TSB reducing interest from 5% to 3%

2010

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.

It hasn`t been taken away after a year.
It`s 14 months.

Vote with your feet.

colsten

2010 wrote: »

Vote with your feet.

As long as they pay 3% AER, they are still worth it for me as it's twice as much as I would get in any other instant access account (Nationwide FlexDirect is no longer an option for me, as it's no longer an option for countless other people). I won't be cutting my nose to spite my face.

Reaper

ScoobyZ wrote: »

We promise this won’t be taken away after a year.

It's disappointing none of the news outlets including MSE have picked up on this.

fifeken

Reaper wrote: »

It's disappointing none of the news outlets including MSE have picked up on this.

It was on MSE News Page last night.
https://www.moneysavingexpert.com/news/2019/04/tsb-cuts-interest-rate-on-its-current-account-to-3-/

BoGoF

Reaper wrote: »

It's disappointing none of the news outlets including MSE have picked up on this.

Why would they. As has been said 14 months is more than a year.

Reaper

fifeken wrote: »

It was on MSE News Page last night.
https://www.moneysavingexpert.com/news/2019/04/tsb-cuts-interest-rate-on-its-current-account-to-3-/

Not the interest rate drop. The fact they took it away after saying they wouldn't.

BoGoF wrote: »

Why would they. As has been said 14 months is more than a year.

They didn't say it would only last for a year (as most bonus rates do), they were promising it would last longer than that. A mere 2 months longer is a broken promise in my view.

colsten

Reaper wrote: »

They didn't say it would only last for a year (as most bonus rates do), they were promising it would last longer than that. A mere 2 months longer is a broken promise in my view.

How much longer is longer in your opinion?

Reaper

IanManc wrote: »

But your "view" isn't legally enforceable, is it?

The terms and conditions are what govern what TSB can do to the account, and they allow TSB to vary the interest rate after giving notice.

The T&C do indeed allow it. My point is not whether technically they are allowed to do it, but that the clear intention behind their promise has been broken.

Imagine I asked you to clean my house and promised to pay you for it. After 2 hours work I give you 1p. Technically and legally I have paid you, but I bet you would be annoyed that I did not live up to the spirit of my promise.

Why you are not equally annoyed that TSB has failed to follow the clear intention behind the promise rather than whether they are legally allowed to do it is a mystery to me.

That the press has simply reported it is happening rather than pointing out the previous promise (made in writing not just an interview) is disappointing.

BoGoF

I haven't seen so much tears over the loss of £2.50 a month since I cut my sons pocket money.

He stomped his feet and said it wasn't fair as well.

EachPenny

IanManc wrote: »

...A similar situation will arise over Nationwide's "promise" about branch closures and a period of two years.

I agree. These days it is all about words not deeds.

I was passing my local Nationwide branch yesterday and popped in to ask a question about the progress of an ISA transfer. The two members of staff had to break off their private conversation to serve me. I asked the question. They asked if I had online banking. When I confirmed so they said I should use the secure message system to send a request to the ISA team. I asked if there was any way they could find out for me, they said 'no', unless I made an appointment with an ISA advisor for another day.

What is the point of keeping branches if they just tell you to use the internet instead?

(apologies for the digression, just wanted to back up the point behaviour of this type isn't unique to TSB)