TSB advert - 3% on a current account

dodomoney
dodomoney Posts: 67 Forumite
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in Savings & investments
Hi I've just seen an advert for TSB and Im sure the voiceover lady (sounds like the woman from Boardwalk Empire) said 3% interest on a current account with no monthly fees. I've checked the website and cant find this. Anybody know of this account.

I was watching online so Im thinking maybe it was an Irish TV stream. 3% sounds too high for a current account in England.

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  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
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    edited 16 April 2019 at 10:47PM
    dodomoney wrote: »
    Hi I've just seen an advert for TSB and Im sure the voiceover lady (sounds like the woman from Boardwalk Empire) said 3% interest on a current account with no monthly fees. I've checked the website and cant find this. Anybody know of this account.

    I was watching online so Im thinking maybe it was an Irish TV stream. 3% sounds too high for a current account in England.
    What happens when you go to https://www.tsb.co.uk/current-accounts/ ?

    For me the very first listed account is
    Classic Plus account
    MOST POPULAR

    The TSB Classic Plus account offers 3% AER interest, no maintaining the account fee (monthly) and all the features you’d expect from a current account.
    then when you click on it
    Key features
    5% AER / 4.89% gross variable interest paid on balances up to £1,500 only. Please note the current interest rate is 5.00% AER/4.89 gross variable and will be 3.00% AER/2.96% gross variable from 2 July 2019.
    TSB Visa debit card
    Contactless functionality subject to status
    Optional £35 interest and fee-free overdraft - for short term borrowing, like covering you until pay day. Subject to application, approval and repayable on demand.
    You can apply to open a joint account.
    Recommend us to a friend and when they switch to our Classic or Plus account you’ll both get £75. T&Cs apply. Offer ends 30 June 2019.
    To earn interest (paid monthly), all you need to do is pay in a minimum of £500 a month, register for Internet Banking, Paperless Statements and Paperless Correspondence and log in regularly.
  • jimjames
    jimjames Posts: 17,616 Forumite
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    dodomoney wrote: »
    I was watching online so Im thinking maybe it was an Irish TV stream. 3% sounds too high for a current account in England.

    Not sure if you've been out of the country or living under a rock but current accounts have been paying 3% and more for quite a few years, at least 5 by my reckoning. If anything that's now dropping rather than increasing, TSB was paying 5%
    Remember the saying: if it looks too good to be true it almost certainly is.
  • mollycat
    mollycat Posts: 1,475 Forumite
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    Congratulations on your successful 10 year mission to Mars!! :) (only kidding).

    People are actually slightly disappointed at the (inevitable drop) to 3% from 5%.

    Nationwide have been offering 5% on £2.5K (for a years duration on Flexdirect) for some time now, so be warned if you catch that ad also :)
  • Zanderman
    Zanderman Posts: 4,683 Forumite
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    dodomoney wrote: »
    3% sounds too high for a current account in England.

    Would it be ok for Wales, Scotland or NI?

    3% or more has been common for many current accounts for some years.

    At present Tesco current accounts give 3% (dropping soon to 1%), TSB have been offering 3-5% for ages (was 5%, dropped to 3%, went back up to 5% now dropping back to 3%) and you can have 5% with Nationwide's FlexDirect account.

    Have you been away?
  • Hasbeen
    Hasbeen Posts: 4,404 Forumite
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    dodomoney wrote: »
    Hi I've just seen an advert for TSB and Im sure the voiceover lady (sounds like the woman from Boardwalk Empire) said 3% interest on a current account with no monthly fees. I've checked the website and cant find this. Anybody know of this account.

    I was watching online so Im thinking maybe it was an Irish TV stream. 3% sounds too high for a current account in England.

    Banks have been paying 3% and over for years. Disappointed our tesco accounts reduce in June to 1.5%.

    But that's UK/British banks though, don't really know about England, is that a small island of the British coast?:rotfl:
    The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon
  • glaister
    glaister Posts: 63 Forumite
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    Hasbeen wrote: »
    Banks have been paying 3% and over for years. Disappointed our tesco accounts reduce in June to 1.5%.

    But that's UK/British banks though, don't really know about England, is that a small island of the British coast?:rotfl:

    Tesco is going down to 1% unfortunately, not 1.5%
  • Hasbeen
    Hasbeen Posts: 4,404 Forumite
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    glaister wrote: »
    Tesco is going down to 1% unfortunately, not 1.5%

    Sorry my mistake problem then is finding home for 5 accounts.
    The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon
  • dodomoney
    dodomoney Posts: 67 Forumite
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    mollycat wrote: »
    Congratulations on your successful 10 year mission to Mars!! :) (only kidding).

    People are actually slightly disappointed at the (inevitable drop) to 3% from 5%.

    Nationwide have been offering 5% on £2.5K (for a years duration on Flexdirect) for some time now, so be warned if you catch that ad also :)

    yeah I had that flexdirect account and the year has expired, so I've ditched it.

    Im confusing these interest rates with ISA rates. Whats the point putting money in to an ISA with interest rates such as 1.5% if current accounts are offering so much more?
  • masonic
    masonic Posts: 23,271 Forumite
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    dodomoney wrote: »
    Im confusing these interest rates with ISA rates. Whats the point putting money in to an ISA with interest rates such as 1.5% if current accounts are offering so much more?
    For most people there is no point having a cash ISA because they don't have more than a few thousand in savings and wouldn't pay tax on any of their interest.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    This joshing of the OP about 3 and 5% current accounts is all well and good but it's only that sort of sum on very limited amounts and /or limited durations.
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