TSB rate dropping

teddysmum

Mee wrote: »

I was expecting the rate drop but not the balance change - that's a bit severe!

There were strong hints of this, when people posted the options given in a survey, in which some customers were invited to participate.

Money_spending_mummy

I've not had the email yet, but I'm not surprised that they are cutting it. I won't be rushing to do anything as it is still a good account for now, and it does give you access to the regular saver account.

talexuser

I haven't had an email yet. Just wondering about the second account since at the moment I swap the £500 between my 2 accounts. The swap account must also have a standing order capability, assuming they don't change the criteria to external accounts for your single classic plus, and it's worth your while keeping £500 in the second just for the swap.

RuleTheWorld

I thought I didn't receive the email - it went straight to junk for hotmail users.

beecher2

Money_spending_mummy wrote: »

I've not had the email yet, but I'm not surprised that they are cutting it. I won't be rushing to do anything as it is still a good account for now, and it does give you access to the regular saver account.

the regular saver rate only lasts one year so keep an eye on it.

I still have £20,000 in Santander but think I'll put all the rest into Premium Bonds - had enough of opening new accounts.

greenglide

Another point mentioned, which I had not noted before is that you must log in to account at least once a year AND where it is a joint account, both holders must log in. OH never uses on-line banking, so I'll have to make sure I log him in once a year.

So what happens if you have a joint account but only one is registered for Internet banking? Will you lose the interest because of this?

Since it is mandatory to lig in once a year I wonder if they will stop the interest after a year and it can then be restarted by logging in? I assume they won't try to reclaim the interest already paid;-)

Of course, in a years time we will have inflation back again due to the collapse of the £ so I suppose interest rates will rise as well.

principlecounts

There I was about to open a few TSB accounts, I can't be bothered now. Time to get radical and find new investment vehicles.

HornetSaver

The sweeter end of the TSB Classic Plus deal will come to a close for me in December anyway (the 5% cashback on contactless up to £100, which tends to cover my food and toiletries).

Once that disappears there is no good reason for me not to start using 0% credit cards for spending, as inflation is likely to outstrip interest and therefore I want to hedge that risk. I could have started doing it months ago but given all the things that make more sense through a bank account for the various clauses and bonuses, it hasn't seemed worth the effort yet.

jimjames

principlecounts wrote: »

There I was about to open a few TSB accounts, I can't be bothered now. Time to get radical and find new investment vehicles.

You're only about 4 years too late to join that bandwagon!

badger09

greenglide wrote: »

So what happens if you have a joint account but only one is registered for Internet banking? Will you lose the interest because of this?

I don't know the answer to your question, but, the potential problem could be avoided by the 2nd person registering for internet banking, and logging in at least once a year:cool: