Having been hived off from Lloyds in 2013, TSB hopes to carve itself out as a new challenger bank with different priorities.
TSB is currently part of the Spanish Sabadell Group, which appears to have given the go-ahead for TSB to continue with its intentions of being an alternative to the traditional ‘Big Four’ UK banks.
Despite a relatively low customer trust score across all products, particularly for personal loans, it seems to be turning its customer ratings as well as its complaints record around. It now performs strongly at the ombudsman and boasts well above average scores for its handling of complaints. Customer happiness is yet to pick up in line with this improved customer service, and its transparency ratings vary from slightly below average to the top end of scoring.
These improvements ensure that TSB qualifies for a Silver Fairer Finance Ribbon in bank and savings accounts, as well as a Bronze Fairer Finance Ribbon in credit cards. It has also achieved a Gold Fairer Finance Ribbon for mortgages in our latest set of reviews.
If it continues on its current trajectory, it will end up a top performer in our ratings across the board.