TSB Plus account - interest rate reducing to 0%

El_Torro

I too have had 2 TSB accounts since the interest rate was 5%. No point keeping them after this cut. 

At this rate my emergency fund will consist of a current account (for practical reasons) and Premium Bonds. At least it's less complexity I guess.

timefortea

I’m switching to HSBC for the 2.75% regular saver (and the £125 switching bonus).

Bravepants

What about Tesco Bank for the Clubcard points? No seriously!

We recently bought a ticket for Legoland for our niece with some of my points - someone may as well get some enjoyment out of my current account. Also, in some pubs/restaraunt chains their value triples against meals. For example, each Tesco voucher is worth triple face value at a pub belonging to the Hungry Horse chain.

So we were thinking of transferring our joint TSB account to a joint Tesco one.

crumpet_man

I don't think Tesco Bank is open to new applications.
It's a worthwhile account to have for clubcard points on debit card purchases where (rewards/cashback) credit cards are not accepted. 

BigBlueSky

crumpet_man said:

I don't think Tesco Bank is open to new applications.
It's a worthwhile account to have for clubcard points on debit card purchases where (rewards/cashback) credit cards are not accepted. 

Do you earn clubcard points on all transactions? - Paying off credit card bill, savings account deposits (where they accept debit cards), etc ?

Sailtheworld

I-LOV-MONEY said:

Made a diary note for 1 December to move the money under the pillow !

You get free insurance courtesy of the taxpayer even at 0% interest.

Darkslider

Just had a similar letter from nationwide, our introductory offer on our joint household account is ending so we're down to 0.25% a month interest now. Is it worth us switching accounts and would a switching account move all our direct debits across for us? Or are there just no better offers out there at the moment?

We pay in a combined total of £1000 each p/m.

soulsaver

Darkslider said:

Just had a similar letter from nationwide, our introductory offer on our joint household account is ending so we're down to 0.25% a month interest now. Is it worth us switching accounts and would a switching account move all our direct debits across for us? Or are there just no better offers out there at the moment?

We pay in a combined total of £1000 each p/m.

It does... and there are ...at least for now.

xylophone

I too have had 2 TSB accounts since the interest rate was 5%. No point keeping them after this cut. 

I've just switched one to my longstanding Lloyds Club - unfortunately a switch to my longstanding HSBC would not net an incentive......oh well, good while it lasted!

crumpet_man

BigBlueSky said:

crumpet_man said:

I don't think Tesco Bank is open to new applications.
It's a worthwhile account to have for clubcard points on debit card purchases where (rewards/cashback) credit cards are not accepted. 

Do you earn clubcard points on all transactions? - Paying off credit card bill, savings account deposits (where they accept debit cards), etc ?

No, clubcard points are not earned on all transactions.  Financial, gambling and some others are excluded but despite that some institutions seem to slip through, it's a case of trying it to see if it works.