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TSB news

We take a look at TSB's recent cost-saving initiatives, and answers some of your questions. Plus we look at pay 2024 and more.

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TSB pay review 2024, members say no - text displayed on a mobile phone being held in a cartoon hand with a gradient coloured background

Pay review 2024

On 1st February, TSB published details of the variable pay award, and the 2024 pay review. Accord and Unite had been in discussions with TSB for some time about the pay review with no decision reached.

The bank offered increases of 4% to staff in grades B-E and 3.25% to those in grade F effective from 1st April.

We asked members for their feedback on the proposals and issued a survey to collect members’ views.

Around 40% of members completed the survey by the closing date of 23rd February. Of those, 92% said the offer isn’t good enough.

The survey results with an analysis by grade and business area are available here.

The main reasons given for rejecting the proposals were that they do not properly reflect the impact of inflation last year nor TSB’s profits.

Whilst the level of members’ participation in the survey could have been better, the outcome is absolutely clear.

We’re asking TSB to respond positively to this unprecedented feedback from its colleagues and will report back after talks have taken place.

Read more about our pay survey results
Cost cutting ahead written on faux road warning sign

TSB announce cost-saving initiatives

On 6th February, TSB announced a number of cost-saving initiatives with the result of around 300 jobs being lost. The cost reduction plan signals that 2024 and 2025 are likely to be more difficult trading years across the banking sector.

The announcement generated a significant number of calls to Accord. 

A big area of concern related to shift pattern changes within telephony. We’d urge any colleagues with concerns about their personal circumstances and what flexibility they need within the new work patterns, to talk to their line manager as soon as possible. There is some flexibility available which wasn’t initially obvious.

Other areas of concern raised with us include:

  • Redeployment opportunities and support
  • Whether voluntary redundancy was automatic if this was a first preference expressed by a colleague
  • Managers being affected themselves at the same time as supporting their teams through the process
  • Being on parental leave
  • Branch colleagues becoming more involved with telephony
  • Future opportunities for redundancy if not affected this time

We answer some of your questions below which may be helpful if you're affected.

Q&A

What members say about Accord in TSB

Keeping my membership after TSB


Accord Union has been an invaluable support for me during my time at TSB. From the moment I joined, I felt embraced by a community that genuinely cares for members and their wellbeing. The union's commitment to both formal and informal meetings ensured that I felt guided and empowered every step of the way. And their signposting to the Bank Workers Charity made sure I got access to vital counselling services when I needed it.

Although I’ve chosen to leave the bank, I've decided to remain with Accord as an associate member. What truly sets Accord apart is their unwavering dedication to prioritise people over process and their commitment to look after their members.

For me, that's what makes Accord Union special, and it's why I'll continue to stand with them as an associate member.

* Name supplied

I should have joined Accord sooner


Accord has helped me through some of the most challenging periods of my professional journey. From the very beginning, Accord's help has been instrumental in navigating the complexities of my career. Knowing that I could reach out at any moment for advice or support made a significant difference in how I faced each challenge at work, and for that, I am truly grateful.

Reflecting on my journey, my only wish is that I had discovered and joined Accord sooner.

* Name supplied