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

Former_MSE_Helen
Former MSE Posts: 2,382 Forumite
"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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TSB to pay 5% interest on new current account – is it any good?

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.
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Comments
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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).0 -
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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%0 -
WishICouldFindMySlippers wrote: »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 can0 -
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.0 -
So is this better than nationwide's Flexdirect?0
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CreditCrunchie wrote: »So is this better than nationwide's Flexdirect?
Is it better for you, now that you're able to compare based on your own situation?0 -
CreditCrunchie wrote: »So is this better than nationwide's Flexdirect?0
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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.html0 -
It's a good home for most of the money in the Nationwide flexdirects coming up to their first anniversary.0
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