TSB current account - rate will reduce to 1.5%

qwer11

As expected the interest rate of its current account will go down from 3% to 1.5% from 2 May. Sad times.. 

cm00

To think, it was 5% just over half a year ago. Not sure what called for a drop from 5% to just 1.5% in that little time.

Herbalus

Banking is getting simpler by the week. More accounts I can close. Although my TSB accounts are so nearly 100% automated (I only have to log in to take the interest) it might actually be easier to just keep them for now.

BakingC

Sad times indeed. May actually switch to an ongoing rewards account as 1.5% on 1.5K isn't worth it when I have an easy access that beats that (well for the time being until my marcus runs out later in the year and then I have my natwest savings builder). 

DazCM

I’m actually pleasantly surprised it’s only gone down to 1.5% as there were press articles late last year saying the interest was going completely. 

I’ll keep it open as I’ve got their 2% regular saver on the go and the 1.5% still beats my Marcus at 1.35%. 

Missus_Hyde

DazCM said:

I’m actually pleasantly surprised it’s only gone down to 1.5% as there were press articles late last year saying the interest was going completely. 

I’ll keep it open as I’ve got their 2% regular saver on the go and the 1.5% still beats my Marcus at 1.35%. 

I'm not surprised, really; I'll probably keep the a/c's at present, as 1.5% is still better than other easy access a/c's.
We've not had a lot of bother from TSB ( but I only keep them for the interest) so if it goes any lower I'll move the money out and wait for any fresh switching offers ( I've done them all, but I live in hope!    )

masonic

It's been a pretty good run. Now all we need is a good switching offer to mop them up.

phillw

BakingC said:

Sad times indeed. May actually switch to an ongoing rewards account as 1.5% on 1.5K isn't worth it when I have an easy access that beats that (well for the time being until my marcus runs out later in the year and then I have my natwest savings builder). 

Savings builder kinda works like a notice account though & for no better interest. I'd still keep the TSB as a float.

alandaniel132

When is the last date get the interest? I plan to switch to Natwest to earn the switch offer?

masonic

alandaniel132 said:

When is the last date get the interest? I plan to switch to Natwest to earn the switch offer?

That would be the day before the date mentioned in the first post.

xylophone

I have a couple of these accounts and we've had a good run at 5%/3% - I'll leave them alone for the moment until the rate reduces further then think again.