TSB rate dropping

xylophone

The currency and the economy rely on confidence as much as they do on hard facts, and think in this instance his remarks on Brexit were unhelpful.

I was not at all impressed with his pre Brexit remarks - as for "hard facts", I wonder what facts he relies on for his "forward guidance"?

leilalovesthis

Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?


I just noticed that I noted it in my spreadsheet of quick-check main T&Cs of the various accounts I hold.


Doing a search online there is a reference to it in an old Yahoo Finance article from 2014 but haven't found it mentioned anywhere else.


Need to re-read the full T&Cs of the account, but not hopeful...

TrustyOven

leilalovesthis wrote: »

Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?


I just noticed that I noted it in my spreadsheet of quick-check main T&Cs of the various accounts I hold.


Doing a search online there is a reference to it in an old Yahoo Finance article from 2014 but haven't found it mentioned anywhere else.


Need to re-read the full T&Cs of the account, but not hopeful...

In the 1 page T&C document I have, dated Jan 2014, it says rate is variable. No reference to "for life".
Another T&C document I saved, 23 pages long dated March 2014, also has no reference to it.

bumpercars99

leilalovesthis wrote: »

Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?


I just noticed that I noted it in my spreadsheet of quick-check main T&Cs of the various accounts I hold.


Doing a search online there is a reference to it in an old Yahoo Finance article from 2014 but haven't found it mentioned anywhere else.


Need to re-read the full T&Cs of the account, but not hopeful...

The tv advertising campaign for these accounts definitely talked about not pulling you in with one rate then swapping it for another. I think it was written with reference to Nationwide with their 1 year deal but the message was clear that this was a permanent rate.

I'm trying to think how long it was since this campaign ended as there is definitely an argument that people who joined late would have been better off with the 1 year fix.

xylophone

I remember TSB criticizes for those who is giving "a teasing rate".

http://blog.which4u.co.uk/banking-and-savings-accounts/tsbs-classic-plus-campaign-none-of-the-usual-funny-stuff

Well, the 5% did last for more than a year for those who got in at the beginning...........;)

jimjames

leilalovesthis wrote: »

Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?

Nope. I can't see any account offering such a term.

colsten

leilalovesthis wrote: »

Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?

Afraid, the best you can find is that they don't "whip the five percent interest away after the first year". And that's only in the Marketing bumph, not in the T&Cs.

Westie983

It was running for more then a year though so this statement above is correct, and most bank account are variable interest and not fixed, so changes can and have been made on most bank accounts, and will continue to do so, as the market dictates.

eskbanker

jimjames wrote: »

leilalovesthis wrote: »

Does anyone else recall the TSB Classic Plus account having been advertised as 5% interest on up to £2000 for life?

Nope. I can't see any account offering such a term.

Santander used to offer free business banking forever, which caused plenty of grief when they wanted to backtrack on that: http://forums.moneysavingexpert.com/showthread.php?t=4074653

bumpercars99

Westie983 wrote: »

It was running for more then a year though so this statement above is correct, and most bank account are variable interest and not fixed, so changes can and have been made on most bank accounts, and will continue to do so, as the market dictates.

Honestly that's a pretty pathetic argument considering that it wasn't even 13 months from when that statement was made to when the changes were announced... A true technicality.

I understand that they haven't breached their written terms and conditions but I would also argue that they haven't stood behind their advertising campaign. When that campaign was centred around the "tricks" that other banks pull, saying you won't drop the rate in 12 months then doing it in 13 is shameful.