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  • FIRST POST
    • themanfromamarillo
    • By themanfromamarillo 12th Oct 16, 4:30 PM
    • 91Posts
    • 44Thanks
    themanfromamarillo
    TSB rate dropping
    • #1
    • 12th Oct 16, 4:30 PM
    TSB rate dropping 12th Oct 16 at 4:30 PM
    Just got an email from TSB, the classic plus account is dropping from 5% interest on £2k to 3% on £1.5k
Page 1
    • kingrulzuk
    • By kingrulzuk 12th Oct 16, 4:57 PM
    • 1,243 Posts
    • 563 Thanks
    kingrulzuk
    • #2
    • 12th Oct 16, 4:57 PM
    • #2
    • 12th Oct 16, 4:57 PM
    Just got an email from TSB, the classic plus account is dropping from 5% interest on £2k to 3% on £1.5k
    Originally posted by themanfromamarillo


    I got the same email
    What happens if you push this button?
    • Be Happy
    • By Be Happy 12th Oct 16, 5:08 PM
    • 1,089 Posts
    • 475 Thanks
    Be Happy
    • #3
    • 12th Oct 16, 5:08 PM
    • #3
    • 12th Oct 16, 5:08 PM
    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.
    Last edited by Be Happy; 13-10-2016 at 1:13 PM.
    • TattyBear
    • By TattyBear 12th Oct 16, 5:24 PM
    • 3,737 Posts
    • 1,749 Thanks
    TattyBear
    • #4
    • 12th Oct 16, 5:24 PM
    • #4
    • 12th Oct 16, 5:24 PM
    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
    • By Rollinghome 12th Oct 16, 5:41 PM
    • 2,036 Posts
    • 2,185 Thanks
    Rollinghome
    • #5
    • 12th Oct 16, 5:41 PM
    • #5
    • 12th Oct 16, 5:41 PM
    Something of the sort isn't surprising but at 3% on £1500, £3.75 a month, it's not exactly a must have.
    • $nake eye$
    • By $nake eye$ 12th Oct 16, 5:50 PM
    • 347 Posts
    • 144 Thanks
    $nake eye$
    • #6
    • 12th Oct 16, 5:50 PM
    • #6
    • 12th Oct 16, 5:50 PM
    Thats bad news.. now im curious as to why i didnt get the email
    • markwilkinson
    • By markwilkinson 12th Oct 16, 5:56 PM
    • 544 Posts
    • 927 Thanks
    markwilkinson
    • #7
    • 12th Oct 16, 5:56 PM
    • #7
    • 12th Oct 16, 5:56 PM
    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
    • By markwilkinson 12th Oct 16, 6:02 PM
    • 544 Posts
    • 927 Thanks
    markwilkinson
    • #8
    • 12th Oct 16, 6:02 PM
    • #8
    • 12th Oct 16, 6:02 PM
    Thats bad news.. now im curious as to why i didnt get the email
    Originally posted by $nake eye$
    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
    • By xylophone 12th Oct 16, 6:05 PM
    • 19,152 Posts
    • 10,870 Thanks
    xylophone
    • #9
    • 12th Oct 16, 6:05 PM
    • #9
    • 12th Oct 16, 6:05 PM
    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
    • By ColdIron 12th Oct 16, 6:13 PM
    • 2,550 Posts
    • 2,805 Thanks
    ColdIron
    Transferring a current account to a savings account?
    Originally posted by xylophone
    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
    • By Maximum Saving 12th Oct 16, 6:15 PM
    • 151 Posts
    • 254 Thanks
    Maximum Saving
    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.
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 16, 6:36 PM
    • 28,269 Posts
    • 16,094 Thanks
    YorkshireBoy
    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.
    Originally posted by Be Happy
    My email doesn't. It says they "may"...
    • $nake eye$
    • By $nake eye$ 12th Oct 16, 6:49 PM
    • 347 Posts
    • 144 Thanks
    $nake eye$
    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.
    Last edited by $nake eye$; 12-10-2016 at 6:51 PM. Reason: boldify
    • Kim_13
    • By Kim_13 12th Oct 16, 6:53 PM
    • 875 Posts
    • 857 Thanks
    Kim_13
    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.
    Originally posted by Maximum Saving
    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.
    Sealed Pot Challenge #10 No. 520 ~ ?/£100
    Virtual Sealed Pot Challenge 2016 ~ #9 £135.61/£250.00
    Completely Crazy Clothes Challenge 2016 ~ Approx £277.41/£240.00
    Emergency Fund #170 ~ £300
    Xmas 2017 #25
    • MissTasmanian
    • By MissTasmanian 12th Oct 16, 7:06 PM
    • 605 Posts
    • 256 Thanks
    MissTasmanian
    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.
    Originally posted by $nake eye$
    Is this on the contactless transactions? So no word on if they'll drop it then
    • sheramber
    • By sheramber 12th Oct 16, 7:09 PM
    • 2,722 Posts
    • 2,108 Thanks
    sheramber
    Classic plus account pays interest on money held in the account, not cash back.

    TSB contactless card pays cash back on £100 purchases
    • $nake eye$
    • By $nake eye$ 12th Oct 16, 7:45 PM
    • 347 Posts
    • 144 Thanks
    $nake eye$
    Is this on the contactless transactions? So no word on if they'll drop it then
    Originally posted by MissTasmanian
    This is on the balance in the Classic plus acccount
    • SG27
    • By SG27 12th Oct 16, 8:02 PM
    • 1,841 Posts
    • 1,140 Thanks
    SG27
    Such a shame but inevitable i suppose. Wouldnt be suprised if tesco and nationwide follow too Need to find a home for £2000 now.
    Mortgage Debt: £93,537.48/£105,025 Feb 13
    Overpayments so far: £3,939.72
    • bossymoo
    • By bossymoo 12th Oct 16, 8:05 PM
    • 6,489 Posts
    • 82,105 Thanks
    bossymoo
    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.
    Originally posted by $nake eye$
    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
    Teetering on the edge...


    Sealed Pot Challenge 9 - #91 - £150 so far
    • jimjames
    • By jimjames 12th Oct 16, 8:23 PM
    • 10,836 Posts
    • 8,902 Thanks
    jimjames
    This is on the balance in the Classic plus acccount
    Originally posted by $nake eye$
    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.
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