Taranaki Savings Bank
Encyclopedia
- TSB Bank redirects here. For the former British bank of the same name, see Trustee Savings BankTrustee Savings BankThe Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
and its successor Lloyds TSBLloyds TSBLloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
. For the Irish bank formerly of the same name, see Irish Life and PermanentIrish Life and PermanentIrish Life and Permanent, Plc or IL&P is a provider of personal financial services in Ireland. IL&P enjoys limited liability....
.
TSB Bank is a nationwide bank based in New Plymouth
New Plymouth
New Plymouth is the major city of the Taranaki Region on the west coast of the North Island of New Zealand. It is named after Plymouth, Devon, England, from where the first English settlers migrated....
, New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
.
History
TSB Bank received its first depositDeposit account
A deposit account is a current account, savings account, or other type of bank account, at a banking institution that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the...
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
Waitara, New Zealand
Waitara is the name of a town and a river in the northern part of the Taranaki Region of the North Island of New Zealand. Waitara is located just off State Highway 3, 15 km northeast of New Plymouth....
in 1921 and 1946 respectively, followed by the first branch outside the New Plymouth
New Plymouth
New Plymouth is the major city of the Taranaki Region on the west coast of the North Island of New Zealand. It is named after Plymouth, Devon, England, from where the first English settlers migrated....
district, in Stratford
Stratford, New Zealand
Stratford is the only town in the central Taranaki district of Stratford District, New Zealand. It lies beneath the eastern slopes of Mount Taranaki/Egmont, approximately half-way between New Plymouth and Hawera, near the geographic centre of the Taranaki region. The town has a population of...
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
Consolidation (business)
Consolidation or amalgamation is the act of merging many things into one. In business, it often refers to the mergers and acquisitions of many smaller companies into much larger ones. In the context of financial accounting, consolidation refers to the aggregation of financial statements of a group...
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
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
Cashflow network.
The bank is the naming rights sponsor of the TSB Bank Wallace Arts Centre, which will open in mid-2010 at Pah Homestead
Pah Homestead
The Pah Homestead is a historic stately home located in the Auckland suburb of Hillsborough in New Zealand. It is currently being restored by the Auckland City Council, which owns it, as part of its plans to develop the surrounding Monte Cecilia Park into a premier park for the city.-History:The...
in Auckland. It will house the James Wallace Art Trust's collection of New Zealand art, which is valued at NZ$50 million.
Ownership
Ownership of TSB Bank remains vested in the TSB Community TrustTrust company
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of...
, with all profits staying in New Zealand. The most recent dividend paid by the Bank to the Trust was more than $10million.
Customer satisfaction
TSB Bank has consistently been rated the best bank for customer satisfaction. A recent university survey found that TSB Bank was a clear winner on a spread of key customer satisfaction points, including fees, with almost three-quarters of TSB Bank 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.Branches
There are fifteen full service TSB Bank branches throughout the Taranaki region. There are Service Centres in WellingtonWellington
Wellington is the capital city and third most populous urban area of New Zealand, although it is likely to have surpassed Christchurch due to the exodus following the Canterbury Earthquake. It is at the southwestern tip of the North Island, between Cook Strait and the Rimutaka Range...
, Hamilton
Hamilton, New Zealand
Hamilton is the centre of New Zealand's fourth largest urban area, and Hamilton City is the country's fourth largest territorial authority. Hamilton is in the Waikato Region of the North Island, approximately south of Auckland...
, Tauranga, Hastings
Hastings, New Zealand
The city of Hastings is a major urban settlement in the Hawke's Bay region of the North Island of New Zealand, and it is the largest settlement by population in Hawke's Bay. Hastings city is the administrative centre of the Hastings District...
, Palmerston North, Auckland (Queen Street), Takapuna, Newmarket, Napier, Nelson and Christchurch
Christchurch
Christchurch is the largest city in the South Island of New Zealand, and the country's second-largest urban area after Auckland. It lies one third of the way down the South Island's east coast, just north of Banks Peninsula which itself, since 2006, lies within the formal limits of...
.