TSB Monthly Saver rate to drop

YorkshireBoy

teddysmum wrote: »

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

Why visit branch? What's wrong with applying online...for both accounts? Don't you do online banking?

harz99

Here:


http://www.tsb.co.uk/plusness/?WT.ac=A00199

markwilkinson

I am grateful for this warning - true or not. I am fully committed elsewhere so wasn't in a position to commit to the regular saver, but hearing about the potential rate drop I have just quickly openened one online. Thank you for the warning, much appreciated!

YorkshireBoy

markwilkinson wrote: »

I am fully committed elsewhere so wasn't in a position to commit to the regular saver, but hearing about the potential rate drop I have just quickly openened one online.

If by "fully committed elsewhere" you mean you have cash in the 5% paying current accounts such as TSB and Nationwide, you'd still be better opening the TSB regular saver ASAP and funding from one of the 5% current accounts thereby running those balances down in order to do so.

markwilkinson

YorkshireBoy wrote: »

If by "fully committed elsewhere" you mean you have cash in the 5% paying current accounts such as TSB and Nationwide, you'd still be better opening the TSB regular saver ASAP and funding from one of the 5% current accounts thereby running those balances down in order to do so.

That's what I concluded YB, just got the wife to open one too, now that she's home. We both have commitments to previously opened regular savers and S&S ISA's etc think we have to find some further cuts in the household budget for a few months! Worth doing though.

teddysmum

YorkshireBoy wrote: »

Why visit branch? What's wrong with applying online...for both accounts? Don't you do online banking?

A joint account has to be done in branch.

guitarman001

badger09 wrote: »

Yes you did. Or at least, you would have done if, as you said you had, you'd read the link I posted:cool:
(459)

https://forums.moneysavingexpert.com/discussion/4818555


What do the T&C say about fixed/variable? To make it easier for you, I've enclosed the relevant link;)


http://www.santander.co.uk/uk/savings/regular-esaver

Apologies! But thanks.
And so now I have a Santander and TSB Regular Saver...
Still... I've a lot of money sitting around doing nothing...
And I need to decide VERY (days) soon what to do with the £13k in my NS&I certs which are maturing...

derrick

Received the following letter a few weeks ago, notice the first sentence under heading "We're here to help": -




.

Be_Happy

This letter makes it obvious the rate is changing (ie dropping!!). Don't know why those who received letters didn't get the same wording.

Over the years I've had very good service from my local branch and I'm glad the bank clerk was considerate enough to give me this warning. Perhaps the actual rate is still under discussion and his quote of 2% was a 'worst case scenario' but at least he was honest about the drop.

Fair enough those who received a 'don't know' or 'haven't heard' response to the change question, but I would be seriously annoyed if I were one of those posters who had been 'assured' that no drop was coming.

EDIT: Sorry my mistake. The letter is obviously referring to the change from Regular Saver rates to ordinary savings rates.

Crag30

Be_Happy wrote: »

This letter makes it obvious the rate is changing (ie dropping!!). Don't know why those who received letters didn't get the same wording.

Over the years I've had very good service from my local branch and I'm glad the bank clerk was considerate enough to give me this warning. Perhaps the actual rate is still under discussion and his quote of 2% was a 'worst case scenario' but at least he was honest about the drop.

Fair enough those who received a 'don't know' or 'haven't heard' response to the change question, but I would be seriously annoyed if I were one of those posters who had been 'assured' that no drop was coming.

The rate does drop after 12 months as the money gets moved into the e-saver. But I don't see anything in this letter, or the similar one I received that says anything about the monthly saver's rate dropping.