I can say that Lloyds really wanted TSB. The new Chief Exec and his deputy both came from TSB as did many of the senior team. Lloyds bought it (technically they didnt it was a merger) for the perceived reach into Mortgages via the C & G Subsidiary and a naive belief that bigger was always better..
It was the EU who in 2008 forced the sale of some of the TSB branches on the basis of competition law. It happened in 2015. A disaster waiting to happen.
The new TSB was always in my opinion too small to survive. Its branches were not always prime.
They struggled as you correctly say with IT and were not as profitable as predicted and the Bank was sold to Sabadell by its then shareholders. Footfall in branches fell and as you point out customers espoused online and ATM's.
Sabadell became unprofitable and are currently forcing the pace of cuts at TSB.
Sad... in my life TSB Hebburn has had many manifestations.
South Shields TSB, TSB England and Wales, TSB Bankplc, Lloyds TSB, TSB....!
But those of you who stay with TSB can use ATM's ,Bank at the PO. Use online banking. It is so safe and convenient.
Do you remember 1962 when Banks Opened 10-3 and 2 hours on a saturday. No access to your money outside those times! Which is best?
You are dead right John times have moved on.
For me the TSB reduction of current account interest to 0.1% (The current level of Bank Base rate) way below other Banks in the Market was the writing on the wall and my spare funds are now with the Skipton BS and The Coventry.
They pay decent deposit rates by today's standards although Skipton's newest offering was opened and closed withind days as they received an avalanche of funds.
Message Thread | This response ↓
« Back to index | View thread »