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  • FIRST POST
    • dreaming
    • By dreaming 12th Oct 16, 5:13 PM
    • 644Posts
    • 2,771Thanks
    dreaming
    TSB Classic Plus rate/limit changing
    • #1
    • 12th Oct 16, 5:13 PM
    TSB Classic Plus rate/limit changing 12th Oct 16 at 5:13 PM
    So TSB have cut their rate on their Classic Plus account to 3% from January 2017. This will be payable on £1500 instead of the current £2000.


    Oh well, it was good while it lasted.
Page 1
    • GTR King
    • By GTR King 12th Oct 16, 6:10 PM
    • 719 Posts
    • 134 Thanks
    GTR King
    • #2
    • 12th Oct 16, 6:10 PM
    • #2
    • 12th Oct 16, 6:10 PM
    O well I now need to move that money to another account which pays good interest
    • Silvertabby
    • By Silvertabby 12th Oct 16, 6:12 PM
    • 1,818 Posts
    • 2,241 Thanks
    Silvertabby
    • #3
    • 12th Oct 16, 6:12 PM
    • #3
    • 12th Oct 16, 6:12 PM
    Pity. we have 3 TSB accounts, currently getting 5% on £2K each - one each plus a joint account.
    • GTR King
    • By GTR King 12th Oct 16, 6:14 PM
    • 719 Posts
    • 134 Thanks
    GTR King
    • #4
    • 12th Oct 16, 6:14 PM
    • #4
    • 12th Oct 16, 6:14 PM
    Shame as there no good interest rate current account at moment so might have to close it or just downgrade it to classic account
    • badger09
    • By badger09 12th Oct 16, 6:29 PM
    • 5,436 Posts
    • 4,681 Thanks
    badger09
    • #5
    • 12th Oct 16, 6:29 PM
    • #5
    • 12th Oct 16, 6:29 PM
    Shame as there no good interest rate current account at moment so might have to close it or just downgrade it to classic account
    Originally posted by GTR King
    Why? There is no account fee
    • neptcury
    • By neptcury 12th Oct 16, 6:30 PM
    • 12 Posts
    • 12 Thanks
    neptcury
    • #6
    • 12th Oct 16, 6:30 PM
    • #6
    • 12th Oct 16, 6:30 PM
    From an email I received

    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.

    The Enhance account pays 0.75% up to £5000
    • xylophone
    • By xylophone 12th Oct 16, 6:35 PM
    • 23,482 Posts
    • 13,657 Thanks
    xylophone
    • #7
    • 12th Oct 16, 6:35 PM
    • #7
    • 12th Oct 16, 6:35 PM
    we may
    What on earth does this mean? We are permitted to? We shall? We might?
    • GTR King
    • By GTR King 12th Oct 16, 6:36 PM
    • 719 Posts
    • 134 Thanks
    GTR King
    • #8
    • 12th Oct 16, 6:36 PM
    • #8
    • 12th Oct 16, 6:36 PM
    I know but 3% is rubbish o well
    • missile
    • By missile 12th Oct 16, 6:37 PM
    • 8,993 Posts
    • 4,374 Thanks
    missile
    • #9
    • 12th Oct 16, 6:37 PM
    • #9
    • 12th Oct 16, 6:37 PM
    From an email I received

    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.

    The Enhance account pays 0.75% up to £5000
    Originally posted by neptcury
    I have 6 Classic Plus and have not received this e mail ............... yet
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 16, 6:42 PM
    • 29,541 Posts
    • 17,355 Thanks
    YorkshireBoy
    What on earth does this mean? We are permitted to? We shall? We might?
    Originally posted by xylophone
    1 and 3, but not 2 (but you knew that anyway).


