TSB IT chaos: bank offers interest rate rise on current account and waives overdraft fees for April

Banking and Borrowing

Updated on 30 April 2018 | 4 Comments

TSB says that it will raise the interest rate on its Classic Plus current account from 3%-5% and waive overdraft fees for April to make up for this week's IT failure. Is it enough?

TSB has confirmed that in light of this week’s IT failure, it will be upping the interest rate on its Classic Plus current account to 5% from 2 May (up from the current 3%) and waive overdraft fees for the month of April.

The bank has been facing problems with a system upgrade that was supposed to take place from 20 April at 4pm until 22 April at 6pm. However, there have been multiple issues since the upgrade was scheduled to end.

CEO Paul Pester said that systems are up and running again but many contest that they are still having difficulty accessing their accounts. Others have reported that their mortgage accounts have gone missing too.

Hundreds of customers have taken to Twitter to express their frustration at poor communication from the bank, with many demanding compensation for the stress caused.

If you want to take action you can make a complaint to TSB. Find out more over at Online and mobile banking glitches: what to do and your rights when something goes wrong.

Those who want to make the switch can compare top current accounts or read The best bank accounts for switching bonuses for the latest offers.

Comments

Be the first to comment

Do you want to comment on this article? You need to be signed in for this feature

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN): 479153.

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom. loveMONEY.com Limited operates under the trading name of loveMONEY.com Financial Services Limited. We operate as a credit broker for consumer credit and do not lend directly. Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards. While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.