TSB Monthly Saver - What rate am I getting?

UKSBD

I opened a TSB Monthly Saver in April this year when rates were 5%


I've just logged in, looked at rates and monthly saver is now only paying 2%.


Will I be getting the 5% rate still or has it dropped to 2% for everyone?

YorkshireBoy

When you applied for your account you were presented with this information...

TSB_in_April wrote:

Get an interest rate of 5.00% Gross/AER* fixed for a year.

If you check their website now you'll see...

TSB_in_August wrote:

Interest rates are fixed for the term of the account, which is 12 months from the date of account opening - View Monthly Saver account information.

anna42hmr

UKSBD wrote: »

I opened a TSB Monthly Saver in April this year when rates were 5%


I've just logged in, looked at rates and monthly saver is now only paying 2%.


Will I be getting the 5% rate still or has it dropped to 2% for everyone?

The Rate is fixed so you will be getting 5% the 2 % would be for accounts opened after the drop

Kim_13

You should see 5% on your accounts page. It will only show 2% on the product page as it shows what is currently available.

If it is showing 2% in your account area then I'd give them a call.

Kendall80

If you check their rates page you will see that the new 2% rate is for accounts opened after a certain date (end July or end June from memory)

guestman

Value after 1 year
£3,028.62
Amount saved: £3,000.00
Interest earned at 2%: £28.62




at 2% , for £28 for a whole year its hardly worth the effort of setting it up lol

YorkshireBoy

guestman wrote: »

Value after 1 year
£3,028.62
Amount saved: £3,000.00
Interest earned at 2%: £28.62

The example on their website gives the wrong answer. The correct answer of course is...

£3,000 x 0.02 / 12 x 6.5 = £32.50

at 2% , for £28 for a whole year its hardly worth the effort of setting it up lol

If it's the best available (ie you've already got all the high interest current accounts and the better regular savers etc), then it's very much worth it, being as it takes only 2 minutes to set up.

guestman

sure if you already have a tsb account. im all for savings but when rates are getting so low, some of them just don't seem bothering with.

AndyPK

When I log in it shows 5%.

I'm not sure my santander one was worth selling up.
30mins on the phone!

Eco_Miser

guestman wrote: »

sure if you already have a tsb account. im all for savings but when rates are getting so low, some of them just don't seem bothering with.

Some of them aren't, but 2% is looking increasingly good. Where are you going to put the money otherwise?

PeacefulWaters

guestman wrote: »

sure if you already have a tsb account. im all for savings but when rates are getting so low, some of them just don't seem bothering with.

Where else can you get £30 for give minutes effort?