TSB rate dropping

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  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    Be_Happy wrote: »
    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.
    My email doesn't. It says they "may"...
  • $nake_eye$
    $nake_eye$ Posts: 411
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    edited 12 October 2016 at 5:51PM
    FYI guys you might get a lot more of the TSB 5% interest rate depending on when you opened the account:

    If you opened your Classic Plus account before 1 June 2016, you'll stop earning the 5% cashback on 31 December 2016.

    If you opened your Classic Plus account on or after 1 June 2016, you'll stop earning the cashback on 30 September 2017.
  • Kim_13
    Kim_13 Posts: 2,314
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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.

    Received an email from them stating that the changes are effective from 4th January (so February will be the first payment at the reduced rate.)

    Halifax Reward reduces from February.
  • $nake_eye$ wrote: »
    FYI guys you might get a lot more of the TSB 5% interest rate depending on when you opened the account:

    If you opened your Classic Plus account before 1 June 2016, you'll stop earning the 5% cashback on 31 December 2016.

    If you opened your Classic Plus account on or after 1 June 2016, you'll stop earning the cashback on 30 September 2017.

    Is this on the contactless transactions? So no word on if they'll drop it then :)
  • sheramber
    sheramber Posts: 18,869
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    Classic plus account pays interest on money held in the account, not cash back.

    TSB contactless card pays cash back on £100 purchases
  • Is this on the contactless transactions? So no word on if they'll drop it then :)

    This is on the balance in the Classic plus acccount
  • SG27
    SG27 Posts: 2,773 Forumite
    Such a shame but inevitable i suppose. Wouldnt be suprised if tesco and nationwide follow too :( Need to find a home for £2000 now.
  • bossymoo
    bossymoo Posts: 6,924
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    $nake_eye$ wrote: »
    FYI guys you might get a lot more of the TSB 5% interest rate depending on when you opened the account:

    If you opened your Classic Plus account before 1 June 2016, you'll stop earning the 5% cashback on 31 December 2016.

    If you opened your Classic Plus account on or after 1 June 2016, you'll stop earning the cashback on 30 September 2017.

    I only opened mine last month and my email says 4th Jan for the interest. But still 5% cash back on contactless payments up to £100 per month.
    Bossymoo

    Away with the fairies :beer:
  • jimjames
    jimjames Posts: 17,532
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    $nake_eye$ wrote: »
    This is on the balance in the Classic plus acccount

    No it's not, based on the text you quoted. It specifically refers to cashback not interest
    Remember the saying: if it looks too good to be true it almost certainly is.
  • katejo
    katejo Posts: 3,775
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    $nake_eye$ wrote: »
    Thats bad news.. now im curious as to why i didnt get the email

    I haven't had it either. Is the drop happening straight away?
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