New TSB Basic Account

[SA Gold]

Re: New TSB Basic Account

Nice one Spud!

[ScabHunter]

Re: New TSB Basic Account

I can now report my own TSB success story.

It was strange how it happened, really. When I woke up on 3rd September, I was aware of the new TSB, but I had never considered using it for my business banking. I found this thread by Grassy_K about the new TSB basic account, and clicked the link through to their site to see how good it was.

While I was there, I noticed the link to business banking, so I clicked through just to see what they were offering. I saw they were offering 18 months' free banking, so I filled in the form and applied on the spot.

I got a letter through the following week saying that it had been approved in principle, but that I still needed to provide ID to the local branch. I went in there on 12th September, and while I was there the manager asked me if I wanted a personal current account. I didn't really have any need for another one, but I let them go ahead with the online search to see what they could offer me. It came up that I could have a Classic Plus Current Account with a cheque book and debit card – and – a £650 overdraft!

I'm no fan of overdrafts – I just don't see the point in them. If the bank can call it in at any time, you need to have cash to cover anything you borrow, and if you've got cash to cover it why not just spend the cash instead and save the interest?

Anyway, I took the deal even though I know I'll never use the overdraft. The banks really are still nuts. A £650 overdraft? I've got a £500 limit on my Vanquis card, meaning I could borrow over £1,000 tomorrow that I'd have no chance in hell of ever paying back. Irresponsible lending, anyone?

I got the confirmation letter through the post this morning, telling me that my Business Account is now opened. This has solved a long standing problem for me, and represents another TSB success story for this thread. Of course, my case studies are of limited to erdraft!

I'm no fan of overdrafts – I just don't see the point in them. If the bank can call it in at any time, you need to have cash to cover anything you borrow, and if you've got cash to cover it why not just spend the cash instead and save the interest?

Anyway, I took the deal even though I know I'll never use the overdraft. The banks really are still nuts. A £650 overdraft? I've got a £500 limit on my Vanquis card, meaning I could borrow over £1,000 tomorrow that I'd have no chance in hell of ever paying back. Irresponsible lending, anyone?

I got the confirmation letter through the post this morning, telling me that my Business Account is now opened. This has solved a long standing problem for me, and represents another TSB success story for this thread. Of course, my case studies are of limited use to AAD now, as I nuse to AAD now, as I no longer have a damaged credit rating. Three times during my interview on 12th September, the bank manager said to me - “You've got an extremely good credit rating!”

An AAD member being told that they have an extremely good credit rating! Niddy will never believe it!

SH

[Spud]

Re: New TSB Basic Account

Great news SH

Glad it turned out well for you - They do seem to be very fair in their decision making

Perhaps TSB will turn out to be a very useful bank for AAD members and other in their position

[Never-In-Doubt]

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.

Wow - those were the days --> http://en.wikipedia.org/wiki/William...ank_(historic)

[Never-In-Doubt]

Re: New TSB Basic Account

An AAD member being told that they have an extremely good credit rating! Niddy will never believe it!

[Never-In-Doubt]

Re: New TSB Basic Account

Are these accounts Classic or Classic Plus? Reason I ask, if you look at TSB and notice the classic account and click apply you end up on this page (right hand side, clearly shows a cash account) - the same as when you click on the cash account link itself.

Weird.... maybe the Classic is an advanced cash-account? I dunno.... What does your literature say and what card have you got?

Cash version


Full version


Apply for cashcard link --> https://apply.tsb.co.uk/personal/a/a...cashaccountVER

Apply for Classic Account Link --> https://apply.tsb.co.uk/personal/a/a...US-UPPER-TAB-1

Notice on the right hand side BOTH read as applying for a cash card account.... weird...

A google search of TSB Classic Account reads:

Our classic account offers you quick and easy everyday banking. This basic bank account allows 24/7 money management with internet, telephone and mobile

[ScabHunter]

Re: New TSB Basic Account

There does seem to be some confusion or overlap.

In my case, it is clear enough. The paperwork I've got says “Classic Plus”, and I've got the full version debit card pictured above, a cheque book, and a £650 overdraft. There's no way that can be a basic account, not even an enhanced one!

I know Spud said that his card didn't have “cash” on it. I don't think he applied for a cheque book, so it is impossible to know whether they would have given him one.

SH

[ScabHunter]

Re: New TSB Basic Account

I see Niddy likes pictures. Here you go -

Paying in book -





Cheque book -





Debit card -



SH

[ScabHunter]

Re: New TSB Basic Account

Well, I've FINALLY managed to get my TSB Business Banking sorted out. It has taken between six and seven weeks for everything to be operational, except for the fact that they still don't give debit cards to business customers.

Today, I managed to transfer £10 from Business into Personal, and then from Personal into my Metro Bank 'hub' account. That means I can finally access any money paid to the business without having to write cheques to myself.

I intend to use the TSB Personal account solely as an addendum to the business account, simply because it has a debit card on it. TSB online banking is not great, but it is manageable.

At least I now know what TSB stands for – Terribly Slow Banking. In all honesty, I'm just glad to finally have a business account set up which I can actually use.

SH

PS Where did Salt 'n' Vinegar disappear to? His TSB account seemed to be a formality. I hope nothing went wrong.