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TSB to cut interest rate on its current account to 3% - MSE News

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Former_MSE_Naomi
Former_MSE_Naomi Posts: 519 Forumite
Second Anniversary First Post I've been Money Tipped! Newshound!
edited 8 April 2019 at 11:27AM in Budgeting & bank accounts
:DTSB has announced it's cutting the interest rate on its Classic Plus Current Account from 5% to 3% this summer - and it's temporarily reviving its £75 switching incentive for those who refer friends and family to the bank...
Read the full story:
'TSB to cut interest rate on its current account to 3%'
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Comments

  • RedRuby_2
    RedRuby_2 Posts: 122 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    That was quick. I thought they wouldn't drop the interest as a way of rewarding all the loyal customers who didn't close their account after their IT debacle.

    Andy why then introduction that refer a friend bonus but cut interest rates. its unlikely I would refer a friend after they do this and their past IT problems.
  • colsten
    colsten Posts: 17,597 Forumite
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    RedRuby wrote: »
    its unlikely I would refer a friend after they do this and their past IT problems.
    Assuming you are eligible under the yet-to-be-published T&Cs, it is clearly your decision, and your mate's, whether you would like to share £150 with a mate. I for one would go for it any day if I could.
  • Shedman
    Shedman Posts: 1,573 Forumite
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    edited 8 April 2019 at 12:24PM
    Anybody found the T&Cs for the Refer a Friend as I can't see anything about it on their website (or when logged in either). I guess they've had IT issues publishing them :rotfl:

    I presume that they are excluding people that have had a TSB account in the past but for how far back?
  • AndyPK
    AndyPK Posts: 4,352 Forumite
    Part of the Furniture 1,000 Posts
    I didn't relaise it was still 5%.


    They must have only dropped the amount you can earn interest on to £1500
  • creditavenger
    creditavenger Posts: 139 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Interesting news Naomi.

    Upsetting about the rate reduction but hardly surprising compared to what is happening to rates generally. Good whilst it lasted and 3% is still not too shabby.

    Do you have a link for the TSB "refer a friend" incentive t+c please? I cant see anything on their online site. :beer:
  • bristolleedsfan
    bristolleedsfan Posts: 12,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    creditavenger wrote: »
    Do you have a link for the TSB "refer a friend" incentive t+c please? I cant see anything on their online site. :beer:




    https://www.tsb.co.uk/recommend-tsb/
  • Shedman
    Shedman Posts: 1,573 Forumite
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    edited 8 April 2019 at 12:35PM
    It seems that the exclusion is only if you've had an incentive payment for switching in the pass not just if you've had a current account. Luckily I don't think the wife has so I will recommend her - so that's one of the Tesco accounts going once rate goes down in June.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Shedman wrote: »
    It seems that the exclusion is only if you've had an incentive payment for switching in the pass not just if you've had a current account. Luckily I don't think the wife has so I will recommend her - so that's one of the Tesco accounts going once rate goes down in June.
    No.

    The terms say "You must not already have a current account with TSB at the time of referral."
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Detailed T&Cs here: https://www.tsb.co.uk/current-accounts/recommend-a-friend-terms-and-conditions.pdf (downloads a PDF)

    Existing account holders are not eligible for the offer if they are being referred.
  • Shedman
    Shedman Posts: 1,573 Forumite
    Tenth Anniversary 1,000 Posts Photogenic Name Dropper
    colsten wrote: »
    No.

    The terms say "You must not already have a current account with TSB at the time of referral."

    But former customers (who obviously don't have an existing current account) are eligible subject to not having had an incentive payment previously - which is what I was alluding to.
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