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

phillw

BoGoF wrote: »

The interest rate wasn't reduced after a year....it was 14 months.

It's unreasonable to change the unit of measurement. Until it's after two years, then it's still after a year.

If they wanted to measure in months then they should have promised 12 months.

fun4everyone

badger09 wrote: »

On the infinitesimally small chance that all the various complaints about the rate reduction are upheld:cool:, TSB could simply reduce the amount on which they pay 5% 'for good' to say £100. Simples:p

(I haven't listened to the broadcast but assume no balance was mentioned)

They could also just have closed the product and moved everyone to a new brand of current account (with the same accnt no and sort code).

Has anyone actually received formal notification of this drop from TSB yet. I have no doubt the drop is coming but just curious as I have heard nothing.

phillw

fun4everyone wrote: »

They could also just have closed the product and moved everyone to a new type of current account (with the same accnt no and sort code).

Because they don't like having customers?

Either a promise means something or it doesn't. In the case of TSB it seems like it doesn't.

BigBlueSky

fun4everyone wrote: »

Has anyone actually received formal notification of this drop from TSB yet. I have no doubt the drop is coming but just curious as I have heard nothing.

I have - It came via e-mail.

BoGoF

phillw wrote: »

It's unreasonable to change the unit of measurement. Until it's after two years, then it's still after a year.

If they wanted to measure in months then they should have promised 12 months.

That's the funniest argument to date.......what is a year? 365 days? 12 months?

bristolleedsfan

fun4everyone wrote: »

They could also just have closed the product and moved everyone to a new brand of current account (with the same accnt no and sort code).

Has anyone actually received formal notification of this drop from TSB yet. I have no doubt the drop is coming but just curious as I have heard nothing.

They could have reduced credit balance that attracted 5% rate to a lot less than 1500.00

Yes received email notification yesterday.

As for new brand of Current Account, TSB dont seem to want to move on from Lloyds Current Account brands :rotfl:

ColdIron

fun4everyone wrote: »

Has anyone actually received formal notification of this drop from TSB yet. I have no doubt the drop is coming but just curious as I have heard nothing.

It's on the web site

Please note the interest rate will be 3.00% AER/2.96% gross variable from 2nd July 2019

https://www.tsb.co.uk/current-accounts/

BoGoF

ColdIron wrote: »

It's on the web site

Please note the interest rate will be 3.00% AER/2.96% gross variable from 2nd July 2019

https://www.tsb.co.uk/current-accounts/

I don't think that counts. Each customer must be notified by e-mail or post.

fun4everyone

Thanks for the responses, I have not received an email so was curious.

colsten

phillw wrote: »

So you can promise something and then change the T&C afterwards to negate that promise?

Yes, changes to T&Cs are normal practice. There are even clauses in the T&Cs that deal with exactly those changes. All a company has to do is give their customers fair warning of changes. In terms of interest rate drops, I believe there is even some regulatory guideline on the minimum amount of time before the drop it has to be notified to all customers