TSB Classic Plus - any disadvantages?

Fingerbobs

A friend has a normal TSB Classic current account (paying no interest) which they use as their main day-to-day current account, and I've been recommending that they upgrade it to a Classic Plus to receive the 5% interest.


Are there any disadvantages to the Classic Plus account compared to the normal Classic account?


As far as I can see, the two types of account are exactly the same, except one pays 5% interest if you pay in at least 500 a month, and the other doesn't. That being the case, it's a no-brainer as far as I can see.


Is there some other significant difference I've missed?

agrinnall

Why not have both, then use the Classic account to earn a switch bonus from another bank?

YorkshireBoy

Plus has to be set up for paperless statements and correspondence, otherwise no interest is paid.

Fingerbobs

YorkshireBoy wrote: »

Plus has to be set up for paperless statements and correspondence, otherwise no interest is paid.

Ack. I think she’s already on paperless anyway.

[Deleted User]

Yes

This disadvantage is it’s with TSB

jonesMUFCforever

Any bank that has so many problems with customers logging into their accounts should be avoided unless there is a TSB branch nearby.

Yorkshire_Pud

If your friend is already with YSB and happy enough with the existing account then yes it's a no brainier to upgrade and get 5% (as long as they have enough in the account to actually earn some interest worth having, not everyone has much in an account).

aj23_2

Fingerbobs wrote: »

A friend has a normal TSB Classic current account (paying no interest) which they use as their main day-to-day current account, and I've been recommending that they upgrade it to a Classic Plus to receive the 5% interest.


Are there any disadvantages to the Classic Plus account compared to the normal Classic account?


As far as I can see, the two types of account are exactly the same, except one pays 5% interest if you pay in at least 500 a month, and the other doesn't. That being the case, it's a no-brainer as far as I can see.


Is there some other significant difference I've missed?

No. You've answered your own question.

pmduk

!!! wrote: »

Yes

This disadvantage is it’s with TSB

Any bank deliberately ignoring FOS instructions should be avoided IMHO. See https://forums.moneysavingexpert.com/discussion/5899463/when-banks-dont-act-on-fos-findings

Fingerbobs

Thanks for the helpful replies.

I can now use this thread as additional ammo to try to persuade her to upgrade :-)

We are aware of the recent TSB issues, but she is perfectly happy with her existing account and she walks right past a branch of TSB most days so it's convenient too.

For my money it's a no-brainer to upgrade, but some people just fear change I think.

JustAnotherSaver

I have 2 of these accounts as does my wife. No issues so don't let the scaremongering bother you.


My sister has a credit card with them which she had to close down because there were issues with that admittedly.


The current accounts are perfectly fine for us though.