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

bristolleedsfan

schiff wrote: »

But is it all worth it?

Complaints to Banks/Building Societies as long as have reasonable substance generally get rewarded by some kind of compensation

MisterMotivated

schiff wrote: »

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?

I would agree with some of what you've said about making minimal use of the account to improve my returns, but I wouldn't say I feel cheated - just disappointed - that the rate is dropping. I am rather cynical in general when it comes to promises made by companies (always looking for the catch hidden in the fine print), so half expected it anyway, but hoped they'd give it a bit longer.


However, I think a large number of TSB customers (perhaps not the ones on here doing the same as us) have a right to feel aggrieved, given the promises made by TSB in their ads. Technically, they stuck by their promise and haven't cut the rate after just a year, instead giving it a few extra months, but I can't see many people who opened accounts with them in good faith, finding comfort in that fact.

colsten

Money_Grabber13579 wrote: »

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.

Love your username. Apt.

colsten

schiff wrote: »

It's a sort of cheating and we're all into it.

I wouldn't call what we do cheating - it's more like thinking outside the box, isn't it? :cool:

I totally agree with your conclusions, though.

Money_Grabber13579

colsten wrote: »

Love your username. Apt.

I’m not going to go into the details of a particular username but you’re entitled to make childish remarks if you want to.

Just in case it wasn’t clear, I don’t have an issue with TSB cutting their rates. That is a fact of life. The issue I have is that they are cutting their rates despite promising not to cut them. It’s about honesty and not about money in my view.

djpailo

They should have done what Tesco did and promise the rate until a certain date. TSB don't seem to be on the ball whatsoever.

nic_c

MisterMotivated wrote: »

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.

The chairman was interviewed on the BBC about the promise, and he made the same comment, so yes I do think the Tesco announcement was key. After all customers may moan but if there isn't anywhere else with a better rate, do they just take it and stay?

Columbus

I've submitted a complaint to TSB over the phone. Will advise outcome when their response is received.

anotheruser

bristolleedsfan wrote: »

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

Are you a moron?
Can you name anything that has been consistently the same permanently? Because I can't think of a single thing. Doesn't matter whether someone said it would or not, I can't think of a single thing, be it a soup recipe, Facebook, this forum software, that hasn't changed. Apart from Jesus, but we won't get into that.

Do you honestly think bankers don't lie?
Or that markets change so in one year, what a bank expected actually it can't promise?
Seriously... what are you going to do about it? Apart from moan on this thread?

Because if you're not starting court action, it doesn't really bring anything to the discussion.

Yorkshire_Pud

It is a shame, on TSB that they are cutting the interest rate after pretending it would be for a good bit longer than 14 months by saying we promise we won't take it away after one year.

Its almost like Bankers are lying cheats and it was just a ruse just to try and stop TSB haemeraging customers after the debacle.

In protest I am going to keep my TSB Classic plus account open

P.S. Thanks for the £400 'compo', not a bad little bank really albeit a disingenuous bunch of bankers. I hope their brand gets treated with the respect it deserves, i.e. if/when in the future TSB offer a new product and make open ended commitments assume they will renege at almost the first opportunity just as they have with this rate reduction.

Lucky I get my TSB credit card statements on paper nowadays, all the typos, and other errors that appeared a year ago online during the debacle are still there!