has just opened right opposite the central library in the town I live in.

I don't need a basic account, as my debt problems are over and I've been able to get current accounts. I might give the business account a serious look, though, as it says you get 18 months' free banking.

EDIT - I've now got the business account, along with a personal account with a debit card, cheque book and £650 overdraft.

SH

[Grassy_K]

Re: New TSB Basic Account

Yep, no need to pay for an "adverse credit" pseudo-bank account. I've been using my account and card with no problems and it does indeed offer a full high street banking service... minus an overdraft. I don't think it gets any better for the credit impaired.

[julian]

Re: New TSB Basic Account

Little concerned about trying for TSB account. TSB is still owned by Lloyds isn't it? All the old TSB banks seem to have reverted.

Had TSB Trustcard that morphed to LloydsTSB Visa that defaulted several years ago. Gone quiet but not SB yet, although from 1980s, so may be unenforceable and I won't rattle their cage unless I have to, and will just keep my head in the sand.

Glad you are settled, but I think I'll wait a bit.

[oscar]

Re: New TSB Basic Account

Little concerned about trying for TSB account. TSB is still owned by Lloyds isn't it? All the old TSB banks seem to have reverted.

As far as I am aware, you are correct that TSB is still part of the Lloyds group.

Saw several accounts at Lloyds under the TSB arm when working there last year.

[Grassy_K]

Re: New TSB Basic Account

TSB is operating as a competitor to Lloyds, and Lloyds have already sold a chunk of it. They are forced to do this under EU competition rules, which also state that they must sell off their remaining stake in 2015 at the latest.

[Spud]

Re: New TSB Basic Account

I just applied for one of these as having another account for spending money ect would be a useful thing

Silly me for some reason ( Read children running around screaming !!!!) apllied for a Classic account ( I meant to apply for the Cash basic account)

And guess what.......It was accepted, Got my Sort Code and Account no - Even registered for internet banking

...........Will it last or will I get a letter in the post? Well time will tell - But if its all good, This could be a good thing and allow others with defaults to get a "Normal bank account" and a better start to building a better future?

I will keep you posted - Just got to do a bit more research now as I have a defaulted Lloyds overdraft and credit card from the bad old days a few years ago.......Its only for day to day spending but don't want to run the risk of a "set off" if they make the connection

[ScabHunter]

Re: New TSB Basic Account

TSB Bank PLC is a new bank which launched on 9th September 2013. It is a subsidiary of TSB Banking Group PLC, which is independently listed on the stock exchange. It is no longer part of the Lloyds Banking Group.

The accounts which Oscar saw last year were probably part of the Lloyds Group at the time, but they won't be now.

Lloyds Banking Group does still own a 61% stake in TSB Banking Group PLC, but I don't believe that would give it any right of set-off from accounts which are set up now solely with TSB. Otherwise, the banks could just buy small shares in each other and then offset across the entire industry.

SH

[Spud]

Re: New TSB Basic Account

Thanks SH

I kind of came to the same conclusion......Although I don't know whether I would trust it wholly just yet

No emails yet so fingers crossed it has been approved and the rest will follow.

As some of my defaults are still pretty recent ect - And the "computer said yes" - If all goes well it may be that the TSB account "Threshold" is more tolerant for people who did suffer hard times and have defaults a little while ago but keep up to date with other payments ( Priority debts as it were) and act responsibly with any new credit ( Mobile phones/Insurance by DD ect)

Obviously I am not going to apply for the Overdraft - To be fair I don't want credit any more - I'm happier without it, But we all need a better credit score if we want to make things easier as it were!! Use the account responsibly, given a year or two they may call me in for a review and offer me a small overdraft ect - Its a start.

One day I may want to move house and it at least starts a relationship with another bank

It could be a way to allow people to get back into the mainstream again and make a start with improving their credit rating