Also appoint IBM to fix issues
Following a week-long IT outage, TSB has now announced that it will lift the interest rate on its current account and waive all overdraft fees and interest charges for retail and small business customers for April.
TSB has decided to raise the interest rate on its popular ‘Classic Plus’ account to 5 per cent (a very decent interest rate these days), from 3% — an attempt to prevent customers fleeing to a rival. The company and its owner Sabadell also said they have appointed technology group IBM to help identify and address remaining issues in its tech platform.
In a statement, it said: “No TSB customer will be left out of pocket as a result of these issues – to begin to put this right we will be waiving all overdraft fees and interest charges for all of our retail and small business customers for April.
As a way of saying thank you to our customers for sticking with us, we’ll be increasing the interest rate on our Classic Plus account to 5% AER.”
Paul Pester, TSB chief executive, said: As we moved over to our new banking platform last weekend, the landing was an incredibly bumpy one for our customers, and for that I am truly sorry. This is not the level of service that we pride ourselves on providing – nor is it what our customers have come to expect from TSB….
“Of course, customers can rest assured that no one will be left out of pocket as a result of these problems. To begin to put things right, we will be waiving all overdraft fees and interest charges for all of our retail and small business customers for April.