MSE News: TSB to pay 5% interest on new current account – is it any good?

Options
"TSB's Plus account is the bank's first new current account since it split from Lloyds in September last year..."
Read the full story:

TSB to pay 5% interest on new current account – is it any good?

OfficialStamp.gif

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
«13456712

Comments

  • redux
    redux Posts: 22,976 Forumite
    Name Dropper First Anniversary First Post
    Options
    I'm a bit confused by this comment:

    MoneySavingExpert.com money analyst Helen Saxon says: "The interest is on the low side compared with other best buy interest-paying current accounts.

    This is just below a table comparing what it says are the best accounts, and which does not show any interest rate higher than 5% (albeit that there are different maximum qualifying balances).
  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
    First Post Combo Breaker
    Options
    redux wrote: »
    I'm a bit confused by this comment:

    MoneySavingExpert.com money analyst Helen Saxon says: "The interest is on the low side compared with other best buy interest-paying current accounts.

    Dont spend time picking mistakes in their "analysts" journalism, you'll be there all day :D
  • Hopefully we'll be allowed more than one of these....
    Sealed Pot #355 - £162.29 (£150 banked) / £355 46%
    Virtual Sealed Pot #159 £11.75
    Nielson Mobile Rewards: £10 Argos vouchers
    Consumer Pulse: £50 Argos vouchers
    SwagBucks: £40 Amazon
    House Deposit: £3600/£8000 45%
  • InsideInsurance
    InsideInsurance Posts: 22,460 Forumite
    First Post Combo Breaker
    Options
    Hopefully we'll be allowed more than one of these....

    http://forums.moneysavingexpert.com/showthread.php?t=4919532

    As per the news article, the current draft of the terms suggest that you can
  • tuggy12
    tuggy12 Posts: 1,314 Forumite
    Name Dropper First Post First Anniversary
    Options
    redux wrote: »
    I'm a bit confused by this comment:

    MoneySavingExpert.com money analyst Helen Saxon says: "The interest is on the low side compared with other best buy interest-paying current accounts.

    This is just below a table comparing what it says are the best accounts, and which does not show any interest rate higher than 5% (albeit that there are different maximum qualifying balances).



    She's talking about the amount of interest p.a. rather than the interest rate.
  • CreditCrunchie
    Options
    So is this better than nationwide's Flexdirect?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    So is this better than nationwide's Flexdirect?
    In some ways, yes. In other ways, no.


    Is it better for you, now that you're able to compare based on your own situation?
  • DragonQ
    DragonQ Posts: 2,193 Forumite
    First Anniversary First Post
    Options
    So is this better than nationwide's Flexdirect?
    Depends. You can't have as much in the account (unless they allow multiple accounts to all give 5% interest) but the 5% lasts for the life of the account rather than just for one year.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    edited 12 March 2014 at 7:05PM
    Options
    DragonQ wrote: »
    but the 5% lasts for the life of the account

    I doubt that. I bet it will be 5% variable. So they could in theory drop it before a year is out.

    EDIT: Won my bet: http://www.abouttsb.co.uk/press_and_media/news_releases/12_03_2014_5_per_cent_interest_from_the_bank_acount_thats_not_like_other_bank_accounts.html
  • apt
    apt Posts: 3,189 Forumite
    Name Dropper First Post First Anniversary
    Options
    It's a good home for most of the money in the Nationwide flexdirects coming up to their first anniversary.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.6K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.8K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards