TSB Current account change of interest rate?!

bigfreddiel

These questionnaires are a complete wast of time, they collect and analyse the results, then ignore it and do what they want to do regardless.

Does anyone really think by saying they will be closing their account if the rate is dropped has any affect, other than making you feel better?

No I didn't think so!

That's why I just binned mine.

Cheers fj

savings_my_hobby

YorkshireBoy wrote: »

Really? Mine is variable, as per their website and account T&Cs. Are you a special case?

On the radio the other day they announced that Nationwide intends for the flexclusive regular saver to stay at 5%, which means I can open another one in January.

djpailo

Its frustrating but not unexpected. I wonder if Nationwide will remove the 5% Flex current account. I also wonder what HSBC group will do with their 6% savers.

teddysmum

savings_my_hobby wrote: »

On the radio the other day they announced that Nationwide intends for the flexclusive regular saver to stay at 5%, which means I can open another one in January.

It does say on the website, in an announcement about most rates being cut, that some ,including the Flexclusive account are unaffected, but that doesn't mean that the current version won't be closed to future investors.

bigfreddiel

Well to be honest, the sooner they all cut their rates to ridiculously low amounts the better, that will give me the incentive to stop messing around with these accounts, organising direct debits, organising the minimum pay in to get the interest. I should have done this years ago, but it's time to invest it into my equity portfolio.

I was comfortable with 3% but now inflation is on the up interest is on the way down, my state pension has pushed me into the 40% tax band, that's cut my tax free interest to £500, so I'm paying even more tax.

So altho' the markets are at all time highs, thanks to BREXIT, it's time to get it all sorted and go on a world cruise or something.

Cheers fj

SevenOfNine

foreversummer wrote: »

Nationwide Flex Direct Current Account and Regular Savers are fixed for one year at 5% so I've opened two Flex Direct accounts and two regular savers there.
Foreversummer

Surely you mean 1 flex direct in your sole name & the 2nd one jointly. If not you won't be getting 5% on both.

AndyTh_2

I got the survey as well, the options were:

4% for £1000
3.5% for £1250
3% for £1500
2% for £2000

I chose 3% as best and 2% as worst. I don't want the account if I have to transfer in half the balance each month, so they're probably going to lose me as a customer. Oh well, 2 less bank accounts to manage at least.

teddysmum

AndyTh wrote: »

I got the survey as well, the options were:

4% for £1000
3.5% for £1250
3% for £1500
2% for £2000

I chose 3% as best and 2% as worst. I don't want the account if I have to transfer in half the balance each month, so they're probably going to lose me as a customer. Oh well, 2 less bank accounts to manage at least.

Comparison of 4% on £1000 or 2% on twice the amount is a no brainer, as at least the other £1000 could earn a pittance somewhere else.

DocOxon

I also got the survey, with similar options--so further confirmation.

I have also noticed (and no one hardly said anything about it) that they discontinued their 5pc Regular Saver (so their 555 plus account ends up in the bin).

Moreover, they severely cut their instant access and ISA rates (they used to be decent 1-1.2pc AER) and they are now at levels of other high-street banks. So much for a 'challenger bank'

And Re Regular Savers: what I did before the rate cut was to open (as I already had the 'preferential' 4, 5 and 6pc Regular Savers with 5 to 6 more months to go) multiple 2pc regular savers.
I set up a Standing Order to all 4 (Halifax, Lloyds, TSB, and BoS) for the next day, so it was basically fixing £1000 @2pc for a year. Then even next month putting further 250x4 into them would give something like an effective rate of about 1.8pc on the whole 2k (the first 1k is going to be @2pc for 12 months, then the next 1k is going to be @2pc for 11 months and so forth).

I later cancelled the standing orders, as their T&Ts don't require you to make regular deposits: in some cases they allow you to even withdraw them as 'instant access' but you cannot replace them at the same month. Halifax (unlike even BoS) doesn't allow you to withdraw funds, unless you close the RS, but you can still cancel the standing order.

So even continuing to make deposits in the third or fourth month onwards--I can still withdraw the funds if something better comes along.

Over62

xylophone wrote: »

I wonder how they are selecting people for the survey - I've not been approached and feel slighted!:D

Why am I not among the called and the chosen? Despised and rejected...:eek:

Feels good to know I am not alone.