TSB classic plus and Classic Enhance interest rates reduction to 0%

veryintrigued

Courtesy of Bob792 on this thread:
https://forums.moneysavingexpert.com/discussion/6188471/tsb-launches-new-spend-and-save-current-account#latest

Catplan

So I think they only need to give 30 days notice or perhaps it’s 60. Anyway it is what it is, 3 to 1.5 to zero....... it has been the trend. I have a regular saver via my classic plus which ends in Jan21 so I expect it will become a dormant account for a switch if any are about then.

stclair

The Classic Plus is no longer available to new customers. 

https://www.tsb.co.uk/current-accounts/other-accounts/

polymaff

At least they are not taunting us with 0.01%. ...

fred246

I remember reading that when Banco Sabadell bought TSB they were impressed by the number of people opening new current accounts with them. Of course they were just opening them as savings accounts because the interest rate was good. I am sure they will be impressed by the speed at which they will lose all those customers.

alanwsg

Just received an Email about it....

We’re changing the interest rate on your Plus account.

We wanted to let you know that from 2 December 2020, we’re reducing the interest rate on your Plus account from 1.50% AER* to 0% AER.

With the recent reduction in interest rates and the current economic climate, we hope you understand the reasons why it has been necessary to take this decision. 

PRAISETHESUN

Looks like I'm going to have a few spare switching accounts in a few months time...
Hardly a suprise though with the way TSB seems to be wanting to "shake up" their offering.

Herbalus

Swings and roundabouts. Just means I will have 2 new donor accounts without having to open any more

Yorkshire_Pud

PRAISETHESUN said:

Looks like I'm going to have a few spare switching accounts in a few months time...
Hardly a suprise though with the way TSB seems to be wanting to "shake up" their offering.

Tsb have a newish ceo Debbie Crosbie who helped bring Clydesdale/Yorkshire Bank out of the doldrums so with branch closure programme and radical changes to current accounts expect there is a much bigger game plan for this bank. Maybe selling it or amalgamating with another bank next year?

(Bring back Paul Pester)

Tragen

I've not had the email, I have one of the older classic plus accounts, does it apply to everyone?

veryintrigued

Tragen said:

I've not had the email, I have one of the older classic plus accounts, does it apply to everyone?

No email here either yet but am afraid you will get one and it does affect all account holders.