Taranaki Savings Bank

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TSB Bank

TSB Bank or the Taranaki Savings Bank is the only, non-government 100% New Zealand-owned bank (as of 1996). It changed its name from the New Plymouth Savings Bank to the Taranaki Savings Bank in 1964.

1 History
2 Ownership
3 Customer Satisfaction
4 Branches
5 References

[edit] History

TSB Bank received its first deposit under the banner of the New Plymouth Savings Bank on the 28 September 1850 from Waitera te Karei. The deposited sum was 34 pounds. At the time the bank's accountant was paid an annual salary of 20 pounds, so the deposit was a considerable sum.

Branches were opened in Fitzroy and Waitara in 1921 and 1946 respectively, followed by the first branch outside the New Plymouth district, in Stratford in 1964, combined with a name change to Taranaki Savings Bank.

With the loosening of regulations on banking in the 1970s, the Bank's position was sufficiently sound for it to take maximum advantage of its newfound freedom. And when the industry was finally deregulated in the mid 1980s, TSB Bank was strong enough to stand aside from the amalgamation of the country's Trustee banks.

In 1975, TSB Bank was the first bank to offer free, interest-bearing cheque accounts and in 1981 they pioneered New Zealand's ATM or Automated teller machine Cashflow network.

[edit] Ownership

Ownership of TSB Bank remains vested in the TSB Community Trust, with all profits staying in New Zealand. The most recent dividend paid by the Bank to the Trust was more than $6million.

[edit] Customer Satisfaction

TSB Bank has consistently been rated the best bank for customer satisfaction. A recent university survey found that TSB was a clear winner on a spread of key customer satisfaction points, including fees, with almost three-quarters of TSB customers saying their bank fees and charges were low, this is compared with the survey average of 15 per cent, and customer loyalty, with almost 80 per cent saying they were "very unlikely" to switch banks, compared to the an average of 35 per cent.

[edit] Branches

There are fifteen TSB Bank branches throughout the Taranaki region, and one in Wellington. Recently a home loan centre has been opened in Hamilton and one will be opening shortly in Tauranga.

Rather unfortunately, TSB Bank's new-styled "Home Loans & Accounts Only" branches do not allow for full transactional banking services, unlike the other major banks. This can only be seen as a downside for those customers wishing to make an immediate credit/large value debit to their account. These customers are pushed in the direction of New Zealand Post branches to carry out their transaction. (Customers are issued with a Cashflow card to make purchases and withdrawals, but to a daily limit, anything above this must be withdrawn over the counter at a branch of NZPost)