Uswitch comments as TSB prepares to launch on the high street
As TSB Bank prepares to become the eight largest bank on the high street when it launches next week, with 630 branches, Michael Ossei, personal finance expert at Uswitch.com**,**looks at what this means for consumers:“In principle, the arrival of a new bank on the high street should be a good thing, offering greater choice for consumers while putting pressure on the bigger players in the market to up their game.
“However, on closer look consumers have little reason to jump for joy, as TSB will mirror the current Lloyds Bank range of current accounts, savings and credit cards. With less than two weeks to go until the new switching rules come into force which will make it quicker and simpler for consumers to switch banks, it will be interesting to see if TSB makes any changes to its product range in a bid to entice new customers.
“For existing customers, the change will mean very little. Account numbers and log-in details will remain the same and clients will also be given a grace period in which they will be able to use both Lloyds and TSB branches for the first few months. For those customers who don’t want to be part of TSB, the downside is that they will have to go through the process of switching accounts back to Lloyds – although this should be made easier by the new switching service.
“In terms of the rest of the market, there has been a big increase in the number of current account deals that have launched over the last two months. If TSB is serious about keeping its customers and attracting new ones, it will need to make changes pretty quickly in order to compete with the likes of First Direct and Halifax.”
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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