TSB reducing interest from 5% to 3%

Zero_Sum

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 ?

Im thinking i might as well just pay off the stoozed credit cards.
Ive still got a few decent reg savers, and can get 2% on a years fixed rate.

dcs34

IanManc wrote: »

Because I honestly didn't expect any better of them. When Pester said it I thought it was hot air.

It was. Words are cheap when they come from banksters.

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

It's just PR and not worthy of attention.

And bad PR at that, because now I'm wondering why they'd want me to see it as a positive that their company is making poor financial decisions about their retail operating strategy, at the same time as withdrawing some of their more appealing products...

poppellerant

If they hadn't capped the amount you gain interest on so low, 3% might have kept me interested.

As each month's news on banks goes by, my mattress is definitely crying out for a little extra padding out - sadly I might only have enough for a single pile, providing I draw it out in £5 notes and fold them over.

schiff

colsten wrote: »

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.

Exactly the way I feel.

talexuser

I'll keep the 3% just because it is better than Marcus for new money, and can feed some of the regular saver enablers, but it is getting to the stage where after Tesco is dumped you wonder if it is worth it for the declining extra £s in the year (travesty to say here on MSE!). At least it's less complicated than before

chockydavid1983

3% is still worth it for me, esp with Tesco reducing soon.
Then the rest can stay in Marcus being dripped into reg savers...

techwatcher

Just received my email notifying me of the change in interest rates. Not great news but not entirely unexpected either. 3% on £1500 is still better than it would earn at Marcus so I will be keeping my account with them.

Someone said on another thread that the current account ship has sailed; it seems it has.

MDMD

colsten wrote: »

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.

It is actually more work to close the account- with my standing orders it requires precisely zero effort to keep using it, to close it I’d have to actually do something.

I’ll probably be less concerned about skimming the interest though

Flobberchops

EachPenny wrote: »

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.

The other day I happened to be passing through the drive-through at McDonalds and I asked the girl on the intercom a couple of straightforward questions about the share price and the company policy on palm oil. She said she didn't know but tried upselling my Big Mac Meal with large fries. They'll gladly take your money but are clueless about their own company! Typical!

dealer_wins

We cant complain really, in the US you have to pay to run a bank account. Not only are we getting an account for nothing, they pay us as well.

Fantastic IMO