TSB reducing interest from 5% to 3%

greenglide

Just got an email to inform me that the interest rate on the Plus account is changing from 5% to 3% from 2nd July.


Shame!

ColdIron

On the Banking board

https://forums.moneysavingexpert.com/discussion/5987794/tsb-to-cut-interest-rate-on-its-current-account-to-3-mse-news
https://forums.moneysavingexpert.com/discussion/5987772/tsb-lowering-their-plussyness

xylophone

Done their penance and feel that all is forgiven?:)

polymaff

xylophone wrote: »

Done their penance and feel that all is forgiven?:)

If not forgotten. :rotfl:

trufflehunt

Yes, I got the email today from TSB,


In the last couple of weeks, I've received 3 notifications on similar lines....


TSB reducing from 5% to 3%.
Nationwide ditching completely its 5% 12 month regular saver account.
Tescobank reducing interest rate on its current account from 3% to 1% as from early June.


Starting to struggle to think of how safely to get a decent return on money, ie without going down the

peer to peer lending route, or the stock market ?

YorkshireBoy

trufflehunt wrote: »

Starting to struggle to think of how safely to get a decent return on money, ie without going down the

peer to peer lending route, or the stock market ?

Regular savers?

ScoobyZ

trufflehunt wrote: »

Yes, I got the email today from TSB,


In the last couple of weeks, I've received 3 notifications on similar lines....


TSB reducing from 5% to 3%.
Nationwide ditching completely its 5% 12 month regular saver account.
Tescobank reducing interest rate on its current account from 3% to 1% as from early June.


Starting to struggle to think of how safely to get a decent return on money, ie without going down the

peer to peer lending route, or the stock market ?

I have all these too

£1500 @ 3% isn't worth the faff, especialy as there have been terrible in the last year.

2x £3000 1% at Tesco isn't worth it either.

I have a new reg savers with Nationwide @ 5%

Indx

TSB increased the interest rate on their current account to 5% following their I.T. debacle last year, to thank their remaining customers for remaining with them and to hopefully continue to retain them. They emailed all current account holders in May to say they were doing this, and said they PROMISED they would retain this rate and that it would not be reduced after a year! Therefore, this promise is being broken if they go ahead. I still have a copy of my email.

One for the financial ombudsman if they go ahead with reducing rates for existing customers that had been promised to?

ScoobyZ

2nd May 2018:

Some important information for our customers.

Over the last week TSB customers haven’t been receiving the level of banking services that they expect from us and that we should provide.

We are deeply sorry for any difficulty you may have experienced and we are working around the clock to put things right.

As we work to fix things, the status of different services will be changing regularly. To help you get the most up to date information we will be publishing regular status updates on tsb.co.uk and our Facebook page.

We will waive all overdraft fees and interest charges incurred in March and April.

We’re conscious that the problems our customers have been having accessing their accounts over the last week may have caused them to go overdrawn.

We will help to address this by waiving any overdraft fees and interest charges as well as any returned item fees you may incur during both your March and April billing periods. This will apply whether you are a personal or a business banking customer.

It is important to know that fees like these are debited from your account two months after they’ve been incurred. This means fees incurred in March and April would normally be charged in May and June respectively.

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.
No TSB customer will be left out of pocket.




We are committed to ensuring no TSB customer is left out of pocket because of these issues. We will put in place a process which is as simple as possible to ensure customers are compensated appropriately and we will work with customers to correct adverse impacts on their credit files.

If you have been affected we’d encourage you to fill out the complaint form on tsb.co.uk and let us know what has happened so we can put things right as soon as possible.

However, if you are experiencing ongoing difficulties or distress please call our telephone banking service or visit your nearest branch.
Keeping you safe from fraud.


It is a sad fact that fraudsters might try to take advantage of situations like these, so we would like to remind you that guidance on the steps you can take to protect yourself can be found on tsb.co.uk and our Facebook page. And just a reminder, we will never ask our customers for their PIN, username or password.

Finally, we would like to thank our customers for the understanding and patience they continue to show.

And we will continue to work tirelessly to put things right.

Crystal_Pixie

I stuck with TSB through all the IT problems until I started having faster payments going missing beyond the 2 hour window. TSB support was terrible, and I figured enough was enough. Moved to First Direct to take advantage of their 5% regular saver. I am not regretting the move.

bioboybill

I only opened accounts with these last week for myself and my wife. :-(