TSB Classic Plus

Robisere

Hello.
OH and I have a Joint FlexDirect account with Nationwide. We have banked with them in one form or another since 2007, never had any real problems and always had good service. However, the FlexDirect rate of 5% AER is now ending, and reverting to 1%. We failed to realise that it was a finite rate. It also annoys us that NW closed the small branch in town, just a short drive from our village. We use Internet Banking, but there are occasions when we have to visit a branch. That means a 40+ round trip to the nearest branch.

My question is: can anyone tell us if the TSP Classic Plus account rate of 5% AER, has a time limit? We went to the local branch in town with our DGD to set up a Classic Plus account for her, using the funds from the Junior ISA that we set up for all our 4 grandchildren. At the time, we were impressed with the branch staff and the bank. We may be interested in the Classic Plus account, but have read here that others use it as one of several different banks. We are not looking for that; if we move at all, it will be the whole switch, as we are retired Seniors with a fixed income.

Any advice and/or information would be useful, thanks for responses.

YorkshireBoy

TSB Plus doesn't have a "time limit", but since you've already been caught out once with Nationwide perhaps you ought to check for yourself by reading the account T&Cs (shouldn't take long as only one page!) on their website?

However, the rate is variable so could change at any time (with 60 days notice of course).

Whilst I have a few Plus accounts with them I don't actually 'use' them as current accounts. But their online banking is based on Lloyds & Halifax/BoS, which I personally like.

Can't really comment on branch service, other than account opening which was OK.

katejo

Robisere wrote: »

Hello.
OH and I have a Joint FlexDirect account with Nationwide. We have banked with them in one form or another since 2007, never had any real problems and always had good service. However, the FlexDirect rate of 5% AER is now ending, and reverting to 1%. We failed to realise that it was a finite rate. It also annoys us that NW closed the small branch in town, just a short drive from our village. We use Internet Banking, but there are occasions when we have to visit a branch. That means a 40+ round trip to the nearest branch.

My question is: can anyone tell us if the TSP Classic Plus account rate of 5% AER, has a time limit? We went to the local branch in town with our DGD to set up a Classic Plus account for her, using the funds from the Junior ISA that we set up for all our 4 grandchildren. At the time, we were impressed with the branch staff and the bank. We may be interested in the Classic Plus account, but have read here that others use it as one of several different banks. We are not looking for that; if we move at all, it will be the whole switch, as we are retired Seniors with a fixed income.

Any advice and/or information would be useful, thanks for responses.

A time limit to do what? I have just set myself up a Classic Plus account but not for the whole switch, just as an extra savings account.

YorkshireBoy

katejo wrote: »

A time limit to do what?

FlexDirect was 5% for the first 12 months only. OP is asking if TSB Plus is the same.

Robisere

Thanks for the intervention, Yorkie! ; )

I have downloaded all the relevant PDF's regarding the TSB Classic Plus and will check them over. We know the rate is variable, but at least it will not (hopefully) go as low as 1%! If it does, time to consider a switch again.

We would use it as our main account.

System

The FlexDirect intro offer is actually quite irritating if your actually using it as your main account; whereas if your not, you can just close and move on without a second thought.

I wouldn't switch your account(s) to TSB, just open the TSB account(s) and move your payments across yourself - then downgrade FlexDirect to FlexAccount in branch.

Robisere wrote: »

Thanks for the intervention, Yorkie! ; )

I have downloaded all the relevant PDF's regarding the TSB Classic Plus and will check them over. We know the rate is variable, but at least it will not (hopefully) go as low as 1%! If it does, time to consider a switch again.

We would use it as our main account.