TSB to increase classic plus rate to 5%

B_G_B

LuSiVe wrote: »

So was giving us 5% initially and then taking it away.
And reducing the amount that earned the interest from £2000? to £1500.

I am hoping though, that with the comments that were made on the radio, that closing second accounts would be a little awkward now. And yes. I do remember that the adverts quoted that these were not teaser rates that would only last for a year, then dropped the rates etc after 13 months.

patientperson

Towards the end of the clip

http://www.bbc.co.uk/news/av/43906348/tsb-boss-paul-pester-says-bank-is-on-its-knees-over-it-chaos

ColdIron

And on Paul Pester's Twitter account

Also, as a way of saying thank you to our customers for sticking with TSB through these issues, we're increasing the interest rate on our Classic Plus account from 3% to 5% from 2 May.

https://twitter.com/PaulPester/status/989473042358292481

mgdavid

ColdIron wrote: »

And on Paul Pester's Twitter account

Also, as a way of saying thank you to our customers for sticking with TSB through these issues, we're increasing the interest rate on our Classic Plus account from 3% to 5% from 2 May.

https://twitter.com/PaulPester/status/989473042358292481

He thinks they'll be ready to implement another IT change by 2nd May?

karlie88

Very good news - especially for those of us with more than 1...ahem.

I will happily forgo internet/mobile banking for 5 days if it means a rate rise.

ColdIron

mgdavid wrote: »

He thinks they'll be ready to implement another IT change by 2nd May?

He doesn't need to. Interest rate payments won't be calculated until June and parameters like these are soft, no one has hard coded 3% into anything and nothing needs to be rolled out.

EachPenny

ColdIron wrote: »

And on Paul Pester's Twitter account

Also, as a way of saying thank you to our customers for sticking with TSB through these issues, we're increasing the interest rate on our Classic Plus account from 3% to 5% from 2 May.

Why does the cynic in me wonder (given how soon that date is) that this wasn't some part of a plan to make the account more attractive generally?

Once all your special offers have expired the interest on £1500 was not really that exciting - I've maintained my second account mainly due to inertia, and also believing it is always a bad idea to get rid of an account that might have a use some day. But I imagine there are a lot of people who saw their second (or more) Classic Plus accounts as a switching candidate when the interest rate and balance were previously cut.

I was actually thinking they might go for a new contactless cashback offer for selected existing customers, a bit like HSBC last year, but I'm not going to grumble about getting a bit more interest instead.

EachPenny

ColdIron wrote: »

He doesn't need to. Interest rate payments won't be calculated until June and parameters like these are soft, no one has hard coded 3% into anything and nothing needs to be rolled out.

Oh ye of far too much faith!

SuiDreams

I'll be making a note to transfer money on Wednesday next week.

teddysmum

When the whole thing started to go pear-shaped, as staff knew it would, it was announced on tv that everyone would be compensated and I did wonder whether this was every customer or just those who could prove losses.


Perhaps ,5%is the compensation, but increasing the amount allowed (we have some money needing a new home), would be the icing on the cake.