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

Chjaka

The banks have really started to tighten up on their potential exposure; the number of accounts you can hold and the amount in each is dwindling fast.

Halifax limited the numbers of free fivers you could get.

Santander's 123 account used to be unlimited, now they've reduced them down to two per person. Max 60K per couple.

Lloyds: The vantage accounts with lloyds was a potential £30k, the club accounts have now reduced this to £15k

TSB: Again the Enhance accounts were a potential £30k, the Plus accounts have now reduced this to £12k

Looks like the days of multiple accounts to keep your savings above inflation are coming to an end and while the banks can still flaunt a headline rate, albeit a very much limited one, saving accounts proper will remain paltry.

chamelion

YorkshireBoy wrote: »

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

hang on, is it possible to have 3 123 accounts? I thought they only pay interest on 2? Or does the third have to be a joint account or something?

YorkshireBoy

chamelion wrote: »

hang on, is it possible to have 3 123 accounts? I thought they only pay interest on 2? Or does the third have to be a joint account or something?

One sole plus one joint these days.

chamelion

YorkshireBoy wrote: »

One sole plus one joint these days.

right, great - thanks!

Could each of us get a joint? i.e. I have 1 sole 1 joint with her, she has 1 sole and 1 joint with me. Or does joint automatically add the account to her online banking too?

badger09

chamelion wrote: »

right, great - thanks!

Could each of us get a joint? i.e. I have 1 sole 1 joint with her, she has 1 sole and 1 joint with me. Or does joint automatically add the account to her online banking too?

Yes, but it would be the same joint account

If you have a sole account, your wife has a sole account, and you share a joint account, you will both be able to access the joint account and your own sole account in online banking, but not each other's sole account :cool:

colsten

I am pretty sure people have reported that they have 6 TSB Plus accounts between 2 people - 2 sole ones each, and 2 joint ones. But they seem to be the only bank with this generous rule, all other banks seem to limit to one joint one for their interest-paying accounts.

Butterfly_Brain

Not just TSB but Halifax are slashing their rates as well.

anoncol

colsten wrote: »

I am pretty sure people have reported that they have 6 TSB Plus accounts between 2 people - 2 sole ones each, and 2 joint ones. But they seem to be the only bank with this generous rule, all other banks seem to limit to one joint one for their interest-paying accounts.

Can you set up joint TSB accounts online? I read earlier that people had to go into a branch. Is this still true? I think we need to get those accounts opened incase they change the T&C.

Steve_xx

Butterfly_Brain wrote: »

Not just TSB but Halifax are slashing their rates as well.

Interesting - which Halifax account/s are you talking about?

Gromitt

Steve_xx wrote: »

Interesting - which Halifax account/s are you talking about?

Probably the cash ISA, although it wasn't that good to begin with!