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  • FIRST POST
    • MSE Faye
    • By MSE Faye 31st Aug 16, 4:25 PM
    • 80Posts
    • 38Thanks
    MSE Faye
    Is TSB about to become the next bank to slash savings rates?
    • #1
    • 31st Aug 16, 4:25 PM
    Is TSB about to become the next bank to slash savings rates? 31st Aug 16 at 4:25 PM
    It appears the bank is reviewing the 5% rate it pays out to savers on its best-buy Classic Plus account...
    Read the full story:
    'Is TSB about to become the next bank to slash savings rates?'

    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Page 3
    • Grade_A_Reject
    • By Grade_A_Reject 2nd Sep 16, 8:48 PM
    • 764 Posts
    • 555 Thanks
    Grade_A_Reject
    It's a small world. Me too.
    Originally posted by YorkshireBoy
    Careful neither of you drops the soap.
    "A nation of plenty so concerned with gain" - Isley Brothers - Harvest for the World
    • Eco Miser
    • By Eco Miser 3rd Sep 16, 4:33 PM
    • 2,433 Posts
    • 2,252 Thanks
    Eco Miser
    No need to help with their decision to reduce, no need to provide the statistics to back it up when they announce a reduction in interest as being acceptable in the current climate.
    Originally posted by harz99
    But by not completing the form, you still provide them with statistics.
    "95% of those asked indicated they were not interested in what rate we offer, by not responding."
    Eco Miser
    Saving money for well over half a century
    • djpailo
    • By djpailo 3rd Sep 16, 4:58 PM
    • 333 Posts
    • 110 Thanks
    djpailo
    But by not completing the form, you still provide them with statistics.
    "95% of those asked indicated they were not interested in what rate we offer, by not responding."
    Originally posted by Eco Miser
    No. It should read, 95% of people asked did not respond. You can then give speculative reasons why but the only factual statistic is that 95% did not respond. The will probably put it in a report like this:

    "Of the people that responded to the survey...".
    • badger09
    • By badger09 4th Sep 16, 3:41 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    It's a small world. Me too.
    Originally posted by YorkshireBoy
    Whereabouts YB?

    We're on a very windy island in the Cyclades (Andros)
    • RubyRedRidingHood
    • By RubyRedRidingHood 4th Sep 16, 4:58 PM
    • 12 Posts
    • 7 Thanks
    RubyRedRidingHood
    We had a meeting with TSB yesterday to open some additional joint accounts and we did ask about the 5% accounts and she said nothing had been communicated to the branches yet, but she did also say that they only find out a week before any changes are made. I guess our interest is safe for 1 more week atleast!
    • Ed-1
    • By Ed-1 4th Sep 16, 5:03 PM
    • 1,495 Posts
    • 808 Thanks
    Ed-1
    We had a meeting with TSB yesterday to open some additional joint accounts and we did ask about the 5% accounts and she said nothing had been communicated to the branches yet, but she did also say that they only find out a week before any changes are made. I guess our interest is safe for 1 more week atleast!
    Originally posted by RubyRedRidingHood
    Add 2 months on to that as well as they need to give 2 months notice of a change to existing account holders.
    • YorkshireBoy
    • By YorkshireBoy 4th Sep 16, 5:37 PM
    • 28,283 Posts
    • 16,108 Thanks
    YorkshireBoy
    Whereabouts YB?

    We're on a very windy island in the Cyclades (Andros)
    Originally posted by badger09
    We're south of you and making our way to Crete for a few days. And yes it's very windy!

    Time to spend some now rates are plummeting.
    • GingerFurball
    • By GingerFurball 4th Sep 16, 6:22 PM
    • 785 Posts
    • 772 Thanks
    GingerFurball
    We had a meeting with TSB yesterday to open some additional joint accounts and we did ask about the 5% accounts and she said nothing had been communicated to the branches yet, but she did also say that they only find out a week before any changes are made. I guess our interest is safe for 1 more week atleast!
    Originally posted by RubyRedRidingHood
    It's also illegal for them to communicate any changes before the launch date.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
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    • Vortigern
    • By Vortigern 4th Sep 16, 7:09 PM
    • 2,042 Posts
    • 1,286 Thanks
    Vortigern
    We had a meeting with TSB yesterday to open some additional joint accounts
    Originally posted by RubyRedRidingHood
    How many joint accounts are you allowed to open? I was under the impression that only one would be allowed.
    • scgf
    • By scgf 5th Sep 16, 8:04 AM
    • 306 Posts
    • 107 Thanks
    scgf
    The 5% offered by the TSB is really a marketing ploy. The ceiling of £2000 means it is effectively more like a reward but keeps the Plus account at the top of the 'best current account' league. IMO they would be unwise to make any hasty changes.
    • colsten
    • By colsten 5th Sep 16, 9:59 AM
    • 8,141 Posts
    • 6,634 Thanks
    colsten
    That is exactly what some of us are doing

