TSB Interest rate drop

arsenalboy

Just had a communication from TSB that the 3% on current accounts drops to 1.5% for balances up to 1.5K.
 This is with effect from 2nd May.
Rates are getting smaller and smaller.

phillw

Even after halving the interest, they are still market leaders for ongoing easy access.

arsenalboy

phillw said:

Even after halving the interest, they are still market leaders for ongoing easy access.

Yes, but you still have the money go round of £500 at least going in each month, couple this with interest capped to £1500 and it becomes hard going?

Edace2020

My wife had the same via email a minute ago.
I have an account with them too but haven't received anything yet. I'll probably switch when it drops.

veryintrigued

Heck.
Not good news but thanks for that.
That will be a kick in the proverbials, especially, for those that hold above the number of accounts allowed.

techwatcher

Yes, got my email from TSB this morning. Lest we forget it was only last summer that this account stopped paying 5%.
It's still market leading for instant access, albeit on just £1500 and for the couple of minutes a month it takes to meet the funding requirements I will be keeping the account.

colsten

techwatcher said:

It's still market leading for instant access, albeit on just £1500 and for the couple of minutes a month it takes to meet the funding requirements I will be keeping the account.

It takes a very short time only to stick £1,500 into Regular Savers - e.g. 3 months to get it into Coventry, or into KRBS if you have access to KRBS. Even the 2% RSes pay more than 1.5% AER.

Shedman

Certainly getting easier and easier to cull the number of accounts back down to a more manageable level...😥

TUVOK

At 1.50% for the TSB account, not worth it for me, easier to put in my Marcus account at 1.50%

ColdIron

Which will lose the bonus late this summer even if you renewed. I'd hang on to the account(s)

Nuggy96

looks like i'll be putting it in the Al Rayan account getting 1.6%