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

phillw

EarthBoy said:
The Classic Plus account has been withdrawn from sale, and I don't know of any example of any bank ever improving the benefits of withdrawn accounts. 

I was thinking of Halifax where they let people upgrade the old accounts to new ones, leaving some lucky people who managed to get 5 of the old accounts to have 5 of the new ones. I do wonder how TSB will cope with outflow of cash.

adindas

When channing to 0% on December 2 is there still requirement to monthly funding requirement of £500  ?

Thanks

Ed-1

adindas said:

When channing to 0% on December 2 is there still requirement to monthly funding requirement of £500  ?

Thanks

Only to earn 0% interest (which is nothing which is the same as you'd get by not paying in £500).

[Deleted User]

phillw said:

EarthBoy said:
The Classic Plus account has been withdrawn from sale, and I don't know of any example of any bank ever improving the benefits of withdrawn accounts. 

I was thinking of Halifax where they let people upgrade the old accounts to new ones, leaving some lucky people who managed to get 5 of the old accounts to have 5 of the new ones. I do wonder how TSB will cope with outflow of cash.

Outflows from their loss leading Plus accounts?
I'm sure they will be devastated 

phillw

dahj said:
Outflows from their loss leading Plus accounts?

I'm sure they will be devastated 

I'm talking about how they will handle it. Not how they will feel.
Assuming they didn't just have that money sitting doing nothing, they'll have to borrow an equal amount from somewhere.
It might be cheaper for them to do it, but when they had IT issues they bumped the interest rate up primarily to stop an outflow. Imagine if your building society phoned up and asked you to repay immediately. Sure you can get another mortgage, but not within minutes.
Because this was planned they may have secured funding before the announcement, but I don't know. I just wondered what they'd done to cope with it.

One of my tsb's is going to lloyds for the cashback, I haven't decided what to do about the other one yet.

phillw

Ed-1 said:
Only to earn 0% interest (which is nothing which is the same as you'd get by not paying in £500).

Classic Plus T&C
You must: pay at least £500 into your account each month and be registered for Internet Banking, Paperless Statements and Paperless Correspondence.
• If you don’t do this each month, we won’t pay you credit interest for that month.
• If you don’t do this over a longer period, we’ll convert your account to a Classic account. If we convert your account, your overdraft, sort code and account number will stay the same. We’ll contact you so you have time to meet the conditions before we do this.

Spend and save T&C

• Cashback Earn £5 Cashback for the first six months, including the month you open your account. You just need to make 30 payments or more on your debit card each calendar month.*

*You are eligible for Cashback if you open a new Spend & Save account, which includes changing an existing TSB account, other than a Classic account, to a Spend & Save account. See Cashback terms and conditions.

Although I can't imagine anyone making 30 debit card payments every month for six months.

Gers

I've got three Classic Enhance and two Classic Plus accounts so all my interest will dry up.  There's no-where for me to switch to. 

WillPS

phillw said:

Although I can't imagine anyone making 30 debit card payments every month for six months.

20 minutes of clicking while watching telly a month. It's not a hardship.

crumpet_man

WillPS said:

phillw said:

Although I can't imagine anyone making 30 debit card payments every month for six months.

20 minutes of clicking while watching telly a month. It's not a hardship.

20 minutes?  I managed it in 10, also whilst watching TV
Even at 30 minutes it beats minimum wage and you can do something else at the same time.  I may manage an entire film in December when I should have a hundred odd payments to make.

Edace2020

Has anyone else not been paid interest on their TSB classic account this month yet?
I haven't and was wondering if it's just late.