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    • MSE Naomi
    • By MSE Naomi 8th Apr 19, 10:24 AM
    • 203Posts
    • 41Thanks
    MSE Naomi
    TSB to cut interest rate on its current account to 3% - MSE News
    • #1
    • 8th Apr 19, 10:24 AM
    TSB to cut interest rate on its current account to 3% - MSE News 8th Apr 19 at 10:24 AM
    TSB 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%'

    Click reply below to discuss. If you haven’t already, join the forum to reply.
    Last edited by MSE Callum; 08-04-2019 at 10:27 AM.
Page 6
    • bristolleedsfan
    • By bristolleedsfan 12th Apr 19, 11:26 AM
    • 7,644 Posts
    • 9,702 Thanks
    bristolleedsfan
    Look:
    It is quite easy in life
    Whenever anyone or any corporate makes a statement, the rules are simple
    Focus on what they are NOT saying rather than what they are.
    When I heard this one from the TSB I immediately asked myself OK so how long will it last then?
    Same with David Cameron's quote that we have no plans to raise VAT at the moment - which I took to mean the plans will be in place the day after
    Originally posted by Uxb1
    Phrase no plans was not used in this instance


    https://www.bbc.co.uk/news/av/business-43906346/tsb-boss-paul-pester-says-bank-is-on-its-knees

    Listen from 5:28 onwards.

    BBC Reporter: "So you're going up to 5% interest on current accounts? For how long?"

    Paul Pester: "That rate doesn't change! So we're not like other banks that give you a high rate and take it away. That rate is there for good!"

    https://www.thefreedictionary.com/for+good

    for good
    Permanently; forever: I'm moving to Europe for good.
    • colsten
    • By colsten 12th Apr 19, 11:29 AM
    • 10,173 Posts
    • 9,338 Thanks
    colsten
    for good
    Permanently; forever: I'm moving to Europe for good.
    Originally posted by bristolleedsfan
    That's like Paul Pester was at TSB for good
    • BoGoF
    • By BoGoF 12th Apr 19, 11:31 AM
    • 4,242 Posts
    • 3,775 Thanks
    BoGoF
    Yeah....."we will leave the EU on 29 March"

    Politicians, bankers etc - be a cynic and don't believe them that way you win't be disappointed.
    • wizk1
    • By wizk1 12th Apr 19, 12:15 PM
    • 900 Posts
    • 609 Thanks
    wizk1
    Yeah....."we will leave the EU on 29 March"

    Politicians, bankers etc - be a cynic and don't believe them that way you win't be disappointed.
    Originally posted by BoGoF
    In a parallel universe somewhere, Politicians, bankers et al are held accountable for their promises. It's certainly not this one
    • catslovelycats
    • By catslovelycats 12th Apr 19, 7:30 PM
    • 1,684 Posts
    • 11,207 Thanks
    catslovelycats
    Just dug up an email I received from TSB on May 2nd 2018. I'll just leave this extract here....
    For Classic Plus customers, as well as waiving overdraft fees and interest charges incurred in March and April, to show how grateful we are for your loyalty and patience, we are also increasing the interest rate on our Classic Plus account from 3% to 5%. We promise this wonít be taken away after a year.
    Originally posted by wizk1
    I suppose they could argue it's not technically a year Ö It's 11 months
    • masonic
    • By masonic 12th Apr 19, 8:28 PM
    • 11,563 Posts
    • 9,205 Thanks
    masonic
    I suppose they could argue it's not technically a year Ö It's 11 months
    Originally posted by catslovelycats
    The change comes into effect in July, so they've given us ever-so-slightly more than a year, which is what I'd guessed would happen when they made their promise.
    • Money_Grabber13579
    • By Money_Grabber13579 13th Apr 19, 7:37 AM
    • 2,997 Posts
    • 1,475 Thanks
    Money_Grabber13579
    It seems that so many people are happy to live in a world where clear statements cannot be taken at face value and promises can be reneged on at any time because of technicalities. For me, I believe that if a promise is made, that promise should be kept and that TSB shouldn’t be trying to renege on it (the fact that 14 months is not a year and so it is okay is just weasel words). The clear message arising from the public statements and communications put out by TSB at the time was that the 5% rate would be around for a long time, certainly much longer than a year (maybe not necessarily for good) but the sentiment was that we would still be benefiting from the rate 2 or 3 years later.

    I’m not naive enough to think that we will ever be able to fully trust what people say (like we could have done 50 years ago) however I still think they should be called out on it every time it happens.
    Northern Ireland club member No 382
    • nic_c
    • By nic_c 13th Apr 19, 8:48 AM
    • 1,900 Posts
    • 1,016 Thanks
    nic_c
    Really when they raised it to 5% they should not have made the promise. People are peeved that it was done so soon, even if 3% is decent as others are cutting, like Tesco going from 3% to 1%. They probably should have said "at least a year" no one would have thought less of them at the time.
    • robatwork
    • By robatwork 13th Apr 19, 9:37 AM
    • 5,043 Posts
    • 5,805 Thanks
    robatwork
    Really when they raised it to 5% they should not have made the promise. People are peeved that it was done so soon, even if 3% is decent as others are cutting, like Tesco going from 3% to 1%. They probably should have said "at least a year" no one would have thought less of them at the time.
    Originally posted by nic_c
    "at least a year" - we all would have known that at 13-15 months it was going to be cut again

    "won't be taken away after a year" - equivocal at best

    "for good" - really stupid comment, but unequivocal. I read this as "as long as this account lasts". Which they obviously have reneged on.

