MSE News: TSB Enhance customer? Consider switching now as rates will be slashed

500,000 TSB customers with its Enhance current account should consider switching now, as the bank is cutting rates...
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TSB Enhance customer? Consider switching now as rates will be slashed

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  • dr_adidas01
    dr_adidas01 Posts: 2,133
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    Or open a Classic Plus Account as it will give you 5% AER on balances upto £2,000.

    Whats with all this scaremongering and saying people should switch, no doubt you'll want them all to switch to First Direct who offer even less interest on their current accounts!!
    Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:
  • anoncol
    anoncol Posts: 982 Forumite
    Hi, does mse ever reply to questions on their articles ?
  • Mr_Goodkat
    Mr_Goodkat Posts: 432 Forumite
    Or open a Classic Plus Account as it will give you 5% AER on balances upto £2,000.

    Whats with all this scaremongering and saying people should switch, no doubt you'll want them all to switch to First Direct who offer even less interest on their current accounts!!


    Unfortunately people like me have already maxed out the Classic Plus accounts whilst retaining the TSB Enhance Accounts so will have to find a new home for this money but with 30+ current accounts I am running out of decent interest homes for my money. I already moved £15k from Lloyds Vantage accounts to my FD ISA when the rates on Vantage dropped but FD are reducing the ISA from 2% to 1.5% in October so need to look for a better home for that as well.


    Only place I have to go is BOS as still offering Vantage but might be better waiting on a no vote in September...


    My best option may be to use the cash to pay a chunk off my mortgage.
  • Chjaka
    Chjaka Posts: 72 Forumite
    Mr_Goodkat wrote: »
    Unfortunately people like me have already maxed out the Classic Plus accounts whilst retaining the TSB Enhance Accounts so will have to find a new home for this money but with 30+ current accounts I am running out of decent interest homes for my money.

    If it's any consolation Mr Goodkat, there are a few of us that will be in the same boat. After maxing out our final two 123 accounts and opening up four Tesco Current accounts @ 3% on £3000 I'll have exhausted all of the decent rates. Time for a major re-think, anyone got any bright ideas?
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    Chjaka wrote: »
    If it's any consolation Mr Goodkat, there are a few of us that will be in the same boat. After maxing out our final two 123 accounts and opening up four Tesco Current accounts @ 3% on £3000 I'll have exhausted all of the decent rates. Time for a major re-think, anyone got any bright ideas?
    3 x Santander 1-2-3
    3 x Nationwide FlexDirect
    6 x TSB Plus
    3 x Club Lloyds
    6 x BoS Vantage
    4 x Tesco

    Will get you 3-5% AER on up to £136.5K

    Do you need so much in cash between you as a couple?

    Some alternatives:

    S&S ISAs
    Pensions
    Pay off/down mortgage
    P2P
  • Mr_Goodkat
    Mr_Goodkat Posts: 432 Forumite
    3 x Santander 1-2-3
    3 x Nationwide FlexDirect
    6 x TSB Plus
    3 x Club Lloyds
    6 x BoS Vantage
    4 x Tesco

    Will get you 3-5% AER on up to £136.5K

    Do you need so much in cash between you as a couple?

    Some alternatives:

    S&S ISAs
    Pensions
    Pay off/down mortgage
    P2P


    Flex Direct only pays 5% for twelve months before dropping down so ditched and switched already!
  • Chjaka
    Chjaka Posts: 72 Forumite
    3 x Santander 1-2-3
    3 x Nationwide FlexDirect
    6 x TSB Plus
    3 x Club Lloyds
    6 x BoS Vantage
    4 x Tesco

    Will get you 3-5% AER on up to £136.5K

    Do you need so much in cash between you as a couple?

    Some alternatives:

    S&S ISAs
    Pensions
    Pay off/down mortgage
    P2P

    Exhausted all those options, I was hoping there was something I've missed. Looks like it will be a case of either paying the mortgage down (which wouldn't be a bad idea if the base rate is about to start climbing) or drip feeding a tracker fund.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    Mr_Goodkat wrote: »
    Flex Direct only pays 5% for twelve months before dropping down so ditched and switched already!
    Wonder if Chjaka is the same? Even if they are, £7.5K off £136.5K still leaves a very large number. :)


    Maybe it could be offset a little by a brace (three?) of YB/CB Current Account Directs. Only 2% AER now though, not the 4% AER I and other early adopters are still enjoying.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    Chjaka wrote: »
    Exhausted all those options, I was hoping there was something I've missed. Looks like it will be a case of either paying the mortgage down (which wouldn't be a bad idea if the base rate is about to start climbing) or drip feeding a tracker fund.
    Regular Savers? Eg FD, Club Lloyds, et al
  • Chjaka
    Chjaka Posts: 72 Forumite
    Regular Savers? Eg FD, Club Lloyds, et al

    Alas, FD, Club and HSBC regular savers all accounted for (see what I did there) and only adding to the problem on maturity, plus I have to wait until February before I can get back on the Flexdirect train.
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