TSB to cut Classic Plus current account interest to 1.5% - MSE News

Former_MSE_Callum

TSB is to cut the interest on Classic Plus Current Account from 3% AER to 1.5% AER from May...

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TSB to cut Classic Plus current account interest to 1.5%

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crumpet_man

Posted in Credit Card board?

bilies

Oh well, bye bye TSB. Time to move my money to offset my mortgage!

born_again

Seems team MSE are getting worse. Can't even work out the difference between a CURRENT ACCOUNT & a CREDIT CARD....

Consumerist

NatWest/RBS Savings Builder is now starting to look more attractive at 1.5% on up to £10k. Definitely thinking about it, myself.

emmac1

Morning all, did anyone receive notification directly from TSB about this? I have a paperless account, but no e-document or message informing me of the reduction arrived, so it was a surprise to receive half the expected interest a couple of days ago. My understanding is that banks must notify customers of any proposed change in interest rates in good time.

Advice would be much appreciated

AntoMac

Yes I did and I’m paperless too. I’m sure they’ve done what they were obliged to do

emmac1

AntoMac said:

Yes I did and I’m paperless too. I’m sure they’ve done what they were obliged to do

Thanks for your help. How were you notified? Online or by post?

Many thanks

Yorkshire_Pud

emmac1 said:

AntoMac said:

Yes I did and I’m paperless too. I’m sure they’ve done what they were obliged to do

Thanks for your help. How were you notified? Online or by post?

Many thanks

If you went paperless for the Classic Plus Interest then the correspondence will be in your desktop online account under messages which tsb never delete. No letter because you went paperless for correspondence.

Archi_Bald

Yorkshire_Pud said:

emmac1 said:

AntoMac said:

Yes I did and I’m paperless too. I’m sure they’ve done what they were obliged to do

Thanks for your help. How were you notified? Online or by post?

Many thanks

If you went paperless for the Classic Plus Interest then the correspondence will be in your desktop online account under messages which tsb never delete. No letter because you went paperless for correspondence.

I am fully paperless. Can't see any messages, just Inbox. In there, I only have statements, no notification about interest rate change. I will not be making a complaint as I'd rather they didn't look at my accounts.

RG2015

Archi_Bald said:

Yorkshire_Pud said:

emmac1 said:

AntoMac said:

Yes I did and I’m paperless too. I’m sure they’ve done what they were obliged to do

Thanks for your help. How were you notified? Online or by post?

Many thanks

If you went paperless for the Classic Plus Interest then the correspondence will be in your desktop online account under messages which tsb never delete. No letter because you went paperless for correspondence.

I am fully paperless. Can't see any messages, just Inbox. In there, I only have statements, no notification about interest rate change. I will not be making a complaint as I'd rather they didn't look at my accounts.

I received this email on 19th Feb. There are no messages in my online inbox on this issue,

The interest rate is changing on your Plus account.

Hello RG2015, We wanted to let you know that from 2 May 2020, the interest rate you earn on your Plus account will change from 3% to 1.5% AER. The table below shows how this works.