According to this article, TSB may be about to close up to 100 branches. Sounds like it’s just speculation at this point though.
I can only hope - the more branches shut the faster we move our population towards a technology based society
Not sure TSB own 82 banks though, but they are going to announce branch closures on Thursday.
RIP my branch I only ever see like no one in there
I’m trying to muster some sympathy for That Spanish Bank, but I’m afraid I can’t. Notwithstanding the possible job losses that may well arise out of impending Branch closures which is always very sad and not something staff want to hear right on Christmas, I honestly couldn’t care less about TSB as a whole. Indeed it wouldn’t worry me if Banco Sabadell pulled the brand out of the UK or sold it on.
Banking is changing and people will have to get used to the idea that everyday banking will involve even less branches than there currently are. I get it that the much older banking client probably doesn’t like it very much, but if folks like me who are in their fifties are embracing change, then it can’t be an entirely bad thing that fintech is progressing at the pace it currently is. I personally just don’t bother with Branch banking anymore.
It beggars belief - bank goes into meltdown because the IT wasn’t up to scratch for online banking, so…bank decides to close branches forcing more people to, er, bank online.
Here they are…
Is your local branch on the list?
I’m surprised to see Bromley not on the list; I guess a pretty decent Metro Bank down the road made them think… Hmmm… maybe they will move to a bank that can do customer service AND IT right? I’m guessing if the branch closure means anything to you that you’d consider moving to a bank committed to branches?
I’ve never been to the Sidcup branch, despite it being local-ish and at one point being a TSB customer.
So on top of this it’s just been announced they will be scraping the 3% interest on the free account, and introducing a £3 paid account.
Looks like it won’t make it to 2021.
I think Sabadell clearly didn’t understand the market it bought into.
Worse, it wasn’t interested in learning.
The closest branch to me in London is closing though I have never been there.
More surprisingly is that they closing their branch in St James Park which i have used on occasion and would be the one I would use if I needed one - ithas a huge catchment area due to all the workers in the area.
Though it doesn’t sound as if they are going to have much of a business if they eliminate the 3% account and introducing paid accounts instead
It doesn’t seem particularly forward thinking. There’s a place for another near global service provider to rival the - let’s face it, pretty crappy - Post Office. Think Natwest and Handelsbanken. All those over the counter services.
Why not transform your branches into an any-bank platform, use the staff expertise you already have and cash in on much higher footfall? Cross-sell other products, get someone else to do your current account maybe.
It’s pretty obvious that any bank now trying to do everything is going to be undercut in each area by a leaner, newer specialist. Banking is becoming a network of specialist platforms. The sooner you decide what platform you want to be, the better.
I also see quite a bit of irony in this on the homepage…
Why choose TSB?
We only use the money you deposit with us to lend to local people and businesses. We call it “local banking”.
… So closing branches serving small communities is a friendly local thing to do in line with “local banking”?
According to this article they are ditching the claim to be local, as well as the interest paying current account. On the plus side, they are introducing a selection of different coloured debit cards.
Definitely does sound like TSB is being primed for a sale, make it cost effective going concern and you sell it for more. But then again Sabadell has made it clear a few times, that TSB is not going to be part of its long term banking structure.
The chair of TSB parent Banco de Sabadell SA, Josep Oliu, told local media that TSB could be sold after it returns to profitability, which Oliu believes could be possible in about three years.
There’s further information on TSB’s future strategy, including their new current accounts, here:
You will be able to pay £3 per month for free ATM withdrawals abroad. That’s your lot, basically.
So… if your paying £3, then it’s not free!
Seems like it would actually add up pretty well as cost savings go, does it not kill FX fees too? Otherwise you’re still being bollocked.
I noticed that TSB were still advertising their accounts using the fact that they pay interest on their classic plus account as a key selling point on the radio today.
Gone are references to the amount of interest you’ll receive, but if you visit their website they’re still pushing the 3% figure.
Could be some disappointed new customers fairly soon?