TSB Monthly Saver rate to drop

[Deleted User]

Crag30 wrote: »

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.

That's the way I read the letter. Nothing in it says that the Monthly Saver rate is changing or dropping.

derrick

Deleted_User wrote: »

That's the way I read the letter. Nothing in it says that the Monthly Saver rate is changing or dropping.

As I pointed out, "notice the first sentence under heading "We're here to help", it states:- "As the interest rate on your account is changing"

And as the letter is in relation to my TSB Monthly Saver then the rate is changing, we just don't know to what.

.

[Deleted User]

derrick wrote: »

As I pointed out, "notice the first sentence under heading "We're here to help", it states:- "As the interest rate on your account is changing"

And as the letter is in relation to my TSB Monthly Saver then the rate is changing, we just don't know to what.

.

Sorry. I think the letter is saying that the monthly saver is ending, your account transmutes into another account (an instant access account) but inviting you to apply for another monthly saver. The reference to a changing interest rate is a reference to your account going from the monthly saver rate to the easysaver rate. That's all.

The monthly saver rate may well be dropping from 5% to 2% for new accounts and renewals, as discussed on this thread, but the letter doesn't confirm that, or refute that. It's neutral.

B_G_B

Deleted_User wrote: »

Sorry. I think the letter is saying that the monthly saver is ending, your account transmutes into another account (an instant access account) but inviting you to apply for another monthly saver. The reference to a changing interest rate is a reference to your account going from the monthly saver rate to the easysaver rate. That's all.

The monthly saver rate may well be dropping from 5% to 2% for new accounts and renewals, as discussed on this thread, but the letter doesn't confirm that, or refute that. It's neutral.

I agree. This is a standard type of notification that I receive on maturity of most / all regular savers and is a red herring with regards to wether the Regular saver rate is or is not changing for new applications in the future.

Plus

B_G_B wrote: »

I agree. This is a standard type of notification that I receive on maturity of most / all regular savers and is a red herring with regards to wether the Regular saver rate is or is not changing for new applicants in the future.

I got one of those too, and I assumed it was jus the standard letter. What puzzled me is I was 2 months out from the end of the Monthly Saver when they sent it. That's unusual because usually those letters are sent about a month ahead in an 'act now' kind of way - contact us to decide your options. Because they sent the letter so far ahead of time there's nothing I can act upon - it has to sit in the in-tray waiting for such time as I can do something about it.

Unless this is as a result of new rules about informing customers about rate changes a long way ahead of time? Which surely don't apply to accounts where we knew the rate would drop when we signed up?

[Deleted User]

Plus wrote: »

I got one of those too, and I assumed it was jus the standard letter. What puzzled me is I was 2 months out from the end of the Monthly Saver when they sent it. That's unusual because usually those letters are sent about a month ahead in an 'act now' kind of way - contact us to decide your options. Because they sent the letter so far ahead of time there's nothing I can act upon - it has to sit in the in-tray waiting for such time as I can do something about it.

Unless this is as a result of new rules about informing customers about rate changes a long way ahead of time? Which surely don't apply to accounts where we knew the rate would drop when we signed up?

Maybe you should act now to "book" your new Monthly Saver to start in 2 months time, thereby getting it at the 5% rate. If they tell you that you cant do this, show them the letter which clearly invites you to act now to open a new Monthly Saver.

Goldiegirl

Deleted_User wrote: »

Maybe you should act now to "book" your new Monthly Saver to start in 2 months time, thereby getting it at the 5% rate. If they tell you that you cant do this, show them the letter which clearly invites you to act now to open a new Monthly Saver.

That would mean that a person would have 2 monthly savers open at the same time which is not allowed.


My letter says that my current MS is coming to an end on 9 August.


The letter clearly say what happens next


One of those options for what happens next is opening a new MS account - so it's clearly after maturity of the present MS account.


If it goes down to 2% at the end of July, I won't bother

planteria

Goldiegirl wrote: »

If it goes down to 2% at the end of July, I won't bother

nor will i. and that can't be done Hattie. i agree with Plus that it is ridiculously early.. you can't set up a new Monthly Saver until after your existing one has matured and transferred into the Easy Saver.

masonic

Thanks for the heads up planteria. I think there is enough in this thread to make me nervous about the future rate, so I'll open one up now rather than waiting until early July, when I planned to replace a different RS that will be maturing.

planteria

i would.
as above, if it drops to 2% i will then hang off. if it goes back to 5% i'll start a new one then.