New TSB Basic Account

[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

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

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

[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

[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

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?

[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

[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 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

UPDATE

After the week's wait....

My debit card has arrived - Exactly the same as the one pictured in the earlier posts but without the "CASH" word after the TSB logo ( This is the Classic account)

My online banking activation code has arrived - You need this to access full features of the online banking ( Its a one time entry code to unlock your access to everything)

And the small balance I had already paid in ( £50 ) has not yet been set off !!!!!

So in summary it would appear that everything is ok and I have successfully jumped through the "Hoops" of obtaining a "Normal" current account.

Perhaps I was lucky but If I have several recent defaults and passed the checks, I hope this will be of use to other AAD users and enable people to have access to another current account away from their debts ect

Good luck all

[IF]

Re: New TSB Basic Account

Well done Spud

[ScabHunter]

Re: New TSB Basic Account

Looking good so far. Have you got a cheque book yet?

SH

[Spud]

Re: New TSB Basic Account

Everything has been received and all is working well ect

TSB do offer a cheque book but you have apply for one. I have not applied as to be fair I don't need one and I am struggling to think of a circumstance where I would use one? Even a few years back when I had one I never used it.

I hope we hear of others who were able to sign up for one of these if they need another bank account due to debts/Banking in the same organisation

[Grassy_K]

Re: New TSB Basic Account

Let's not forget that another brand new bank is just around the corner, Williams & Glyn is being spun off as a new high street independent from RBS, so that will be another 'clean slate' high street account to try for, should anyone wish.

[ScabHunter]

Re: New TSB Basic Account

Everything has been received and all is working well ect

TSB do offer a cheque book but you have apply for one. I have not applied as to be fair I don't need one and I am struggling to think of a circumstance where I would use one? Even a few years back when I had one I never used it.

I hope we hear of others who were able to sign up for one of these if they need another bank account due to debts/Banking in the same organisation

I usually only write around three to five cheques a year. It is three so far in 2014.

They come in useful when people don't want to reveal their bank information for you to make a direct transfer, or sometimes when you're dealing with older people who are still used to receiving money that way.

If the facility is free, I would grab it just in case you need it, but obviously that is up to you.

Let's not forget that another brand new bank is just around the corner, Williams & Glyn is being spun off as a new high street independent from RBS, so that will be another 'clean slate' high street account to try for, should anyone wish.

I was going to mention that at some point! It is useful to know, although I think the split is due to happen in 2016. Anyone reading this now will still need to find other arrangements, and, of course, we don't yet know what the W&G basic account will be like – it may not be anywhere near as well featured as the TSB one.

SH