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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 2
    • katejo
    • By katejo 12th Oct 16, 8:34 PM
    • 2,810 Posts
    • 1,066 Thanks
    katejo
    Thats bad news.. now im curious as to why i didnt get the email
    Originally posted by $nake eye$
    I haven't had it either. Is the drop happening straight away?
    • missile
    • By missile 12th Oct 16, 11:40 PM
    • 8,316 Posts
    • 3,947 Thanks
    missile
    Bummer, I have received the e mail now :-(
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • teddysmum
    • By teddysmum 13th Oct 16, 12:34 AM
    • 5,795 Posts
    • 3,425 Thanks
    teddysmum
    Bummer, I have received the e mail now :-(
    Originally posted by missile


    Did you think your account was going to get away with no reduction?
    • ARandomMiser
    • By ARandomMiser 13th Oct 16, 6:02 AM
    • 911 Posts
    • 1,774 Thanks
    ARandomMiser
    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
    No sense in being upset, it isn't personal and was pretty much guaranteed to happen when the interests rates dropped.

    Probably move mine out into an S&S ISA.
    • Biggles
    • By Biggles 13th Oct 16, 8:40 AM
    • 6,952 Posts
    • 4,399 Thanks
    Biggles
    Is this on the contactless transactions? So no word on if they'll drop it then
    Originally posted by MissTasmanian
    That was always planned to end on 31 Dec 16 anyway, no change there.
    • MadMat
    • By MadMat 13th Oct 16, 9:33 AM
    • 222 Posts
    • 106 Thanks
    MadMat
    Wonder how they'll decide which is the "second" account ? I opened both mine on the same date . . .

    Mat
    • LuSiVe
    • By LuSiVe 13th Oct 16, 9:45 AM
    • 815 Posts
    • 881 Thanks
    LuSiVe
    I really hope they're sensible enough to shut the one that *isn't* linked to the regular saver
    • Mee
    • By Mee 13th Oct 16, 10:40 AM
    • 769 Posts
    • 789 Thanks
    Mee
    Double whammy
    No sense in being upset, it isn't personal and was pretty much guaranteed to happen when the interests rates dropped.

    Probably move mine out into an S&S ISA.
    Originally posted by ARandomMiser
    I was expecting the rate drop but not the balance change - that's a bit severe!
    You can click the Thanks button if you want

    • Be Happy
    • By Be Happy 13th Oct 16, 1:16 PM
    • 1,089 Posts
    • 475 Thanks
    Be Happy
    Me too. I was expecting a rate cut or a balance cut, but not both.
    • badger09
    • By badger09 13th Oct 16, 1:51 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    I really hope they're sensible enough to shut the one that *isn't* linked to the regular saver
    Originally posted by LuSiVe
    They're not 'shutting it', they 'may convert it to an Enhance account or another current account'.
    • LuSiVe
    • By LuSiVe 13th Oct 16, 2:21 PM
    • 815 Posts
    • 881 Thanks
    LuSiVe
    They're not 'shutting it', they 'may convert it to an Enhance account or another current account'.
    Originally posted by badger09
    Yeah, I thought it was linked to having that particular current account but it seems any will do.

    Although if they convert it to one with 0.75% interest I'll not have any money in it any more so it'll add to the money bouncing around list

    I'd prefer if I got a choice so I can keep the linked one.
    • teddysmum
    • By teddysmum 13th Oct 16, 4:03 PM
    • 5,795 Posts
    • 3,425 Thanks
    teddysmum
    I was expecting the rate drop but not the balance change - that's a bit severe!
    Originally posted by Mee

    There were strong hints of this, when people posted the options given in a survey, in which some customers were invited to participate.
    • Money spending mummy
    • By Money spending mummy 14th Oct 16, 7:28 AM
    • 12 Posts
    • 9 Thanks
    Money spending mummy
    I've not had the email yet, but I'm not surprised that they are cutting it. I won't be rushing to do anything as it is still a good account for now, and it does give you access to the regular saver account.
    • talexuser
    • By talexuser 14th Oct 16, 11:45 AM
    • 2,091 Posts
    • 1,557 Thanks
    talexuser
    I haven't had an email yet. Just wondering about the second account since at the moment I swap the £500 between my 2 accounts. The swap account must also have a standing order capability, assuming they don't change the criteria to external accounts for your single classic plus, and it's worth your while keeping £500 in the second just for the swap.
    • RuleTheWorld
    • By RuleTheWorld 14th Oct 16, 12:51 PM
    • 79 Posts
    • 14 Thanks
    RuleTheWorld
    I thought I didn't receive the email - it went straight to junk for hotmail users.
    • beecher2
    • By beecher2 14th Oct 16, 1:11 PM
    • 3,461 Posts
    • 4,275 Thanks
    beecher2
    I've not had the email yet, but I'm not surprised that they are cutting it. I won't be rushing to do anything as it is still a good account for now, and it does give you access to the regular saver account.
    Originally posted by Money spending mummy
    the regular saver rate only lasts one year so keep an eye on it.

    I still have £20,000 in Santander but think I'll put all the rest into Premium Bonds - had enough of opening new accounts.
    • greenglide
    • By greenglide 14th Oct 16, 11:09 PM
    • 2,358 Posts
    • 1,456 Thanks
    greenglide
    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.
    So what happens if you have a joint account but only one is registered for Internet banking? Will you lose the interest because of this?

    Since it is mandatory to lig in once a year I wonder if they will stop the interest after a year and it can then be restarted by logging in? I assume they won't try to reclaim the interest already paid;-)

    Of course, in a years time we will have inflation back again due to the collapse of the £ so I suppose interest rates will rise as well.
    • principlecounts
    • By principlecounts 15th Oct 16, 12:14 AM
    • 226 Posts
    • 56 Thanks
    principlecounts
    There I was about to open a few TSB accounts, I can't be bothered now. Time to get radical and find new investment vehicles.
    Student loan: ~£10,000. Recent Wins: flight delay: €1250
    Virgin Media Installation refund: Win: £49.95
    Estate Agent VAT issue via. TPO: £300 settlement.
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    Pepsi Max Taste Issue. Lab Tested: £5 Voucher
    Aer Lingus screw up: €50
    • HornetSaver
    • By HornetSaver 15th Oct 16, 12:49 AM
    • 812 Posts
    • 1,158 Thanks
    HornetSaver
    The sweeter end of the TSB Classic Plus deal will come to a close for me in December anyway (the 5% cashback on contactless up to £100, which tends to cover my food and toiletries).

    Once that disappears there is no good reason for me not to start using 0% credit cards for spending, as inflation is likely to outstrip interest and therefore I want to hedge that risk. I could have started doing it months ago but given all the things that make more sense through a bank account for the various clauses and bonuses, it hasn't seemed worth the effort yet.
    I'm standing by my pre-referendum prediction: "Brexit will lead to a recession"

    forums.moneysavingexpert.com/showthread.php?p=70662330
    • jimjames
    • By jimjames 15th Oct 16, 10:52 AM
    • 10,836 Posts
    • 8,902 Thanks
    jimjames
    There I was about to open a few TSB accounts, I can't be bothered now. Time to get radical and find new investment vehicles.
    Originally posted by principlecounts
    You're only about 4 years too late to join that bandwagon!
    Remember the saying: if it looks too good to be true it almost certainly is.
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