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  • FIRST POST
    • MSE Naomi
    • By MSE Naomi 8th Apr 19, 10:24 AM
    • 202Posts
    • 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 7
    • Yorkshire Pud
    • By Yorkshire Pud 16th Apr 19, 3:09 PM
    • 975 Posts
    • 657 Thanks
    Yorkshire Pud
    It is a shame, on TSB that they are cutting the interest rate after pretending it would be for a good bit longer than 14 months by saying we promise we won't take it away after one year.

    Its almost like Bankers are lying cheats and it was just a ruse just to try and stop TSB haemeraging customers after the debacle.

    In protest I am going to keep my TSB Classic plus account open

    P.S. Thanks for the £400 'compo', not a bad little bank really albeit a disingenuous bunch of bankers. I hope their brand gets treated with the respect it deserves, i.e. if/when in the future TSB offer a new product and make open ended commitments assume they will renege at almost the first opportunity just as they have with this rate reduction.

    Lucky I get my TSB credit card statements on paper nowadays, all the typos, and other errors that appeared a year ago online during the debacle are still there!
    • bristolleedsfan
    • By bristolleedsfan 16th Apr 19, 3:59 PM
    • 7,644 Posts
    • 9,702 Thanks
    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.
    Originally posted by anotheruser



    Having now complained to TSB pointing out that I did not claim compensation in 2018 due to the recorded statement that the 5% rate would stay for good, I have now been compensated to the tune of 3 digits monetary value
    Last edited by bristolleedsfan; 16-04-2019 at 4:49 PM.
    • Ed-1
    • By Ed-1 16th Apr 19, 5:20 PM
    • 2,548 Posts
    • 1,340 Thanks
    Ed-1
    having now complained to tsb pointing out that i did not claim compensation in 2018 due to the recorded statement that the 5% rate would stay for good, i have now been compensated to the tune Of 3 digits monetary value
    Originally posted by bristolleedsfan
    £150? ............
    • bristolleedsfan
    • By bristolleedsfan 16th Apr 19, 5:21 PM
    • 7,644 Posts
    • 9,702 Thanks
    bristolleedsfan
    £150? ............
    Originally posted by Ed-1

    That was what I asked for


    Words TSB used was " At the time we had no future plans to reduce the rate, However like all banks do we regularly review what interest rates we apply. Weve now taken the decision to reduce this to better reflect the current position of the industry"
    Last edited by bristolleedsfan; 16-04-2019 at 5:45 PM.
    • MisterMotivated
    • By MisterMotivated 17th Apr 19, 7:49 PM
    • 282 Posts
    • 269 Thanks
    MisterMotivated
    Are you a moron?
    Can you name anything that has been consistently the same permanently?
    Originally posted by anotheruser

    Ten years ago, my dad decided to give up smoking for good.


    Three years ago, my grandmother died and I'm pretty sure she'll be dead for good.
    • phillw
    • By phillw 18th Apr 19, 2:10 AM
    • 2,188 Posts
    • 1,703 Thanks
    phillw
    You can be pedantic over the exact wording, but it was obvious to me that the spirit of their promise was that the 5% rate would last for around 1 year.
    Originally posted by zerog
    How is it obvious that "we won't take it away after a year" means that it would last for around 1 year?
    • phillw
    • By phillw 18th Apr 19, 9:49 AM
    • 2,188 Posts
    • 1,703 Thanks
    phillw
    So when on the odd occasion we feel cheated, and in this case it is very debatable, why bother fighting it?
    Originally posted by schiff
    It is debatable, which is why it's being debated. I can't speak for everyone, but your assumption is wrong about me. I'm totally calm.
    • dcs34
    • By dcs34 19th Apr 19, 8:31 AM
    • 45 Posts
    • 27 Thanks
    dcs34
    How is it obvious that "we won't take it away after a year" means that it would last for around 1 year?
    Originally posted by phillw
    Appreciate people can interpret the emphasis different ways, but literally the sentence implies that after a year, they won't reduce the rate - but before the year they can.
    • pollypenny
    • By pollypenny 20th Apr 19, 8:45 AM
    • 25,923 Posts
    • 68,545 Thanks
    pollypenny
    Appreciate people can interpret the emphasis different ways, but literally the sentence implies that after a year, they won't reduce the rate - but before the year they can.
    Originally posted by dcs34


