![]() TSB’s chief Paul Pester said that “402 customers could see some data that we would normally not show them.” In some cases, customers saw account details and balances that didn’t belong to them. The migration should’ve finished on Sunday evening – but instead, the new system was riddled with bugs and was inaccessible for many customers. TSB began migrating 1.3 billion records from an old IT system on the evening of Friday, April 20. What caused the TSB banking system outage? If the system outage caused ongoing financial distress or debt difficulties, TSB recommends that you phone up their telephone banking service or visit a branch. As an added bonus, TSB has upped the interest rate on the Current Plus current account from 3% to 5% on balances up to £1,500. This applies to both business and personal account holders. If you’re concerned about any overdraft fees or interest charges that were levied during the outage, then there’s no need to complain to get a refund: TSB has waived all such charges for March and April. TSB says that it will “make sure that no customer is left out of pocket.” Early reports suggest that TSB is giving some customers an inconvenience fee of between £25 and £50. If you didn’t lose any money, you can still complain, but you might not get anything. If you explain to TSB that you lost some money because of the outage, you should get everything back. You will need to provide a few details, such as your bank account or credit card number, and how the system failure affected you. To make a claim for compensation, visit the TSB complaints website. Follow our simple 4-step guide to start investing in crypto using your TSB Bank account, and enjoy competitive fees on eToro's secure platform.If you were one of the 1.9 million people who were locked out of their TSB bank account for more than a week due to a catastrophically bungled IT system migration, you can now claim for some compensation. We recommend eToro as the top choice for TSB customers due to its security, cost-effective deposits, and wide range of assets.īy adhering to regulatory standards, TSB Bank displays a crypto-friendly approach with limitations to ensure customer protection. In conclusion, TSB Bank does not support direct cryptocurrency trading but facilitates investments through FCA-licensed UK-based crypto exchanges. Nevertheless, TSB Bank imposes a stringent ban on depositing funds into off-shore exchanges like Binance and Bybit to preserve the safety and security of its customers' investments. The bank permits investors to deposit funds solely into FCA-licensed exchanges, adhering to the Financial Conduct Authority regulations within the United Kingdom. TSB Bank exhibits a crypto-friendly attitude, albeit with certain limitations to safeguard its customers. The sole expense incurred when buying digital assets on their platform is the spread, which is a fair 1% and more competitive than well-known alternatives like Coinbase, which charge over 2%. ![]() We suggest that TSB Bank account holders choose eToro to minimize their fees, as it provides free GBP deposits and commission-free trading. Typically, the fees investors need to consider are deposit fees, withdrawal fees, spreads, and trading fees. The fees associated with investing in Bitcoin and other digital assets using your TSB Bank account will differ based on your selected platform. Complete the deposit and use the funds credited to your account to invest in crypto.Bank Transfer) and complete your transfer from TSB. Select GBP as your currency and your payment method (e.g.Select the 'Deposit Funds' button on the bottom left of your screen.Visit eToro to sign up and verify your identity.Here is a simple 4-step guide to begin with our recommended broker: This method lets investors quickly deposit GBP from TSB Bank through bank transfer, Faster Payments, TSB Card, debit card, credit card, and several other alternatives. We highly recommend choosing platforms with appropriate licensing and regulation for the security of your investments instead of resorting to off-shore alternatives.Īs stated earlier, using your TSB Bank account, the safest and most convenient way to invest in crypto assets is via a regulated broker like eToro. TSB Bank does not provide direct cryptocurrency trading services however, customers can purchase digital assets by linking their TSB Bank account to a UK-based FCA-licensed crypto exchange.
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