TSB cracking down on those with multiple plus accounts?

fun4everyone

Just had the email from them confirming interest rate drop (and also a drop on the balance it is paid on). From 4th January 2017 the account will pay 3% on £1500.

However it also included this annoyance

Another new condition is if you have more than one Classic Plus account in your sole name or more than one Classic Plus account in joint names, we may convert your additional account into an Enhance account or another current account from our range. We’ll give you at least two months’ notice before we do this.

I noted it says "may" hence the ? in my title but meh, they are going to change them over it seems like.

EarthBoy

"we may convert your additional account into an Enhance account or another current account from our range."

Enhance account? That's the name that TSB gave to the old Vantage when they separated from Lloyds. Enhance is no longer on sale, but some customers must still have it because their website gives terms and conditions for it:

http://www.tsb.co.uk/legal/current-accounts/enhance-terms-and-conditions/

Does this mean they'll still be paying interest on these second accounts?

Nationwide8

Have 2 TSB Classic Plus accounts,if they convert one of them to whatever this Enhance is will "loose" £45 in addition to the £400+ I will already "loose" on various accounts next year due to interest rate changes.

My contactless cash back ends in December...

Would just withdraw the money and shove it in Premium bonds,have said on another thread at least you have the slight chance of winning above the 1.25% prize fund there...

ColdIron

Does this mean they'll still be paying interest on these second accounts?

When I closed my 3 TSB Enhance accounts they were paying 0.75% and it looks like they still are
http://www.tsb.co.uk/help/rates-and-charges/current-accounts/

badger09

EarthBoy wrote: »

"we may convert your additional account into an Enhance account or another current account from our range."

Enhance account? That's the name that TSB gave to the old Vantage when they separated from Lloyds. Enhance is no longer on sale, but some customers must still have it because their website gives terms and conditions for it:

http://www.tsb.co.uk/legal/current-accounts/enhance-terms-and-conditions/

Does this mean they'll still be paying interest on these second accounts?

ColdIron wrote: »

When I closed my 3 TSB Enhance accounts they were paying 0.75% and it looks like they still are
http://www.tsb.co.uk/help/rates-and-charges/current-accounts/

I still have 2 of these old Enhance accounts, mainly because I ran out of switching incentives:o. I keep a balance of £10 in each and include them in my monthly shuffle. Although the interest rate is officially 0.75%, I get interest of 1p each month, which is 1.2%.

Every little helps:rotfl::rotfl:

teddysmum

Well at least the spare £500 per account can go elsewhere, if you can find somewhere.


I was about to close an old Britannia limited access, but any inputs allowed, account, but at least that will pay 0.7% (plus £1 !), which is better than some. (It soon goes down from 1% plus £1, having once been a good 3.5% on any amount, for quite a long time.)


We'll have to rely on my husband's classic cars and bikes to make our fortunes (but won't hold our breath as they aren't the rarities mentioned on a recent tv programme).

castle96

Bugxer.!I have9. Will be quite a loss.

YorkshireBoy

castle96 wrote: »

Bugxer.!I have *. Will be quite a loss.

Best not to boast yet...they may not actually carry out the threat...unless they're prompted by posts such as this of course.

Dan83

No one is loosing anything, they are not taking any money off anyone, they are just giving people less

teddysmum

Dan83 wrote: »

No one is loosing anything, they are not taking any money off anyone, they are just giving people less

They are losing interest on their money. £1500 which was earning £75,will only earn £45, but the other £500 (out of £2000) can be earning somewhere else.