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TSB says interest rates not important to savers.
EarthBoy
Posts: 3,252 Forumite
TSB thinks interest rates are not important. They also mention a new "Spend and Save current account".
https://www.thisismoney.co.uk/money/markets/article-8677287/Rates-not-important-savers-says-one-TSBs-bosses.html
https://www.thisismoney.co.uk/money/markets/article-8677287/Rates-not-important-savers-says-one-TSBs-bosses.html
1
Comments
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Is this TSB's Ratner moment, I wonder? Talk about insulting the intelligence of your customers!!!5
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At the least it's very tone deaf.1
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He's not really wrong though, is he? Considering TSB and most other banks are paying !!!!!!-all interest, what you're saving is a lot more relevant than the paltry interest you're going to get from a bank.0
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"I was so happy to put all my savings with TSB at 0% interest so they can make loads of money with it" - Happy Totally Supid Bank CustomerRetired 1st July 2021.
This is not investment advice.
Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."1 -
What an absolutely ridiculous comment & for one a complete expectation of the mess that is TSB.1
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While not doubting the words that have been stated as direct quotes, I suspect that it would be helpful to see the entire communication and the full context of the remarks made.
In particular, a comment towards the end of the piece states:Davis was commenting ahead of the launch of TSB's 'spend and save' current account. He said the bank needed to encourage customers into the 'savings habit'.which suggests that the fundamental point being made related to the importance of promoting saving as a concept rather than focusing exclusively on the interest rate, but it does sound like he should have chosen his words more carefully, even allowing for the fact that it was an internal document rather than one intended for public consumption....2 -
Well according to the quotes he stated :
'What matters is that customers are saving. The interest rate is simply a little bit of icing on top of the cake – the savings are the cake.'
I have some cake but precious little icing these days- it's spread very very thin. Not sure what incentive TSB is going to provide if interest is not important!!
Being polite and pleasant doesn't cost anything!
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2025 3dduvets1 -
If Mr Davis doesn't think people are interested in interest, he'd better come up with a really good switch offer for his new "spend and save" current account because at the moment I am only switching out of TSB (to Metro and to RBS so far). Once they cull their 1.5% TSB Plus accounts, there's not much left that would keep me there at all.2
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I would take articles from the Daily Mail with a large pinch of salt.0
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