TSB lowering their Plussyness!

Bobblehat

Haven't seen this elsewhere- TSB are lowering the 5% interest on £1500 to 3% from 2nd July 2019 on their (little less) Classic Plus account

I was about to apply but will now have to rethink if this is still a good move for me.

Ed-1

Bobblehat wrote: »

Haven't seen this elsewhere- TSB are lowering the 5% interest on £1500 to 3% from 2nd July 2019 on their (little less) Classic Plus account

I was about to apply but will now have to rethink if this is still a good move for me.

Where did you find this out?

So much for the "we promise we won't take it away after a year"!

Bobblehat

On their CA application page online …. just before I was about to hit the button, a few minutes ago!

RG2015

Bobblehat wrote: »

Haven't seen this elsewhere- TSB are lowering the 5% interest on £1500 to 3% from 2nd July 2019 on their (little less) Classic Plus account

I was about to apply but will now have to rethink if this is still a good move for me.

This is disappointing but no real surprise really. 3% is still by far and away the best "permanent" interest rate on a current account.

The Nationwide 5% rate only last for one year and the Tesco 3% is now ending.

RG2015

Ed-1 wrote: »

Where did you find this out?

So much for the "we promise we won't take it away after a year"!

https://www.tsb.co.uk/current-accounts/classic-plus-account/

ffacoffipawb

Ed-1 wrote: »

Where did you find this out?

So much for the "we promise we won't take it away after a year"!

Just 15 months instead, lol.

colsten

Bobblehat wrote: »

I was about to apply but will now have to rethink if this is still a good move for me.

Where else will you get 3% AER on £1,500? Let alone £1,500 in an instant access account.

ColdIron

Paul Pester had to go I guess

'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'

05:25

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

Cotta

Considering how many customers TSB has lost, how are the going to tempt them back now?

eskbanker

Cotta wrote: »

Considering how many customers TSB has lost, how are the going to tempt them back now?

I know they lost you as a customer (unsurprisingly!) but as I pointed out when the last set of quarterly switching stats was published, they weren't haemorrhaging customers in the way that might have been expected, so the cynic would observe that the 5% rate has probably done its job of stemming the exodus during the year following the IT fiasco, so they'll no doubt be hoping that everything has settled down again and that people will have forgotten about it.

And as pointed out above, even 3% is still market-leading (when the finite 12-month Nationwide product is discounted), and according to the MSE article they're reinstating their referral scheme, although this isn't evident (to me) on their website yet....

Bobblehat

colsten wrote: »

Where else will you get 3% AER on £1,500? Let alone £1,500 in an instant access account.

I have been trying to convince myself that this is the best way to look at it, since earlier this morning when I paused on hitting the application button. I'm a measure twice cut once type of person!

Who knows, they may not like my application anyway and bring a full-stop to that plan! Only one way to find out!