TSB account worth keeping?

kingrulzuk

Good morning all

it’s Boxing Day and I have nothing to do today so I thought I will check my bank accounts.

Most of you know that from 4th of Jan the rate will drop to 3% for £1500, every month I was nicely earning just under £8 but now I will earn under £4 so I’m thinking is it worth keeping the account?
My sole purpose of TSB account was to earn interest but now I feel it’s just waste of time.

Is there someone who feels the same? What have you done with your money?

Thank you,
King

bobobski

It doesn't make sense to look at it in isolation. What other accounts do you have? Do their interest rates beat TSB? Are they full? If there are other better accounts you could get, do you have the required DDs? Etc.

For me, yes I am keeping my TSB account. 3% is soon to be one of the highest rates you can get for an easy access savings (oops, I mean "current") account and I don't believe in sticking it to the man when the man is actually offering one of the best rates in the market right now, but it's a rubbish market.

TrustyOven

£7.50 a month and I get to move two lots of £500 to Tesco to get interest there. Plus 5% regular saver. Yes, still worth it for me.

kingrulzuk

I have
2x BOS
2x Tesco
1x NW
1x TSB
DDs from Tesco
1x BOS account has£4.5k and all others are full

bigfreddiel

We have four TSB accounts, I was thinking of p2p accounts, I already have two, and the plan is to introduce my partner, that gets you £50 intro fee from each account, fund each account with £1,000 and after a year you get a £100 bonuses farmy two p2p accounts are beating the best bank interest hands down.

It's more risky, but I'm only thinking of putting in an amount that lets the p2p income average out at 3%, the remains dosh will go to an NS&I income bond till April when it goes into an equity ISA

cheers fj

TheShape

It still pays the same rate as Tesco and BOS so I will be keeping mine. I've also got the 5% contactless cashback until Sept 2017 but would keep it without that.

OP, have you got all the usual regular savers?

kingrulzuk

TheShape wrote: »

OP, have you got all the usual regular savers?

No just the Tesco ones which I use for DDs

RuleTheWorld

we have four of these accounts, oops...

disappointed they are ending.

Nationwide flex could be worth looking at to hold on to your 5%. for another year

caveman38

TrustyOven wrote: »

£7.50 a month and I get to move two lots of £500 to Tesco to get interest there. Plus 5% regular saver. Yes, still worth it for me.

I was under the impression that the RS was going down to 2%. That being the case that was certainly not of any value.

Pincher

A TSB is for Christmas, not for Life.

It's a dog's life, in a dog eat dog world.

In the line for a donor account if there is a juicy switching bonus.

Kim_13

I will be keeping the account but it won't be full all the time as it has been previously. No sense closing the account when they may increase the rate or have a better Regular Saver offering in the future.

2% is the current regular saver rate but those who opened their accounts on 29th June or before have 5% until the account matures.