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

"TSB's Plus account is the bank's first new current account since it split from Lloyds in September last year..."
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TSB to pay 5% interest on new current account – is it any good?

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  • redux
    redux Forumite Posts: 22,974
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    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 Forumite Posts: 22,460
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    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....
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  • InsideInsurance
    InsideInsurance Forumite Posts: 22,460
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    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 Forumite Posts: 1,314
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    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
    CreditCrunchie Forumite Posts: 473 Forumite
    So is this better than nationwide's Flexdirect?
  • YorkshireBoy
    YorkshireBoy Forumite Posts: 31,541
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    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 Forumite Posts: 2,192
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    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 Forumite Posts: 9,681
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    edited 12 March 2014 at 7:05PM
    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 Forumite Posts: 3,187
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    It's a good home for most of the money in the Nationwide flexdirects coming up to their first anniversary.
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