TSB to increase classic plus rate to 5%

eskbanker

latinaid wrote: »

Ah, that makes sense and explains it - thanks. Although weirdly, Tesco and Nationwide must calculate it in a different way, because theirs is always one of two fixed amounts depending on 31 or 30 days in the month.

To be honest I don't see anything weird about unrelated institutions doing things differently - these are just minor variations in terms of how it's batched up for payment but they'll all ultimately pay out 365 days worth of interest over the course of a (non-leap) year that'll sum to the published AER figure, once compounding is applied where appropriate.

liamcov

ColdIron wrote: »

You are correct, I should have quoted 'That rate doesn't change. So we're not like other banks that give you a high rate and take it away, that rate is there for good'. A bold assertion

05:25

http://www.bbc.co.uk/news/av/business-43906346/tsb-boss-paul-pester-says-bank-is-on-its-knees

Thanks for that, I didn't mean to have a go, there's just a lot of crap written on these forums.

Although not 'forever', 'there for good' still sounds good!

binaryuniverse

ColdIron wrote: »

You are correct, I should have quoted 'That rate doesn't change. So we're not like other banks that give you a high rate and take it away, that rate is there for good'. A bold assertion

05:25

http://www.bbc.co.uk/news/av/business-43906346/tsb-boss-paul-pester-says-bank-is-on-its-knees

Not like other banks that give you a high rate and take it away.

Well apart from that time they gave 5% on £2000 and reduced it to 3% on £1500.

soulsaver

latinaid wrote: »

TSB website says 5% on up to £1500 for new Classic Plus accounts. So it looks as if it's not just for existing customers. Still just £1500 though.

I don't see where it says 'new'?
If it was for new it wouldn't be for existing classic plus customers at all, because you can only have one solo ac (& maybe a joint).

OceanSound

The best sweetner tsb can offer right now is to get everything back on track (easier said than done?) How long has the IT issues been going on now? Too long! I'm not a TSB customer, but do feel for those affected.

SOme customers have been able to see other customers account numbers and sort Code's.I.e. daughter seeing dad's account number and sort is still a security breach.

latinaid

soulsaver wrote: »

I don't see where it says 'new'?
If it was for new it wouldn't be for existing classic plus customers at all, because you can only have one solo ac (& maybe a joint).

It's on the website where they talk about the Classic Plus and where you can apply for one.

RG2015

latinaid wrote: »

It's on the website where they talk about the Classic Plus and where you can apply for one.

But not at the moment because the online application page is not working although they do say it is coming soon.

jpsconsultingengineers

You can go through the tsb website.

Over62

soulsaver wrote: »

I don't see where it says 'new'?
If it was for new it wouldn't be for existing classic plus customers at all, because you can only have one solo ac (& maybe a joint).

Extract from email received yesterday from TSB:

For Classic Plus customers, as well as waiving overdraft fees and interest charges incurred in March and April, to show how grateful we are for your loyalty and patience, we are also increasing the interest rate on our Classic Plus account from 3% to 5%. We promise this won’t be taken away after a year

So it's definitely for those existing customers who have loyalty and patience!

RG2015

RG2015 wrote: »

But not at the moment because the online application page is not working although they do say it is coming soon.

jpsconsultingengineers wrote: »

You can go through the tsb website.

I am talking about the TSB website where it says:

Applying for TSB products online
To build a better bank for you, we’re currently upgrading our systems. You can still open new accounts in our branches and we're introducing our products online over the coming weeks.
We’ll keep this page updated so you know when you can apply again.
The table below shows when we expect to be opening up our new platform for online applications.

Current accounts Coming soon