New TSB Basic Account

[ScabHunter]

Re: New TSB Basic Account

I feel like I have slightly highjacked the thread.......Sorry.......I'm just hoping that this may be a bit of a discovery that will help others.

You haven't hijacked the thread in the slightest! It is a thread specifically for discussing the new TSB account, and that is exactly what we are doing. Very usefully, as well.

It may well help others. Having read this thread, I would certainly be applying to TSB if I was still in debt and in need of a bank account.

Fingers crossed – if you get the current account with the cheque book you'll have everything you need, and even a back-up for most things.

I'm now going to update my old thread which is linked in my signature, with the new information.

SH

[Spud]

Re: New TSB Basic Account

To be fair, I have a Cashminder account that actually serves me fine, Salary gets paid in ect and it has been really good ( As long as you keep a log of your spending ect - Well known issues)

I only applied for the TSB account after reading this thread - To use as a " Put £200 in for day to day spending account"

I would not trust it with my Salary until both banks are seperate compleately and as long as TSB have no interest in my debts as SH rightly says

It was a mistake opening this account, I thought I was applying for the basic one, But If this all goes through, And I am approved with my pretty bad history then this could be the way forward for others on AAD to get a start back to better ways ( As it were)

Overdrafts are by application - And I am not going to push my luck applying because I know they would turn me down at the moment - But mabee they will offer me one in time?

I feel like I have slightly highjacked the thread.......Sorry.......I'm just hoping that this may be a bit of a discovery that will help others.

I might answer to being stupid......But I dont have any savings to risk so it seems a good idea

I will of course keep you posted

[ScabHunter]

Re: New TSB Basic Account

I'd be careful at the very least IF they own any stake / share or interest in TSB. It might never result in RoSO but it's risky all the same. Just don't keep thousands sitting in there if you owe LTSB (not Lloyds (as in LBG) but the old LTSB only)!

Whether RoSO would be legal would depend entirely upon who owns the alleged debt now. If it is owned by Lloyds Banking Group, then any new TSB account will not belong to the same group and could be operated safely. If the old account with the alleged debt has been transferred to TSB Banking Group PLC, then obviously it is a completely different matter.

However, what is legal and what banks do are not always the same thing, so obviously exercise caution. If I had alleged debts with the old Lloyds TSB, and which were now owned by Lloyds Banking Group, I would set up the TSB account as an extra to another one with a completely different group. I would have my income paid in to that account, and then just transfer it into TSB as it was needed. There is no point in not having an extra safety guard set up if it costs nothing to do so.

Anyone who keeps thousands in a current account is too stupid to help anyway.

SH

[Never-In-Doubt]

Re: New TSB Basic Account

Hi SH

Yes, I have some defaults from around 3 years ago, Some from about 2 and one from about 11 months ago

It was just the on screen "You have been approved" screen and I have the account number and sort code. I even set up and can already access online banking!

I then got 2 emails welcoming me and sending me the welcome pack.

Debit card ect should be with me within 7 days

Like I say, I could get rejected if they manually double check so we will have to wait and see - But if it all goes through, Given that my recent past is not great credit wise - It may be that TSB are more accepting of these things ect? Like I say I thought I was applying for the basic account, It was a genuine error

I will keep you posted

well done

Did they offer an overdraft?

[Never-In-Doubt]

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

I'd be careful at the very least IF they own any stake / share or interest in TSB. It might never result in RoSO but it's risky all the same. Just don't keep thousands sitting in there if you owe LTSB (not Lloyds (as in LBG) but the old LTSB only)!

[Never-In-Doubt]

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.

Which means until all the stake is sold, RoSO can be utilised for old LTSB debts. Be warned

[ScabHunter]

Re: New TSB Basic Account

I'll keep my fingers crossed for you, mate!

It will be a hell of a result if you get a proper current account with that history.

SH

[Spud]

Re: New TSB Basic Account

Hi SH

Yes, I have some defaults from around 3 years ago, Some from about 2 and one from about 11 months ago

It was just the on screen "You have been approved" screen and I have the account number and sort code. I even set up and can already access online banking!

I then got 2 emails welcoming me and sending me the welcome pack.

Debit card ect should be with me within 7 days

Like I say, I could get rejected if they manually double check so we will have to wait and see - But if it all goes through, Given that my recent past is not great credit wise - It may be that TSB are more accepting of these things ect? Like I say I thought I was applying for the basic account, It was a genuine error

I will keep you posted

[ScabHunter]

Re: New TSB Basic Account

Are you saying that some of your defaults are within the last three years? And you got approved for more than a basic account? That's a miracle!

Have you got the cheque book yet, or was it just the online screen which said it had gone through?

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

[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

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

[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.

[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.

[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.