TSB isn’t like other big banks

As the new TSB Bank launches onto the television screens of Britain for the first time, people across the country will learn how TSB isn’t like the other big banks.

At the same time, the Bank has launched a campaign urging consumers to ask their banks five crucial questions.  These questions will help consumers find out how and where their bank operates and, most importantly, how their bank uses customers’ money.
 
The five questions you should ask your bank...

1. Does your bank operate right across Britain and nowhere else?

2. Does your bank serve only local people and local businesses, not big corporations?

3. Does your bank refuse to gamble your money in overseas speculation?

4. Does your bank say no to using its customers’ money to fund investment banking?

5. Does your bank use every penny its customers deposit to help other customers, and nothing else?
 
In its latest research, TSB Bank, which operates in Britain and nowhere else, reveals a worrying picture where almost a third (32%) of consumers are unsure how and where their bank operates.  Surprisingly, the new research also shows that nearly one third (32%) have a perception of their bank’s operations that does not reflect reality.
 
TSB believes all banks have a responsibility to ensure customers know how and where their money is being used...

The vast majority of bank customers (74%) care about how their hard-earned savings are used by their bank and where their bank operates.

However, more than two-thirds (68%) of customers were not aware whether their bank is involved in investment banking.

In addition, more than four fifths (81%) of consumers were unable to correctly say whether their bank only uses its customers’ money to help other customers.

Almost a third (31%) were unaware that their hard-earned money is used to fund overseas speculation or investment banking.

Nearly one in four (22%) customers hadn’t realised their bank lends to large corporations instead of simply supporting local customers and small businesses.

Nearly a fifth (18%) of consumers thought their bank only had a UK focus and did not realise they also operate overseas.
 
Other big banks are doing a poor job of explaining the reality of the situation to their customers...
 
Of those consumers that thought they knew how their bank used their money, nearly two thirds (63%) were mistaken.
 
With less than one in five consumers (18%) saying they trust their bank it comes as no surprise that a quarter of consumers (25%) were convinced their bank was involved in more complex activities than was the case.
 
TSB Bank’s Chief Executive, Paul Pester, says:  “In the aftermath of the banking crisis, the majority of consumers still distrust banks.  Is it any wonder when other banks just will not explain where and how they use their customers’ money?
 
“At TSB, we are open and transparent about how we work and the fact that we use our customers’ money only for loans and mortgages for other customers.
 
“We want consumers to ask their bank to explain how they operate and how they use their customers’ money as we believe people have a right to know.”
 
TSB is the only major bank to operate differently...
 
In the five months TSB has been on Britain’s high streets it has set itself apart from the competition by approaching banking differently:

TSB ensures every penny deposited in the bank is only used to help other customers.

TSB is the only bank which focuses solely on its customers in Britain and nowhere else.

TSB only serves local customers and businesses and not big corporations.

TSB refuses to have an investment banking arm or to use its customers’ savings to fund overseas speculation.

TSB is helping local businesses thrive by making space available in branches for small businesses and customers to use.

TSB is paying customers’ stamp duty when they take a TSB mortgage, supporting home buyers and their local economies.

TSB believes all banks should follow its lead and abolish 0845 numbers.  TSB is introducing 0345 numbers which are included in almost every landline and mobile price plan making customers better off.