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

Former_MSE_Helen

"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

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

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

WishICouldFindMySlippers

Hopefully we'll be allowed more than one of these....

InsideInsurance

WishICouldFindMySlippers wrote: »

Hopefully we'll be allowed more than one of these....

https://forums.moneysavingexpert.com/discussion/4919532

As per the news article, the current draft of the terms suggest that you can

tuggy12

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

So is this better than nationwide's Flexdirect?

YorkshireBoy

CreditCrunchie wrote: »

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

CreditCrunchie wrote: »

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

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

It's a good home for most of the money in the Nationwide flexdirects coming up to their first anniversary.