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  • FIRST POST
    • themanfromamarillo
    • By themanfromamarillo 12th Oct 16, 4:30 PM
    • 92Posts
    • 46Thanks
    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 4
    • planteria
    • By planteria 18th Oct 16, 9:02 AM
    • 4,751 Posts
    • 1,038 Thanks
    planteria
    i don't expect a further cut..
    • Nick_C
    • By Nick_C 18th Oct 16, 9:57 AM
    • 2,488 Posts
    • 3,268 Thanks
    Nick_C
    i don't expect a further cut..
    Originally posted by planteria
    I agree. There are people arguing that BR should go back up to 0.5%
    • beefturnmail
    • By beefturnmail 18th Oct 16, 12:18 PM
    • 560 Posts
    • 160 Thanks
    beefturnmail
    I too am getting fed up of trying to find places to put my money.
    Originally posted by pauljoecoe


    First world problems...
    • joe134
    • By joe134 19th Oct 16, 8:51 AM
    • 2,926 Posts
    • 383 Thanks
    joe134
    I agree. There are people arguing that BR should go back up to 0.5%
    Originally posted by Nick_C
    I maintain they should not have been dropped.
    Carney is not very good at his job,how he got it, god knows.
    Bring back King.
    It was him I was stating , that the Br " could drop again".
    He certainly likes sticking his two pennyworth in.
    he's only after one thing, Pm of Canada.
    fat chance;
    Edit.
    They have just dropped Enhance rate to 0.25 from 0.75.
    Just had letter!
    Getting ready for switching second Classic plus ac perhaps !
    Still have to pay in £1k pm.
    as if.
    My 3 are empty and staying that way.
    Last edited by joe134; 19-10-2016 at 10:26 AM.
    • teddysmum
    • By teddysmum 19th Oct 16, 3:47 PM
    • 5,819 Posts
    • 3,432 Thanks
    teddysmum
    I maintain they should not have been dropped.
    Carney is not very good at his job,how he got it, god knows.
    Bring back King.
    Originally posted by joe134


    He's the one who's saying that politicians (specifically Theresa May, after recent comments) should not be interfering in Bank of England affairs, yet he was happy to be in Osborne's pocket .
    • pedroaw
    • By pedroaw 19th Oct 16, 8:44 PM
    • 2 Posts
    • 0 Thanks
    pedroaw
    Not only reduced interest but if you have more than one classic account they may transfer you to another account (I assume a lower interest paying one. E-mail text as follows -

    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.
    • Nick_C
    • By Nick_C 19th Oct 16, 9:10 PM
    • 2,488 Posts
    • 3,268 Thanks
    Nick_C
    First world problems...
    Originally posted by beefturnmail
    Well yes, but we are living in the "First World" and these problems affect us. If you want to discuss "Third World" problems, I imagine you will find sites set up for that.
    • joe134
    • By joe134 20th Oct 16, 7:04 AM
    • 2,926 Posts
    • 383 Thanks
    joe134
    Not only reduced interest but if you have more than one classic account they may transfer you to another account (I assume a lower interest paying one. E-mail text as follows -

    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.
    Originally posted by pedroaw
    It will be an Enhance a/c @0.25%, if, they do it, which I think they will.
    who decides which of the two a/cs, I don;t know, as mine are both maxed, it doesn;t matter, but then I probably will just shut both down then, and we both lose, , and spend it.
    • Mee
    • By Mee 20th Oct 16, 10:33 AM
    • 769 Posts
    • 789 Thanks
    Mee
    He's the one who's saying that politicians (specifically Theresa May, after recent comments) should not be interfering in Bank of England affairs, yet he was happy to be in Osborne's pocket .
    Originally posted by teddysmum

    I question the need for a IR cut too, but there is no evidence Carney is in anyone's pocket just a man who has a keen sense of what is good for the UK economy. Carney is thoroughly decent man unlike some politicians. A Harvard and Oxford alumnus (B.A., MA, and PhD in economics) who unfortunately worked for Goldman Sachs, but we can't all be perfect.


    http://business.financialpost.com/business-insider/two-moves-during-the-crisis-show-why-mark-carney-is-considered-one-of-the-shrewdest-central-bankers-in-the-world
    You can click the Thanks button if you want

    • teddysmum
    • By teddysmum 20th Oct 16, 4:37 PM
    • 5,819 Posts
    • 3,432 Thanks
    teddysmum
    It will be an Enhance a/c @0.25%, if, they do it, which I think they will.
    who decides which of the two a/cs, I don;t know, as mine are both maxed, it doesn;t matter, but then I probably will just shut both down then, and we both lose, , and spend it.
    Originally posted by joe134

    Perhaps, if one account is more active than the other (ie not just £500 in £500 out convenience), that will be the one retained.
    • Nick_C
    • By Nick_C 20th Oct 16, 4:58 PM
    • 2,488 Posts
    • 3,268 Thanks
    Nick_C
    ... there is no evidence Carney is in anyone's pocket just a man who has a keen sense of what is good for the UK economy. [/URL]
    Originally posted by Mee
    My only concern with Carney was his eagerness to get involved with the scaremongering in the run up to the Brexit vote.

