TSB current account - rate will reduce to 1.5%

veryintrigued

Really not good news.

Wonder if TSB will crack down on those customers with above the allowed amount of this account too?

Silvertabby

veryintrigued said:

Really not good news.

Wonder if TSB will crack down on those customers with above the allowed amount of this account too?

That's annoying.  We have 3 of these accounts between us, on the advice of our TSB bank manager.

1 = Our original joint account, which more than met the money in/money out criteria.

2 & 3 = Single accounts, seeded with £1.5K each - then each month he pays my account £500 and I pay his account £500.

veryintrigued

Yea TSB subsequently tightened this loophole but left the accounts open.

glennevis

Not entirely unexpected news, they have to fund their new IBM-managed IT systems somehow.

grimsalve

"you can earn up to £22.38 a year in gross interest" ... time to finally ditch TSB then

alandaniel132

xylophone said:

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.

what do you mean you have a couple of these accounts?

Sea_Shell

We've got our 3 between us, which we shall still be keeping even at 1.5%.   it'll still be the best place for £4500 instant access cash, (over and above our regular savers) once my Marcus bonus finishes.

crumpet_man

alandaniel132 said:

xylophone said:

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.

what do you mean you have a couple of these accounts?

Way back when you could have two accounts per person, this was allowed by TSB so there were plenty on here who had two accounts with (I think) £3k in each paying 5% interest, no DD requirement, just pay in £500 per month which you can do from one TSB account to the other.

I may have got the £3k limit mixed up with Tesco who also allowed two current accounts per person.

Sad_Dad

My wife and I have 7 between us, nice earner on 10.5k when it was 5% and then 3%.  I'll keep for now but I will switch if any switching offers come up that I haven't already taken advantage of.

PRAISETHESUN

alandaniel132 said:

xylophone said:

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.

what do you mean you have a couple of these accounts?

It used to be you were allowed to hold two of these accounts but they changed their T&Cs to say you are only allowed to hold one - but I think those with two accounts open at the time were allowed to keep them open. Although technically the current T&Cs say you can only hold one sole account... it just seems TSB aren't enforcing this part.

Whilst the rates aren't great, the accounts are already up and running so I'll probably hang onto them for the time being.