An online banking system that really works (lloydstsb.co.uk)

Member Name: markos9

Product:	lloydstsb.co.uk
Date:	05/03/09 (197 review reads)
Rating:

Advantages: Good security, "money back" guarantee

Disadvantages: Only download 3 month statements

I have been using the LloydsTSB (or just TSB as it was originally) online banking service for quite a few years now. I have my current account with this bank, and the online banking is so useful that, even though there's money back deals from other banks at the moment, I'm reluctant to change.

To use the online service, registration is required. As online banking gives the person who logs on (not necessarily yourself!) instant access to all your accounts, it's a serious business. Registration involves filling in a typical application form confirming data such as your bank account number and address. You will then be sent final details through the post (this prevents someone getting your account number and address and registering in your name).

At this point, it's worth saying that LloydsTSB take online security very seriously. I was recently subjected to (unknown to me) an attempt to hijack my account. My account was locked and my frustrated attempts to find out why over the phone turned to relief and gratitude when I called in to the branch with my ID (at their instruction) to find out that I'd nearly been the subject of fraud.

Another reassuring aspect of banking with LloydsTSB online is that they guarantee to refund any money if you've been subjected to online fraud (as long as you've been sensible). This gives real peace of mind in this day and age.

Logging in is via a user number (supplied by them), a password (supplied by yourself), followed by typing in some randomly chosen letters from your "memorable information" which is a nine letter word you've chosen.

This gives access to the account overview page. From here, you can access your savings and current accounts.

If you have more than one account, you can transfer money from one to another without leaving this screen and the transaction completes instantaneously. I find this amazing compared with walking to the bank, filling out a form, standing in a queue, then finally getting someone to enter the change for me (yes, I know, I'm sad!).

The real power of this service is seen when you access your current account. Not only can you set up one-off and regular payments (to companies, other accounts, or private individuals), you can access all of your standing orders and direct debits here, too. I found this invaluable when I was paying more off my mortgage to get it down. If I had any money left over at the end of the month, I just changed the amount on the standing order and paid if off the mortgage account.

I pay all of my bills using my online account. As soon as I get the bill, I log on and set up a payment. I then check back the next day to see if it has gone out of my account. In this way, I can't forget to pay a bill, which is really useful to me.

One part of the service I've never used is applications for loans credit cards, and insurance. It's far too easy and tempting to, with a couple of clicks, apply for a £10000 loan. Apart from not wanting a loan, I much prefer to research prices on the internet before taking out credit cards. The convenience in this case is, I believe, counter productive. You can even apply for an overdraft using this system.

You can access all of your statements going back to 2002. This can be really useful (completing your tax return for example), but this area gives me my only complaint concerning LloydsTSB online. Although you can download a statement in CSV format (opens in Microsoft Excel), you can only access three months information at a time. This is ridiculous and should be extended to the full time period.

Overall, I find the LloydsTSB online banking service to be invaluable to me. I honestly don't know how I managed all of the years I was banking without it. Banks have had a (deservedly!) bad press in the last six months, but this is one banking service that's worth supporting.

Summary: Worth banking with Lloydstsb for this alone