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

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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Comments

  • Posted in Credit Card board?
  • Oh well, bye bye TSB. Time to move my money to offset my mortgage!
  • born_again
    born_again Posts: 18,300 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Seems team MSE are getting worse. Can't even work out the difference between a CURRENT ACCOUNT & a CREDIT CARD....
    Life in the slow lane
  • Consumerist
    Consumerist Posts: 6,311 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    NatWest/RBS Savings Builder is now starting to look more attractive at 1.5% on up to £10k. Definitely thinking about it, myself.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • emmac1
    emmac1 Posts: 32 Forumite
    Fifth Anniversary 10 Posts
    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
    AntoMac Posts: 2,402 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Yes I did and I’m paperless too. I’m sure they’ve done what they were obliged to do
    27/5/17 Mort 64705 BTs 1904031/12/17 Mort 59815 BT 1673007/04/20 Mort 49208 BT 1572128/07/20 Mort 47387 BT 1263414/11/20 Mort 45905 BT 10134 20/05/21 Mort 42335 BT 686811/08/22 Mort 32050 BT 2915Sealed Pot Challenge 16 Number 5
  • emmac1
    emmac1 Posts: 32 Forumite
    Fifth Anniversary 10 Posts
    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
    Yorkshire_Pud Posts: 1,938 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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
    RG2015 Posts: 6,002 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    edited 5 June 2020 at 10:56AM
    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.
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