TSB rate dropping

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themanfromamarillo
themanfromamarillo Posts: 120 Forumite
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in Savings & investments
Just got an email from TSB, the classic plus account is dropping from 5% interest on £2k to 3% on £1.5k
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  • kingrulzuk
    kingrulzuk Posts: 1,330 Forumite
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    themanfromamarillo wrote: »
    Just got an email from TSB, the classic plus account is dropping from 5% interest on £2k to 3% on £1.5k



    I got the same email :(
    What happens if you push this button?
  • Be_Happy
    Be_Happy Posts: 1,391 Forumite
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    edited 13 October 2016 at 1:13PM
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    The e-mail goes on to say that they will be transferring any second single Classic Plus Accounts or second joint Accounts to another savings account.

    Another point mentioned, which I had not noted before is that you must log in to account at least once a year AND where it is a joint account, both holders must log in. OH never uses on-line banking, so I'll have to make sure I log him in once a year.

    EDIT: Sorry it is a transfer to another current account. I hadn't heard of the Enhance Current Account.
  • TattyBear
    TattyBear Posts: 3,844 Forumite
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    I was rather expecting this at some point, but the cut on balances and removal of the second account is just nasty. I suppose it gives me an excuse to put the money in to Assetz Finance's Great British Business account at 7%.
  • Rollinghome
    Rollinghome Posts: 2,676 Forumite
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    Something of the sort isn't surprising but at 3% on £1500, £3.75 a month, it's not exactly a must have.
  • $nake_eye$
    $nake_eye$ Posts: 411 Forumite
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    Thats bad news.. now im curious as to why i didnt get the email
  • markwilkinson
    markwilkinson Posts: 568 Forumite
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    3% is still competitive though, given what else is on offer on the savings market, I'm keeping mine but off the top of my head I'm not sure where the excess is going just yet.

    I still think it's a useful account for a specific market. Thinking about new savers and those struggling to save £1500 might be a good first target and 3% along the way isn't too shabby given what else is out there.
  • markwilkinson
    markwilkinson Posts: 568 Forumite
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    $nake_eye$ wrote: »
    Thats bad news.. now im curious as to why i didnt get the email

    I wouldn't worry, I Havnt had mine yet either but the email about the questionnaire didn't arrive in my inbox until the day after it was being discussed on this board.
  • xylophone
    xylophone Posts: 44,425 Forumite
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    The e-mail goes on to say that they will be transferring any second single Classic Plus Accounts or second joint Accounts to another savings account.

    Transferring a current account to a savings account?

    Willy nilly?

    Without asking the customer?

    And what about standing orders/direct debits/ other regular payments?
  • ColdIron
    ColdIron Posts: 9,052 Forumite
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    xylophone wrote: »
    Transferring a current account to a savings account?

    Looks like it's the old Enhance current account which I think pays 0.75% up to £5,000
    Another new condition is if you have more than one Classic Plus account in your sole name or more than one Classic Plus account in joint names, we may convert your additional account into an Enhance account or another current account from our range. We’ll give you at least two months’ notice before we do this.
  • Maximum_Saving
    Maximum_Saving Posts: 183 Forumite
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    I read that the TSB Classic Plus Account will go from 5% to 3%. It will allow up to £1500. Right now it is £2000. I am very upset by this news. It will begin at the start of February next year. It is currently one of the best deals.
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