TSB Banking Crash Hits Thousands on Payday
TSB customers across the UK faced chaos on payday Friday as online and mobile banking services crashed. By 10 a.m., hundreds of outage reports flooded Down Detector, with users still locked out of their accounts well past 3.50 p.m.
The bank admitted to ongoing issues and apologised for the disruption. “We’re working hard to fix this,” they said. The cause remains unknown, but frustration is mounting, especially since it’s the last Friday of the month — payday for many.
Birmingham, Glasgow, Aberdeen Bear the Brunt
Major cities like Birmingham, Glasgow, and Aberdeen were slammed with the most reports, though trouble was reported nationwide. Customers scrambled to access funds, rattled by the unexpected lockdown just when money matters matter most.
Credit Card Borrowing Soars as Living Costs Bite
Meanwhile, new Bank of England data reveals credit card borrowing surged at its fastest annual pace since 2005. Consumer credit — covering credit cards, overdrafts, loans, and car finance — jumped 6.5% year on year in June. Credit card borrowing alone shot up 12.5%, just shy of November 2005’s peak.
At the same time, deposits into bank accounts and savings plummeted. In June, just £1.9 billion flowed into bank and building society accounts and NS&I — a third of May’s total. Rising costs are forcing Britons to dip deeper into credit, experts warn.
Laura Suter, head of personal finance at AJ Bell, said: “These figures are just the tip of the iceberg.”
