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

Shedman

karlie88 wrote: »

I hope they don't send letters out for each current account. :eek:

They will! Understandably really as it's probably cheaper to run and send a letter per account than trying match accounts, etc (esp given their IT systems ). Anyway I hope they do send one per account...anything that keeps the fact I've still got two accounts below the radar the better as far as I am concerned.

Sea_Shell

Oh No!!! - It's really not a good time to have cash savings is it. But needs must if you want a buffer against market volatility in drawdown. It could have been worse, as 3% is still pretty good (in the current market)

Jeems

I was going to close mine but only kept it open due to the rate increases.

Tesco going and now this - it really is the end of high interest current accounts. Having 20 current acounts + regular savers to cycle money through. Using tsb contactless only to get cashback. Opening up accounts in partners / parents names to take advtange of switching bonuses.

2016 is now a distant memory. We should all take a moment. The golden era is over. RIP

wizk1

Also worth pointing out this promise made by none other than Paul Pester himself...

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

Listen from 5:28 onwards.

BBC Reporter: "So you're going up to 5% interest on current accounts? For how long?"

Paul Pester: "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!"

For good eh?

eskbanker

wizk1 wrote: »

Also worth pointing out this promise made by none other than Paul Pester himself...

Well, the rate did at least outlast him!

wizk1 wrote: »

Paul Pester: "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!"

He was obviously supposed to add a final word to that quote: "....publicity"

wizk1

eskbanker wrote: »

He was obviously supposed to add a final word to that quote: "....publicity"

The worrying thing is, you're probably not wrong :rotfl:

Altinkum

This is an email i got from TSB last year....it clearly states we PROMISE not to decrease after a year.....email dated 2/05/2018



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.

ffacoffipawb

Altinkum wrote: »

This is an email i got from TSB last year....it clearly states we PROMISE not to decrease after a year.....email dated 2/05/2018



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.

Just 14 or 15 months instead.

phillw

ffacoffipawb wrote: »

Just 14 or 15 months instead.

I'm surprised they waited so long, one year and a millisecond would have been good enough.

Fingerbobs

AndyPK wrote: »

I didn't relaise it was still 5%.


They must have only dropped the amount you can earn interest on to £1500

It was originally 5% on up to £2000. It changed to 3% on £1500 for a while, then in May 2018 to 5% on £1500.