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

emmac1

I checked my messages online and there is nothing there. Beth their Customer Services rep also looked and agreed there was no record of notification of interest reduction. She recorded a complaint regarding this and I have just received a rather rude response from their customer relations rep, saying it was up to me to check if interest rates were reducing and they are not obliged to notify customers individually. That's not my understanding of the regulations, as all other banks have sent messages or postal notification of rate reductons. I wonder how many others have been surprised by less interest on their money

dc_scotland

I am also paperless, and was notified by email on 19 February. Unlike most TSB emails which tell me to log on to my online account to view an important message, which is never there, this email actually gave details of the interest rate cut.

RG2015

Did you receive an email on or about 19th Feb? This was the only notification I received as there is nothing in my TSB online inbox.

emmac1

RG2015 said:

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.

Just checked my email inbox. Lots of messages about checking online banking login details due to a change in the way we're logging on, 'we are here to support you', how to recognise a fraudulent email etc., but nothing about rate reduction.

AntoMac

I’m sure I had an email too, but won’t have kept it. I’ve looked in my TSB account inbox and there isn’t anything about it there. It was quite widely publicised at the time If I recall. Other people I know with TSB accounts seemed to know at around the same time, although I’m not sure if/how they were advised. It’s less than 2 pounds difference isn’t  it so not really sure what raising a complaint would achieve? 

Archi_Bald

RG2015 said:

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.

I don't keep emails that long back but now that you say it, it rings a bell. 

emmac1

I got nowhere via customer services, so have just moved the money to my newly opened Virgin (Clydesdale) current account, at 2.02% 

kaMelo

emmac1 said:

I got nowhere via customer services, so have just moved the money to my newly opened Virgin (Clydesdale) current account, at 2.02% 

And if you keep £1500 in the account then you are £2.50 worse off now.

emmac1

It's being drip-fed into the KR 3% reg saver, so it's all good

sheramber

received 18 February 2020. 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.

Your current rate Your rate from 2 May 2020 Interest rate 3.00% AER/2.96%  gross variable 1.50% AER/1.49%  gross variable Paid on balances up to £1,500 £1,500

If you have more than one Plus account, these changes apply to all of your Plus accounts. A copy of your new terms and conditions can be seen here.

Why are we making these changes? It's important that we review our rates to make sure they're sustainable and give our customers a competitive interest rate as part of our Plus account offer.

What your current account gives you. With 1.5% AER on balances up to £1,500, you can earn up to £22.38 a year in gross interest. Your Plus account also gives you everything you'd expect from a current account: online and mobile banking, the freedom to make payments using contactless, Apple Pay or Google Pay, and 24/7 telephone banking.

How you earn interest. We're still offering you one of the best current account interest rates on the high street. Don't forget that to continue to earn your interest you need to make sure you pay in at least £500 a month and have registered for Internet Banking. You also need to have chosen both paperless statements and correspondence. You can check this by logging into Internet Banking and clicking on ‘Your account tools'.

What do I need to do? You don't need to do anything if you're happy to accept these changes. The new rate will start from 2 May 2020. You also have the option to close or switch your account without charge at any time. If you have any questions, pop into your local branch and speak to a TSB Partner. We'll be happy to help.