    Wizi while you pursue your noble but hopeless complaint, ensure you call him Paul Pester not Peston. You're conflating him with Robert Peston.
    • MisterMotivated
    • By MisterMotivated 13th Apr 19, 9:54 AM
    • 282 Posts
    • 269 Thanks
    MisterMotivated
    ...like Tesco going from 3% to 1%...
    Originally posted by nic_c

    It wouldn't surprise me if TSB were waiting for that so they could say that even at 3% they still offer the best rate of any current account.
    • schiff
    • By schiff 13th Apr 19, 10:42 AM
    • 18,454 Posts
    • 9,887 Thanks
    schiff
    This has been quite an entertaining read! The fascination of seeing how different people tick.

    I felt a bit rueful at the news but just accepted it. I didn't know what Pester had 'promised' till I read this thread but that makes no difference. Taking care of my heart rate and blood pressure.

    I leap at the chance to switch an account with precious little in it into a new provider's account for a three figure switch bonus. It won't receive my salary/pension and there won't be much activity, just the minimum of what is needed for the bonus. And then one day probably closing it; or switching it. Following the Martin Lewis mantra.

    In a way that is what TSB has done. I've given the clear impression by switching that the new account will be my 'new' current account, I am a 'new' customer. It's a sort of cheating and we're all into it.

    So when on the odd occasion we feel cheated, and in this case it is very debatable, why bother fighting it? It affects blood pressure, occupies time. Some posters clearly feel spiteful and want to 'get back at them' somehow. But is it all worth it?
    • bristolleedsfan
    • By bristolleedsfan 13th Apr 19, 10:46 AM
    • 7,644 Posts
    • 9,702 Thanks
    bristolleedsfan


    But is it all worth it?
    Originally posted by schiff

    Complaints to Banks/Building Societies as long as have reasonable substance generally get rewarded by some kind of compensation
    • MisterMotivated
    • By MisterMotivated 13th Apr 19, 11:02 AM
    • 282 Posts
    • 269 Thanks
    MisterMotivated
    It's a sort of cheating and we're all into it.

    So when on the odd occasion we feel cheated, and in this case it is very debatable, why bother fighting it? It affects blood pressure, occupies time. Some posters clearly feel spiteful and want to 'get back at them' somehow. But is it all worth it?
    Originally posted by schiff

    I would agree with some of what you've said about making minimal use of the account to improve my returns, but I wouldn't say I feel cheated - just disappointed - that the rate is dropping. I am rather cynical in general when it comes to promises made by companies (always looking for the catch hidden in the fine print), so half expected it anyway, but hoped they'd give it a bit longer.


    However, I think a large number of TSB customers (perhaps not the ones on here doing the same as us) have a right to feel aggrieved, given the promises made by TSB in their ads. Technically, they stuck by their promise and haven't cut the rate after just a year, instead giving it a few extra months, but I can't see many people who opened accounts with them in good faith, finding comfort in that fact.
    • colsten
    • By colsten 13th Apr 19, 11:45 AM
    • 10,173 Posts
    • 9,338 Thanks
    colsten

    Iím not naive enough to think that we will ever be able to fully trust what people say (like we could have done 50 years ago) however I still think they should be called out on it every time it happens.
    Originally posted by Money_Grabber13579
    Love your username. Apt.
    • colsten
    • By colsten 13th Apr 19, 11:51 AM
    • 10,173 Posts
    • 9,338 Thanks
    colsten

    It's a sort of cheating and we're all into it.
    Originally posted by schiff
    I wouldn't call what we do cheating - it's more like thinking outside the box, isn't it?

    I totally agree with your conclusions, though.
    • Money_Grabber13579
    • By Money_Grabber13579 13th Apr 19, 11:53 AM
    • 2,997 Posts
    • 1,475 Thanks
    Money_Grabber13579
    Love your username. Apt.
    Originally posted by colsten
    Iím not going to go into the details of a particular username but youíre entitled to make childish remarks if you want to.

    Just in case it wasnít clear, I donít have an issue with TSB cutting their rates. That is a fact of life. The issue I have is that they are cutting their rates despite promising not to cut them. Itís about honesty and not about money in my view.
    Northern Ireland club member No 382
    • djpailo
    • By djpailo 15th Apr 19, 10:06 AM
    • 520 Posts
    • 199 Thanks
    djpailo
    They should have done what Tesco did and promise the rate until a certain date. TSB don't seem to be on the ball whatsoever.
    • nic_c
    • By nic_c 15th Apr 19, 1:09 PM
    • 1,900 Posts
    • 1,016 Thanks
    nic_c
    It wouldn't surprise me if TSB were waiting for that so they could say that even at 3% they still offer the best rate of any current account.
    Originally posted by MisterMotivated
    The chairman was interviewed on the BBC about the promise, and he made the same comment, so yes I do think the Tesco announcement was key. After all customers may moan but if there isn't anywhere else with a better rate, do they just take it and stay?
    • Columbus
    • By Columbus 16th Apr 19, 1:14 PM
    • 1 Posts
    • 1 Thanks
    Columbus
    I've submitted a complaint to TSB over the phone. Will advise outcome when their response is received.
    • anotheruser
    • By anotheruser 16th Apr 19, 2:27 PM
    • 2,712 Posts
    • 1,568 Thanks
    anotheruser
    Permanently; forever: I'm moving to Europe for good.
    Originally posted by bristolleedsfan
    Are you a moron?
    Can you name anything that has been consistently the same permanently? Because I can't think of a single thing. Doesn't matter whether someone said it would or not, I can't think of a single thing, be it a soup recipe, Facebook, this forum software, that hasn't changed. Apart from Jesus, but we won't get into that.

    Do you honestly think bankers don't lie?
    Or that markets change so in one year, what a bank expected actually it can't promise?
    Seriously... what are you going to do about it? Apart from moan on this thread?

    Because if you're not starting court action, it doesn't really bring anything to the discussion.
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