    The sales pitch suggests a long-term increase to 5%, they want to appear unlike these fly by nights who offer a sweetener for a year.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
    • schiff
    • By schiff 20th Apr 19, 8:58 AM
    • 18,453 Posts
    • 9,886 Thanks
    schiff
    I can't imagine this getting to the High Court to interpret the legal standing of what an ex-employee said in an interview. We should move on.
    • Edithgrand
    • By Edithgrand 20th Apr 19, 3:34 PM
    • 28 Posts
    • 7 Thanks
    Edithgrand
    Ah well all good things come to an end.
    • Ed-1
    • By Ed-1 20th Apr 19, 6:08 PM
    • 2,548 Posts
    • 1,340 Thanks
    Ed-1
    I can't imagine this getting to the High Court to interpret the legal standing of what an ex-employee said in an interview. We should move on.
    Originally posted by schiff
    It wasn't just said verbally though. It was given in writing by email.
    • IanManc
    • By IanManc 20th Apr 19, 6:26 PM
    • 815 Posts
    • 1,542 Thanks
    IanManc
    It wasn't just said verbally though. It was given in writing by email.
    Originally posted by Ed-1
    And it still wasn't part of the terms and conditions of the account which say that the interest rate is variable.
    • Money_Grabber13579
    • By Money_Grabber13579 20th Apr 19, 6:32 PM
    • 2,997 Posts
    • 1,475 Thanks
    Money_Grabber13579
    And it still wasn't part of the terms and conditions of the account which say that the interest rate is variable.
    Originally posted by IanManc
    So itís perfectly acceptable to lie, as long as they donít lie in the small print?
    Northern Ireland club member No 382
    • masonic
    • By masonic 20th Apr 19, 6:40 PM
    • 11,563 Posts
    • 9,205 Thanks
    masonic
    So itís perfectly acceptable to lie, as long as they donít lie in the small print?
    Originally posted by Money_Grabber13579
    No, it isn't acceptable to lie in promotional material either, but it rather reduces the highest authority to whom you could raise the matter from the High Court to the ASA.
    • IanManc
    • By IanManc 20th Apr 19, 6:59 PM
    • 815 Posts
    • 1,542 Thanks
    IanManc
    So itís perfectly acceptable to lie, as long as they donít lie in the small print?
    Originally posted by Money_Grabber13579
    I didn't say it was perfectly acceptable to lie, nor did I imply it.

    Please don't put words in my mouth.

    If it was a lie - rather than something sincerely meant by an employee who was subsequently sacked and so not in a position to ensure it was carried out - it still didn't form part of the terms of the contract, which says that the interest rate is variable.
    • xylophone
    • By xylophone 22nd Apr 19, 10:11 AM
    • 29,250 Posts
    • 17,765 Thanks
    xylophone
    Disappointing but can we honestly say that it was unexpected?

    Post 46
    https://forums.moneysavingexpert.com/showthread.php?t=5628758&highlight=tsb+hair+shirt& page=3
    • phillw
    • By phillw 23rd Apr 19, 12:40 PM
    • 2,188 Posts
    • 1,703 Thanks
    phillw
    I said that it didn't, because it wasn't in the terms and conditions governing the relationship between the parties.
    Originally posted by IanManc
    It doesn't matter, any communication from the bank which affects any decision you make is a problem for them. You have no hope of getting interest rate back up to 5%, but you can throw in a complaint for the 2018 IT meltdown, and use it as mitigation for why you haven't complained before.

    I can't imagine this getting to the High Court to interpret the legal standing of what an ex-employee said in an interview. We should move on.
    Originally posted by schiff
    I'm not sure that he's an ex-employee is particularly relevant, if the bank had not accepted what he said then they have plenty of time to put the record straight. The biggest barrier to this is that pursuing it in court is going to cost significantly more than the 2% interest on £1500 will ever make.

    The sales pitch suggests a long-term increase to 5%, they want to appear unlike these fly by nights who offer a sweetener for a year.
    Originally posted by pollypenny
    I agree, but aren't we all fly by nights who jump from deal to deal? It's all part of the game.
    Last edited by phillw; 23-04-2019 at 12:58 PM.
    • Magnus91
    • By Magnus91 24th Apr 19, 6:46 PM
    • 52 Posts
    • 20 Thanks
    Magnus91
    I opened my first bank account with TSB at the start of the month (before I knew about the referral).

    I didn't switch a current account into it, is it too late to do that and receive the referral bonus?
    Or could I close and reopen the account?

    Thanks
    • YorkshireBoy
    • By YorkshireBoy 24th Apr 19, 6:53 PM
    • 30,581 Posts
    • 18,582 Thanks
    YorkshireBoy
    I opened my first bank account with TSB at the start of the month (before I knew about the referral).

    I didn't switch a current account into it, is it too late to do that and receive the referral bonus?
    Or could I close and reopen the account?

    Thanks
    Originally posted by Magnus91
    Yes, and yes (but a different one! ).

    But don't take my word for it, check out the offer T&Cs.
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