    I'm writing this in the quiet time between returning from the beach, and showering before a pre dinner drink on the balcony overlooking sunset on the Aegean

    However, not everyone on here can afford to take this approach
    Originally posted by badger09
    You were supposed to blow your cash in the UK, not in that nasty EU
    • badger09
    • By badger09 5th Sep 16, 4:53 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    You were supposed to blow your cash in the UK, not in that nasty EU
    Originally posted by colsten
    I'm doing my best to spread it around

    UK airline, hotel & car parking, overpriced meal & drinks before the flight. Also using my UK credit card (though won't be paying any interest) and my UK PAYG phone.

    And I bought some new clothes, which I didn't really need in UK
    The rest is going towards the Greek economy.
    Am I forgiven
    • Heng Leng
    • By Heng Leng 5th Sep 16, 9:54 PM
    • 3,499 Posts
    • 1,046 Thanks
    Heng Leng
    He's enjoying his (soon to expire) freedom of movement rights
    God bless Little England

    You were supposed to blow your cash in the UK, not in that nasty EU
    Originally posted by colsten
    • aUser
    • By aUser 14th Oct 16, 7:00 PM
    • 5 Posts
    • 1 Thanks
    aUser
    Well, I've just had email confirmation from TSB that rates are falling. 3% on upto £1500 starting January 4th.

    From the email:

    We’re making some changes to your Classic Plus account. These changes will start from 4 January 2017. This email explains what these changes are and what you need to do next.

    Your interest rate is reducing

    Your Classic Plus credit interest rate is reducing. The table below shows you what your new interest rate will be:


    Your current rate
    5.00% AER/4.89% gross variable paid on balances up to £2,000

    Your rate from 4 January 2017
    3.00% AER/2.96% gross variable paid on balances up to £1,500

    The way you earn interest on your account stays the same. You still need to pay in a minimum of £500 a month and be registered for Internet Banking, paperless statements and paperless correspondence. You also need to make sure you log into your Internet Banking at least once every 12 months. And if you have a joint account, both of you must log in.

    Changes to your terms and conditions

    Your Classic Plus terms and conditions are changing. From 4 January you’ll earn interest on balances up to £1,500. 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.

    We’ve attached a copy of your new terms and conditions.

    If you have more than one Classic Plus account in your sole name or joint names, these changes apply to all of your accounts.
    • No_6
    • By No_6 14th Oct 16, 10:46 PM
    • 359 Posts
    • 73 Thanks
    No_6
    So you knew it was coming !
    so what is new
    • teleaddict
    • By teleaddict 15th Oct 16, 12:18 AM
    • 188 Posts
    • 34 Thanks
    teleaddict
    I was expecting an interest rate cut, but wasn't keen on the reduction to £1500 and the amended terms to restrict a customer to only one classic plus account was a bit of a kick in the teeth...
    My £2 savings total for 2007 = £92, for 2008 = £124
    My savings from money off coupons for 2007 = £67.97, for 2008 = £194.79
    My £2 savings for 2009 (so far) = £130
    My savings from money off coupons for 2009 = £593.08
    • katejo
    • By katejo 17th Oct 16, 6:09 PM
    • 2,810 Posts
    • 1,066 Thanks
    katejo
    I got my email about the £1500 limit and the reduction to 3% yesterday. The limit to 1 classic account is reasonable as that was only available to those who could have a single and joint account anyway.
    I know that some managed to open 2 separate accounts but that was stopped some time ago.
    • EarthBoy
    • By EarthBoy 18th Oct 16, 7:57 AM
    • 1,562 Posts
    • 902 Thanks
    EarthBoy
    I know that some managed to open 2 separate accounts but that was stopped some time ago.
    Originally posted by katejo
    You make it sound like those of us with two sole Classic Plus accounts used a loophole to get two. We didn't "manage" to get two, we got them fairly and squarely, because the original terms and conditions stated that you could have two sole accounts.
    • bigadaj
    • By bigadaj 18th Oct 16, 11:54 AM
    • 7,803 Posts
    • 4,757 Thanks
    bigadaj
    You make it sound like those of us with two sole Classic Plus accounts used a loophole to get two. We didn't "manage" to get two, we got them fairly and squarely, because the original terms and conditions stated that you could have two sole accounts.
    Originally posted by EarthBoy
    Well it was a loophole, because it was closed.
    • dggar
    • By dggar 18th Oct 16, 12:12 PM
    • 471 Posts
    • 229 Thanks
    dggar
    Well it was a loophole, because it was closed.
    Originally posted by bigadaj

    What!!!!!


    Bit of Alice in wonderland thinking there.
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