    The currency and the economy rely on confidence as much as they do on hard facts, and think in this instance his remarks on Brexit were unhelpful.
    • xylophone
    • By xylophone 20th Oct 16, 5:25 PM
    • 19,179 Posts
    • 10,893 Thanks
    xylophone
    The currency and the economy rely on confidence as much as they do on hard facts, and think in this instance his remarks on Brexit were unhelpful.
    I was not at all impressed with his pre Brexit remarks - as for "hard facts", I wonder what facts he relies on for his "forward guidance"?
    • leilalovesthis
    • By leilalovesthis 21st Oct 16, 11:52 AM
    • 1 Posts
    • 0 Thanks
    leilalovesthis
    Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?


    I just noticed that I noted it in my spreadsheet of quick-check main T&Cs of the various accounts I hold.


    Doing a search online there is a reference to it in an old Yahoo Finance article from 2014 but haven't found it mentioned anywhere else.


    Need to re-read the full T&Cs of the account, but not hopeful...
    • TrustyOven
    • By TrustyOven 21st Oct 16, 12:29 PM
    • 436 Posts
    • 504 Thanks
    TrustyOven
    Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?


    I just noticed that I noted it in my spreadsheet of quick-check main T&Cs of the various accounts I hold.


    Doing a search online there is a reference to it in an old Yahoo Finance article from 2014 but haven't found it mentioned anywhere else.


    Need to re-read the full T&Cs of the account, but not hopeful...
    Originally posted by leilalovesthis
    In the 1 page T&C document I have, dated Jan 2014, it says rate is variable. No reference to "for life".
    Another T&C document I saved, 23 pages long dated March 2014, also has no reference to it.
    Goals
    Save £12k in 2014 #192
    (£4115.62 / £5k) (82.3%)
    Save £12k in 2016 #041 (£3487.50 / £6k) (58.1%)
    • bumpercars99
    • By bumpercars99 21st Oct 16, 3:39 PM
    • 46 Posts
    • 39 Thanks
    bumpercars99
    Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?


    I just noticed that I noted it in my spreadsheet of quick-check main T&Cs of the various accounts I hold.


    Doing a search online there is a reference to it in an old Yahoo Finance article from 2014 but haven't found it mentioned anywhere else.


    Need to re-read the full T&Cs of the account, but not hopeful...
    Originally posted by leilalovesthis
    The tv advertising campaign for these accounts definitely talked about not pulling you in with one rate then swapping it for another. I think it was written with reference to Nationwide with their 1 year deal but the message was clear that this was a permanent rate.

    I'm trying to think how long it was since this campaign ended as there is definitely an argument that people who joined late would have been better off with the 1 year fix.
    • xylophone
    • By xylophone 21st Oct 16, 4:45 PM
    • 19,179 Posts
    • 10,893 Thanks
    xylophone
    I remember TSB criticizes for those who is giving "a teasing rate".
    http://blog.which4u.co.uk/banking-and-savings-accounts/tsbs-classic-plus-campaign-none-of-the-usual-funny-stuff

    Well, the 5% did last for more than a year for those who got in at the beginning...........
    • jimjames
    • By jimjames 21st Oct 16, 8:11 PM
    • 10,841 Posts
    • 8,911 Thanks
    jimjames
    Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?
    Originally posted by leilalovesthis
    Nope. I can't see any account offering such a term.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • colsten
    • By colsten 21st Oct 16, 8:43 PM
    • 8,144 Posts
    • 6,638 Thanks
    colsten
    Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?
    Originally posted by leilalovesthis
    Afraid, the best you can find is that they don't "whip the five percent interest away after the first year". And that's only in the Marketing bumph, not in the T&Cs.

    • Westie983
    • By Westie983 21st Oct 16, 9:40 PM
    • 3,219 Posts
    • 12,599 Thanks
    Westie983
    It was running for more then a year though so this statement above is correct, and most bank account are variable interest and not fixed, so changes can and have been made on most bank accounts, and will continue to do so, as the market dictates.
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
    • eskbanker
    • By eskbanker 22nd Oct 16, 12:16 AM
    • 3,628 Posts
    • 3,251 Thanks
    eskbanker
    Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?
    Originally posted by leilalovesthis
    Nope. I can't see any account offering such a term.
    Originally posted by jimjames
    Santander used to offer free business banking forever, which caused plenty of grief when they wanted to backtrack on that: http://forums.moneysavingexpert.com/showthread.php?t=4074653
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