We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!

TSB Monthly Saver - What rate am I getting?

UKSBD
UKSBD Posts: 842 Forumite
Part of the Furniture 500 Posts Name Dropper
in Savings & investments
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?
«1

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    anna42hmr Posts: 2,898 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    MFW#105 - 2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12 / 2019 Overpaid £2583.12 / 2020 Overpaid £2583.12/ 2021 overpaid £1506.82 /2022 Overpaid £2975.28 / 2023 Overpaid £2677.30 / 2024 Overpaid £2173.61 Total OP since mortgage started in 2015 = £37,286.86 2025 MFW target £1700, payments to date at April 2025 - £1712.07..
  • Kim_13
    Kim_13 Posts: 3,998 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
    Kendall80 Posts: 965 Forumite
    Ninth Anniversary 500 Posts Name Dropper
    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
    guestman Posts: 195 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    guestman Posts: 195 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    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
    AndyPK Posts: 4,404 Forumite
    Part of the Furniture 1,000 Posts
    When I log in it shows 5%.

    I'm not sure my santander one was worth selling up.
    30mins on the phone!
  • Eco_Miser
    Eco_Miser Posts: 4,986 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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?
    Eco Miser
    Saving money for well over half a century
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    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?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.9K Banking & Borrowing
  • 253.9K Reduce Debt & Boost Income
  • 454.7K Spending & Discounts
  • 246K Work, Benefits & Business
  • 602.1K Mortgages, Homes & Bills
  • 177.8K Life & Family
  • 259.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture