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

Ed-1

PRAISETHESUN said:

stclair said:

I wonder what the offering will be on the spend and save plus account when it’s launched. 

https://www.tsb.co.uk/current-accounts/spend-and-save-account/

The Spend and Save Plus account, not the Spend and Save account.

PRAISETHESUN

Ed-1 said:

PRAISETHESUN said:

stclair said:

I wonder what the offering will be on the spend and save plus account when it’s launched. 

https://www.tsb.co.uk/current-accounts/spend-and-save-account/

The Spend and Save Plus account, not the Spend and Save account.

Realised that just after I posted, but seems someone beat me to it as I was correcting myself

crumpet_man

I reckon they'll just drop the Plus account altogether and move everyone to Spend and Save.

Jemsnation

Is it worth waiting til 2nd of November to wait (£5.70) or shall I take advantage of a switch bonus now before it gets pulled? Looking at HSBC as a contender to switch to.

General_Grant

Money_Grabber13579 said:

So the interest on these accounts is now most definitely gone. You know, the interest they promised they wouldn’t take away!

Well, accounts which don't pay interest don't mention interest.  But TSB is paying interest - 0.0%

CRISPIANNE3

I only used the account for £1.90 worth of interest on £1,500 per month. However will keep as it can be used as a switching account at some time in the future. 

HornetSaver

I have a TSB account, gut reaction was to switch. I'm still going to, but admit I gave it some serious thought. The old adage on this site is that credit scoring is simply a number and whilst not completely irrelevant you shouldn't overly worry about it. This remains true.

However it is also fair to add that lenders are behaving in an exceptionally conservative and unpredictable manner right now. So as a mortgage holder my instinct is not to reduce the average length of my credit relationships lightly and therefore I am not currently in the "bank account game" as it were. I hold four current accounts and haven't done a switch in over a year now. One that I've had for 20+ years; its garbage but costs me nothing. I keep it on the off chance that length of credit relationship might be a small positive for lenders. The other three accounts exist for the specific purpose of always either being on a good account or having an account with which to switch for cash; neither is a relevant factor right now but there is no reason for me to close them.

I'm confident one switch shouldn't hurt, and as TSB are historically both a "cash to switch" and high interest current account provider and have a track record of going big when they are going for customers, leaving them ASAP for a switching bonus seems to make sense. I reckon in 2022, regardless of what the state of affairs is with the overall economy or the current account market, they will feature on the best bank accounts list. And it might well be that those customers they lost in 2019/2020 will be able to take advantage.

IvanOpinion

MDMD said:

Money_Grabber13579 said:

So the interest on these accounts is now most definitely gone. You know, the interest they promised they wouldn’t take away!

https://youtu.be/hxV4cAetWC4

They still have a video on their YouTube channel

To be fair they did adhere to their advert - the 3% never was a 'teaser' rate.  Changes were driven by market forces.

crumpet_man

3%?  It started at 5%

hollie.weimeraner

crumpet_man said:

3%?  It started at 5%

I remember those days fondly along with 3% at Santander