TSB Current account change of interest rate?!

JohnRo

bigfreddiel wrote: »

So altho' the markets are at all time highs, thanks to BREXIT..

Nothing to do with even more CB manipulation then, with QE handouts and entrenchment of ZIRP forever.

BREXIT is still at the conceptual stage, any effects on markets and economies won't even begin to be quantifiable until it happens for real and the effects established, which is going to be a great many years.

foreversummer

YorkshireBoy wrote: »

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

No sadly not! My mistake. Got my fixed term and fixed interest rates muddled up. Still handy though to be getting 5%.

foreversummer

SevenOfNine wrote: »

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

No, I have one and OH has one.

teddysmum

foreversummer wrote: »

No, I have one and OH has one.

SevenofNine queried this as you said that you opened two accounts.


You do realise that you can have another joint account ?

moneyfoolish

foreversummer wrote: »

I'm just opening as many fixed rate regular savers as I can. I've opened two with HSBC (one for me and on for OH) at 6%, also the 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.

I've two TSB current accounts paying 5% (variable) but I'm not bothering with the TSB regular saver at present as it has dropped to 2%, our 5% ones just matured.

My lloyds is maxed out at £5000 paying 4% but they are reviewing this rate so I can put that gradually into our regular savers if necessary. Tempted to open the Lloyds regular saver which is fixed at 3% just in case TSB cut rates. I expect 3% might look good going forward.

I'm expect the rates on all the above will come down in due course, but make hay whilst the sun shines.

Foreversummer

If I have a Flex Direct Current Account and my wife and myself have a Flex Direct Current Account, can we have 2 Regular Savers or are we limited to 1 because I'm on both current accounts?

xylophone

You can each have a regular saver in a sole name or one regular saver in joint names.


https://forums.moneysavingexpert.com/discussion/comment/70074087#Comment_70074087

But presumably you could log into your sole and your wife into the joint?

Or go the route described in post 6?

Kim_13

moneyfoolish wrote: »

If I have a Flex Direct Current Account and my wife and myself have a Flex Direct Current Account, can we have 2 Regular Savers or are we limited to 1 because I'm on both current accounts?

Limited to one it seems (though I think it used to be that she could've used the joint to access it.)

The current FAQ's state that you can only have your name on one Flex Regular Saver, be it sole or joint; and that the account name (or names) is copied from the account that funds are transferred from.

Your wife could open a FlexDirect in her own name in order to access the account, or switch an account to a FlexAccount and cycle £750 per month through the account.

http://www.nationwide.co.uk/support/support-articles/faqs/flexclusive-regular-saver-faqs

xylophone

The current FAQ's state that you can only have your name on one Flex Regular Saver, be it sole or joint; and that the account name (or names) is copied from the account that funds are transferred from.

See post 6 in https://forums.moneysavingexpert.com/discussion/comment/70074087#Comment_70074087

masonic

bigfreddiel wrote: »

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.

Every cloud has a silver lining. I won't miss the admin. I might pick up a couple years worth of interest using the accounts as donors for switching incentives. Although about half of my current accounts are required for linked regular savers.

Broken_Biscuits

Saw the survey, Googled it... found nothing. Checked their site, could not find anything saying they had sent one. Delete.

Thought best to be safe than give up my details to a scamster.

5% is a loss leader, it was never going to last.
If it drops to 3% we will have 4 accounts worth to find homes for... maybe ratesetter's shockingly low (compared to last year!) Rates will become attractive again?