Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • fun4everyone
    • By fun4everyone 12th Oct 16, 1:14 PM
    • 341Posts
    • 479Thanks
    fun4everyone
    TSB cracking down on those with multiple plus accounts?
    • #1
    • 12th Oct 16, 1:14 PM
    TSB cracking down on those with multiple plus accounts? 12th Oct 16 at 1:14 PM
    Just had the email from them confirming interest rate drop (and also a drop on the balance it is paid on). From 4th January 2017 the account will pay 3% on £1500.

    However it also included this annoyance

    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.
    I noted it says "may" hence the ? in my title but meh, they are going to change them over it seems like.
Page 1
    • EarthBoy
    • By EarthBoy 12th Oct 16, 1:24 PM
    • 1,561 Posts
    • 900 Thanks
    EarthBoy
    • #2
    • 12th Oct 16, 1:24 PM
    • #2
    • 12th Oct 16, 1:24 PM
    "we may convert your additional account into an Enhance account or another current account from our range."

    Enhance account? That's the name that TSB gave to the old Vantage when they separated from Lloyds. Enhance is no longer on sale, but some customers must still have it because their website gives terms and conditions for it:

    http://www.tsb.co.uk/legal/current-accounts/enhance-terms-and-conditions/

    Does this mean they'll still be paying interest on these second accounts?
    • Nationwide8
    • By Nationwide8 12th Oct 16, 1:59 PM
    • 205 Posts
    • 90 Thanks
    Nationwide8
    • #3
    • 12th Oct 16, 1:59 PM
    • #3
    • 12th Oct 16, 1:59 PM
    Have 2 TSB Classic Plus accounts,if they convert one of them to whatever this Enhance is will "loose" £45 in addition to the £400+ I will already "loose" on various accounts next year due to interest rate changes.

    My contactless cash back ends in December...

    Would just withdraw the money and shove it in Premium bonds,have said on another thread at least you have the slight chance of winning above the 1.25% prize fund there...
    Last edited by Nationwide8; 12-10-2016 at 2:02 PM.
    • ColdIron
    • By ColdIron 12th Oct 16, 1:59 PM
    • 2,555 Posts
    • 2,808 Thanks
    ColdIron
    • #4
    • 12th Oct 16, 1:59 PM
    • #4
    • 12th Oct 16, 1:59 PM
    Does this mean they'll still be paying interest on these second accounts?
    When I closed my 3 TSB Enhance accounts they were paying 0.75% and it looks like they still are
    http://www.tsb.co.uk/help/rates-and-charges/current-accounts/
    • badger09
    • By badger09 12th Oct 16, 3:12 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    • #5
    • 12th Oct 16, 3:12 PM
    • #5
    • 12th Oct 16, 3:12 PM
    "we may convert your additional account into an Enhance account or another current account from our range."

    Enhance account? That's the name that TSB gave to the old Vantage when they separated from Lloyds. Enhance is no longer on sale, but some customers must still have it because their website gives terms and conditions for it:

    http://www.tsb.co.uk/legal/current-accounts/enhance-terms-and-conditions/

    Does this mean they'll still be paying interest on these second accounts?
    Originally posted by EarthBoy
    When I closed my 3 TSB Enhance accounts they were paying 0.75% and it looks like they still are
    http://www.tsb.co.uk/help/rates-and-charges/current-accounts/
    Originally posted by ColdIron
    I still have 2 of these old Enhance accounts, mainly because I ran out of switching incentives. I keep a balance of £10 in each and include them in my monthly shuffle. Although the interest rate is officially 0.75%, I get interest of 1p each month, which is 1.2%.

    Every little helps
    • teddysmum
    • By teddysmum 12th Oct 16, 4:06 PM
    • 5,805 Posts
    • 3,427 Thanks
    teddysmum
    • #6
    • 12th Oct 16, 4:06 PM
    • #6
    • 12th Oct 16, 4:06 PM
    Well at least the spare £500 per account can go elsewhere, if you can find somewhere.


    I was about to close an old Britannia limited access, but any inputs allowed, account, but at least that will pay 0.7% (plus £1 !), which is better than some. (It soon goes down from 1% plus £1, having once been a good 3.5% on any amount, for quite a long time.)


    We'll have to rely on my husband's classic cars and bikes to make our fortunes (but won't hold our breath as they aren't the rarities mentioned on a recent tv programme).
    Last edited by teddysmum; 12-10-2016 at 4:09 PM.
    • castle96
    • By castle96 12th Oct 16, 5:12 PM
    • 1,451 Posts
    • 239 Thanks
    castle96
    • #7
    • 12th Oct 16, 5:12 PM
    • #7
    • 12th Oct 16, 5:12 PM
    Bugxer.!I have9. Will be quite a loss.
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 16, 6:46 PM
    • 28,283 Posts
    • 16,108 Thanks
    YorkshireBoy
    • #8
    • 12th Oct 16, 6:46 PM
    • #8
    • 12th Oct 16, 6:46 PM
    Bugxer.!I have *. Will be quite a loss.
    Originally posted by castle96
    Best not to boast yet...they may not actually carry out the threat...unless they're prompted by posts such as this of course.
    • Dan83
    • By Dan83 12th Oct 16, 6:49 PM
    • 635 Posts
    • 256 Thanks
    Dan83
    • #9
    • 12th Oct 16, 6:49 PM
    • #9
    • 12th Oct 16, 6:49 PM
    No one is loosing anything, they are not taking any money off anyone, they are just giving people less
    • teddysmum
    • By teddysmum 12th Oct 16, 7:24 PM
    • 5,805 Posts
    • 3,427 Thanks
    teddysmum
    No one is loosing anything, they are not taking any money off anyone, they are just giving people less
    Originally posted by Dan83
    They are losing interest on their money. £1500 which was earning £75,will only earn £45, but the other £500 (out of £2000) can be earning somewhere else.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,352Posts Today

6,710Users online

Martin's Twitter
  • RT @speirin: @MartinSLewis now thats a blast from the past ???? https://t.co/5cSz1aNWFz

  • Have you set the Betamax? Tonight 8pm ITV The Martin Lewis Money Show - if ur married, and/or got kids and/or get tax credits - a must watch

  • On my way to @thismorning today "Is a shop telling you porkies" - how to tell your consumer rights from consumer wrongs...

  • Follow Martin