(StatePoint) While there’s no doubt that putting money aside with each paycheck is an essential component to a healthy financial future, it’s important to keep in mind that not all savings accounts are going to give you the same pay back or benefits.It’s estimated that American consumers are missing out on over $50 billion dollars of interest they could be earning every year. The average interest rate on savings accounts is 0.08 percent, according to the FDIC, with many of the largest financial institutions paying as little as 0.01 percent.But did you know that the top online banks have interest rates 20 times higher than the national average, according to rates published by the FDIC? Because they have no physical branches, they are often able to pass on that savings to customers through consistently competitive rates.“A traditional bank savings account is certainly a safe vessel in which to deposit money, but it won’t necessarily help that money … [Read more...] about Could Saving With An Online Bank Help Your Money Grow Faster?
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BRIT bank TSB is now the subject of an intense investigation led by the Financial Conduct Authority. The FCA made the unusual move of publicly announcing its inquiry as officials were "deeply concerned" about the bank's persistent online banking issues. Here's what we know... What does TSB stand for and who owns the bank? TSB stands for Trustee Savings Bank, using this name before merging with Lloyds Bank in 1995, resulting in the formation of Lloyds TSB in 1999. TSB Bank is no longer part of the Lloyds Banking Group. It is owned by Spanish banking group Sabadell. Who is TSB boss Paul Pester? Paul David Pester, born January 14 1964, is a Brit banker and CEO of TSB since 2013. Pester, from Plymouth, is said to earn more than £1.6million a year in pay and bonuses, the BBC reported. He lives in Norfolk with his wife and two sons who are both studying maths. Pester graduated from Manchester University with a first class in physics. Before he went to Brasenose College, Oxford … [Read more...] about What does TSB stand for, who is boss Paul Pester, who owns the bank and what were the online banking problems?
Some TSB customers have complained that troubles with mobile and online banking have continued into a fifth day after an IT upgrade over the weekend. The bank has been transferring its systems from Lloyds TSB to Santander. TSB has told customers online that at present, it doesn't have any timescales on when the problems will be resolved. "However, we are working as fast as we can to resolve this," it said, apologising for the inconvenience caused. Read more: Financial Conduct Authority in contact with TSB over online banking issues Customers had been warned that TSB was planning an upgrade to its systems, with that taking place between 4pm Friday 20 April and 6pm Sunday 22 April. When TSB split from Lloyds, it had continued to use a banking platform from its former owner while developing its own one. The process of moving across to that was over the weekend, and that disruption was planned, but customers have been reporting troubles long after the 6pm deadline. It emerged … [Read more...] about TSB online banking troubles enter fifth day as customers complain they can’t access their accounts
PROBLEMS due to maintenance work carried out on TSB's online systems over the weekend have left many customers unable to access their accounts. Here is what happened to the bank and what to do if you have been affected by by the issue. What happened to TSB? TSB had planned to carry out maintenance work on it's online services between 4pm Friday 20 April and 6pm Sunday 22 April. The bank had warned customers that they would not have access to services like online banking, making payments and transferring money online whilst this maintenance work was going on. But, after 6pm on Sunday TSB's online services were still down and many customers are still unable to access their accounts today (Monday April 23). Some customers have had their cards declined and direct debits cancelled, others have claimed that when they opened the TSB app they saw other customer's bank details and even had access to move money from the stranger's accounts. Did TSB have a data breach? TSB has denied that there … [Read more...] about Did TSB suffer a data breach, are my online banking details safe and is the website and app still down?
TSB customers have been reporting problems with their online banking after upgrades were made over the weekend. One customer said he was credited with £13,000 he didn't have, while a second said their entire £2,000 savings had vanished. Last Thursday TSB said they were planning upgrades over the weekend and warned that certain services would not be available. "We’re planning an upgrade to our systems between 4pm Friday 20th of April until 6pm Sunday 22nd of April. "We’re sorry but during this time some services, like online banking, making payments or transferring money won’t be possible. For details please visit." But customers were still facing problems after 6pm on Sunday. One wrote: "£2k in savings and it’s all disappeared. Card being declined despite having a £3k overdraft. Wtf is going on?" A second wrote at 7pm on Sunday: "Why is nothing every delivered well in this world??!! App doesnt work just says 'something went wrong' and … [Read more...] about TSB customers report chaos to online banking following upgrades