TSB to cut interest rate on its current account to 3% - MSE News

colsten

bristolleedsfan wrote: »

for good
Permanently; forever: I'm moving to Europe for good.

That's like Paul Pester was at TSB for good :rotfl:

BoGoF

Yeah....."we will leave the EU on 29 March"

Politicians, bankers etc - be a cynic and don't believe them that way you win't be disappointed.

wizk1

BoGoF wrote: »

Yeah....."we will leave the EU on 29 March"

Politicians, bankers etc - be a cynic and don't believe them that way you win't be disappointed.

In a parallel universe somewhere, Politicians, bankers et al are held accountable for their promises. It's certainly not this one

Catslovelycats

wizk1 wrote: »

Just dug up an email I received from TSB on May 2nd 2018. I'll just leave this extract here....

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.

I suppose they could argue it's not technically a year … It's 11 months :mad:

masonic

catslovelycats wrote: »

I suppose they could argue it's not technically a year … It's 11 months :mad:

The change comes into effect in July, so they've given us ever-so-slightly more than a year, which is what I'd guessed would happen when they made their promise.

Money_Grabber13579

It seems that so many people are happy to live in a world where clear statements cannot be taken at face value and promises can be reneged on at any time because of technicalities. For me, I believe that if a promise is made, that promise should be kept and that TSB shouldn’t be trying to renege on it (the fact that 14 months is not a year and so it is okay is just weasel words). The clear message arising from the public statements and communications put out by TSB at the time was that the 5% rate would be around for a long time, certainly much longer than a year (maybe not necessarily for good) but the sentiment was that we would still be benefiting from the rate 2 or 3 years later.

I’m not naive enough to think that we will ever be able to fully trust what people say (like we could have done 50 years ago) however I still think they should be called out on it every time it happens.

PixelPound

Really when they raised it to 5% they should not have made the promise. People are peeved that it was done so soon, even if 3% is decent as others are cutting, like Tesco going from 3% to 1%. They probably should have said "at least a year" no one would have thought less of them at the time.

robatwork

nic_c wrote: »

Really when they raised it to 5% they should not have made the promise. People are peeved that it was done so soon, even if 3% is decent as others are cutting, like Tesco going from 3% to 1%. They probably should have said "at least a year" no one would have thought less of them at the time.

"at least a year" - we all would have known that at 13-15 months it was going to be cut again

"won't be taken away after a year" - equivocal at best

"for good" - really stupid comment, but unequivocal. I read this as "as long as this account lasts". Which they obviously have reneged on.

Wizi while you pursue your noble but hopeless complaint, ensure you call him Paul Pester not Peston. You're conflating him with Robert Peston.

MisterMotivated

nic_c wrote: »

...like Tesco going from 3% to 1%...

It wouldn't surprise me if TSB were waiting for that so they could say that even at 3% they still offer the best rate of any current account.

schiff

This has been quite an entertaining read! The fascination of seeing how different people tick.

I felt a bit rueful at the news but just accepted it. I didn't know what Pester had 'promised' till I read this thread but that makes no difference. Taking care of my heart rate and blood pressure.

I leap at the chance to switch an account with precious little in it into a new provider's account for a three figure switch bonus. It won't receive my salary/pension and there won't be much activity, just the minimum of what is needed for the bonus. And then one day probably closing it; or switching it. Following the Martin Lewis mantra.

In a way that is what TSB has done. I've given the clear impression by switching that the new account will be my 'new' current account, I am a 'new' customer. It's a sort of cheating and we're all into it.

So when on the odd occasion we feel cheated, and in this case it is very debatable, why bother fighting it? It affects blood pressure, occupies time. Some posters clearly feel spiteful and want to 'get back at them' somehow. But is it all worth it?