TSB Monthly Saver rate to drop

teddysmum

YorkshireBoy wrote: »

There's a distinct lack of "adverts" or even mentions of '555' on their website.

Even a google search only brings up 3rd party reviews of '555', and the only TSB google hit relating to '555' points to the TSB press release last year in their media centre.

So I'm not sure where they've spent their money on "adverts"? Press?...Buses?...branch windows?

He said 'just spent' so perhaps they haven't been released, yet.

teddysmum

He didn't say that he couldn't comment. He actually said the staff had no information, but are informed if changes are imminent.

planteria

PeacefulWaters wrote: »

Am I right to say there is absolutely no evidence that the 5% rate is being removed?

two contributors, myself and Be Happy, have independently shared that we have been told that the rate is to be cut to 2%. do you consider this to be evidence?

Crag30

I was told today that I could open another online after mine matures on 30th June at the 5% rate.

Westie983

YorkshireBoy wrote: »

There's a distinct lack of "adverts" or even mentions of '555' on their website.

Even a google search only brings up 3rd party reviews of '555', and the only TSB google hit relating to '555' points to the TSB press release last year in their media centre.

So I'm not sure where they've spent their money on "adverts"? Press?...Buses?...branch windows?

TSB adverts are currently on TV in the early evening, with a boy with balloons, mentioning the 5% rate, (notably its about the current account and not the regular saver)

It may be also worth noting the imminent closure of branches due to the digital age, so it could well mean a drop in rates.

As my experience in other threads, staff only get notice of rate changes a few days before it happens, if at all (ISA rates change overnight, or terms pulled, and only know when you try to open a new product or customer asks for rates)

So I would say that the rate change may happen but I did ask in my local branch today, and they didn't know anything about it, (as a bank colleague Im sure they would have said something if they had notification already)

Just need to wait, but as the other banks have dropped their savings rates recently to meet the market, maybe they will keep it the same (Average RS rates is 4.5%)

;-)

apt

TSB has removed the 5% Monthly Saver from its 'plusness' blurb. Instead there's up to £5 per month cashback on a credit card. I suspect the 5% rate will go before the accounts can be opened again for another year.

PeacefulWaters

planteria wrote: »

two contributors, myself and Be Happy, have independently shared that we have been told that the rate is to be cut to 2%. do you consider this to be evidence?

I suppose it is. I find the other information around advertising more compelling. It does suggest a change is coming.

I'm always a little cautious about believing what bank staff tell me (especially call centres). Best guess responses aren't uncommon.

planteria

you might be right to doubt staff, but i didn't start the thread to mislead people, and another contributor that is unknown to me has been given concurrent information.
we'll see. i hope i've been told wrong.

teddysmum

The news is bad.


I have just rung to book an appointment to set up current and monthly saver accounts, as we can only manage a Saturday.


There is a waiting list, so I mentioned that I was concerned about rumours that the monthly saver rate was about to fall....and the young man confirmed that the rate drops after 30th of June.


They can't sort an appointment for us until June 25th and I wanted to set up a standing order in the range 20th to 24th , but as long as the saver is opened before 30th,the 5% will be honoured for payments starting within a month of opening.(I'm sure most know this).

EarthBoy

teddysmum wrote: »

Are they separate, now ? If so, that's good as TSB won't be tied to their policies.

TSB is now owned by the Spanish banking group, Sabadell.

http://www.tsb.co.uk/sabadell-information/