    Lots of banks have similar wording in the T&Cs (Santander & Halifax spring to mind), but they don't always carry out their threats...at least haven't done yet anyway.
    • Dan83
    • By Dan83 12th Oct 16, 6:44 PM
    • 638 Posts
    • 257 Thanks
    Dan83
    Nothing lasts for ever and 3% is still better then nothing. I will of got 12 months out of mine. I'll put the spare £500 in P2P.
    • YorkshireBoy
    • By YorkshireBoy 12th Oct 16, 6:44 PM
    • 29,541 Posts
    • 17,355 Thanks
    YorkshireBoy
    I have * Classic Plus and have not received this e mail ............... yet
    Originally posted by missile
    Can we save the bragging until they actually do it? (And then we'll see who's the daddy!...someone else is already boasting 3 more than you on another thread. )
    • Kim_13
    • By Kim_13 12th Oct 16, 6:47 PM
    • 1,363 Posts
    • 1,718 Thanks
    Kim_13
    I think I will go for some more premium bonds with the money and move my Emergency Fund to TSB. 3% is a decent rate but at £3 something a month I don't feel that I have to keep it full at all times.
    Sealed Pot 11 #520 ~ /£100
    VSP 2017 #9 ~ £108.83/£250.00
    CCCC 2017 #1 ~ £200.95/£120.00

    I'm a Board Guide on the Savings and Investments , Budgeting and Bank Accounts , Credit Cards and Marriage, Relationships and Families boards which means I volunteer to help get your forum questions answered and keep the forum running smoothly. Please remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this.) Any views are mine and not the official line of MoneySavingExpert.com
    • neptcury
    • By neptcury 12th Oct 16, 6:52 PM
    • 12 Posts
    • 12 Thanks
    neptcury
    Not sure if it's allowed, as I can't post attachments, but here's the new T&C's

    http://www.filedropper.com/classicplusaccounttermsandconditions

    Click on 'Download This File'
    Last edited by neptcury; 12-10-2016 at 6:55 PM.
    • Snakey
    • By Snakey 12th Oct 16, 7:40 PM
    • 1,004 Posts
    • 1,219 Thanks
    Snakey
    3% is my magic number because that's what the fix on my mortgage is. Any lower and I'm cursing the rules about maximum overpayments allowed in a year. TSB also does cashback, so even if they went to zero interest I'd keep it until September next year (albeit with only £100 in it).

    I don't fancy trying to chase huge returns in the stock market, since I'm saving to pay off my mortgage when the fixed rate runs out, so the only account I'm thinking of closing is my Santander one - I was making money vs the fee because I make monthly overpayments on the mortgage (my utility bills are a drop in the ocean against that), but at 1.5% it may be better to pay the whole year's overpayment on 1 January and close the account rather than paying the fee and spreading the mortgage payments to get the 1% cashback. (If anybody fancies working that one out for me I'd be very grateful. )
    • djpailo
    • By djpailo 12th Oct 16, 10:00 PM
    • 428 Posts
    • 143 Thanks
    djpailo
    I know but 3% is rubbish o well
    Originally posted by GTR King
    3% is pretty damn good. The highest rates for current accounts/ easy access savers post February, at the moment, will be Nationwide at 5% (every other year), then the next best is 3% with Tesco, Bank of Scotland and TSB.
    • teddysmum
    • By teddysmum 12th Oct 16, 10:55 PM
    • 8,522 Posts
    • 5,052 Thanks
    teddysmum
    3% is pretty damn good. The highest rates for current accounts/ easy access savers post February, at the moment, will be Nationwide at 5% (every other year), then the next best is 3% with Tesco, Bank of Scotland and TSB.
    Originally posted by djpailo
    Tesco have yet to make a move.
    • Dan83
    • By Dan83 12th Oct 16, 11:07 PM
    • 638 Posts
    • 257 Thanks
    Dan83
    Tesco have yet to make a move.
    Originally posted by teddysmum
    In the next few months Tesco will be the best bank to go for, £6000 in 2 current accounts earning 3%.

    Unless they change it of course.
    They could find themselves the most recommended current account with doing anything.
    • teddysmum
    • By teddysmum 13th Oct 16, 12:32 AM
    • 8,522 Posts
    • 5,052 Thanks
    teddysmum
    In the next few months Tesco will be the best bank to go for, £6000 in 2 current accounts earning 3%.

    Unless they change it of course.
    They could find themselves the most recommended current account with doing anything.
    Originally posted by Dan83


    I think they will follow suit, as they are already ahead, having no ins and outs conditions.
    • bigadaj
    • By bigadaj 13th Oct 16, 6:43 AM
    • 10,738 Posts
    • 7,026 Thanks
    bigadaj
    I think they will follow suit, as they are already ahead, having no ins and outs conditions.
    Originally posted by teddysmum
    But those shaking it all about conditions are pretty onerous.
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