TSB to cut interest rate on its current account to 3% - MSE News
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callum9999 wrote: »So to summarize, you're a pushover and think it's fine for major banks to outright lie to generate more business? Interesting.
Not in the slightest but I'm not stupid enough to think something said in an interview is ever going to trump what the account terms and conditions state.....the ones I agreed to. For me, the increase to 5% was a bonus....good while it lasted.
And I tend not to get to worked up over £2.50 a month.0 -
I feel you're missing the point over why I raised my complaint in the first place. I don't object to the interest rates being lowered generally. It's mildly annoying, yes; and I've watched countless other banks do the same thing. What I am disgusted over however are the blatent lies from TSB on both parts (Paul Pester interview and email direct from TSB) and the fact they have waited for the earliest opportunity to renege on this "promise".Not in the slightest but I'm not stupid enough to think something said in an interview is ever going to trump what the account terms and conditions state.....the ones I agreed to. For me, the increase to 5% was a bonus....good while it lasted.
And I tend not to get to worked up over £2.50 a month.
Did I expect TSB to honour the 5% rate for ever? Of course not! If they retained the same rate for another year or so, then fair enough. But withdrawing the "reward for loyalty" pretty much 1 year after promising they wouldn't take it away after a year is nothing short of TSB sticking their 2 fingers up in front of my face.
If I have to go out of my way to cause them inconvenience by dealing with a complaint or put it in the hands of a body who will investigate their practices, then that's fine by me. I don't see myself as a warrior (keyboard or not) by any means, but more like an annoying fly that won't go away.0 -
I feel you're missing the point over why I raised my complaint in the first place. I don't object to the interest rates being lowered generally. It's mildly annoying, yes; and I've watched countless other banks do the same thing. What I am disgusted over however are the blatent lies from TSB on both parts (Paul Peston interview and email direct from TSB) and the fact they have waited for the earliest opportunity to renege on this "promise".
Did I expect TSB to honour the 5% rate for ever? Of course not! If they retained the same rate for another year or so, then fair enough. But withdrawing the "reward for loyalty" pretty much 1 year after promising they wouldn't take it away after a year is nothing short of TSB sticking their 2 fingers up in front of my face.
If I have to go out of my way to cause them inconvenience by dealing with a complaint or put it in the hands of a body who will investigate their practices, then that's fine by me. I don't see myself as a warrior (keyboard or not) by any means, but more like an annoying fly that won't go away.
Which is your perogative.
I have no issue with you complaing to TSB but to waste the time of the Ombudsman when there are far worse scandals out there but we'll have to agree to disagree.0 -
I feel you're missing the point over why I raised my complaint in the first place. I don't object to the interest rates being lowered generally. It's mildly annoying, yes; and I've watched countless other banks do the same thing. What I am disgusted over however are the blatent lies from TSB on both parts (Paul Peston interview and email direct from TSB) and the fact they have waited for the earliest opportunity to renege on this "promise".
Did I expect TSB to honour the 5% rate for ever? Of course not! If they retained the same rate for another year or so, then fair enough. But withdrawing the "reward for loyalty" pretty much 1 year after promising they wouldn't take it away after a year is nothing short of TSB sticking their 2 fingers up in front of my face.
If I have to go out of my way to cause them inconvenience by dealing with a complaint or put it in the hands of a body who will investigate their practices, then that's fine by me. I don't see myself as a warrior (keyboard or not) by any means, but more like an annoying fly that won't go away.
Not sure what your problem is with the 'year' in the email? They have stuck to their word. They are even giving an extra couple of months at 5%. That's keeping a promise, not breaking one. You interpretation of their wording is, I'd suggest, incorrect if you think they said anything about keeping it at 5% longer than a year. As for the verbal 'promise' in the interview that wasn't anything you can hold a bank to. It's not in their T&C. Indeed neither 'promise' is in their T&C, so there is nothing to be done, as it's T&C that set the rules.
You may well annoy them with emails, but you won't get anywhere - and you'll be clogging up their still-hassled complaints team who are dealing with actually valid complaints, so you're not doing other customers any favours either.
But if that's what floats your boat... each to their own!!.0 -
Did those people who are now talking about crying to the Ombudsman think the 5% would last forever. At the end of the day the t and c's will state the rate is variable and they have given the appropriate notice.
It will cost them more than a years interest for the ombudsman to handle the case.
I haven't complained and I don't know if I will, but there is an argument that TSB varied the T&C when they made their announcement.Not sure what your problem is with the 'year' in the email? They have stuck to their word. They are even giving an extra couple of months at 5%.
It's still after a year. They would need to wait another 12 months until it was after two years to really live up to it.
If they'd wanted to deal in months then they should have said they won't remove it after 12 months.0 -
Urban myth that every case referred to FOS costs the bank.
And they have since varied the t and c's again when you get your letter.0 -
Right, they don't charge for the first 25.
https://www.financial-ombudsman.org.uk/publications/technical_notes/QG1.pdf
I wonder if TSB have had 25 complaints so far this year.
Perhaps you should read the part about 'dismissed' claims.
And I'm pretty sure TSB will have paid the group account fee.0 -
Urban myth that every case referred to FOS costs the bank.
Right, they don't charge for the first 25. I wonder if TSB have had 25 complaints so far this year.
They also don't get charged if it's dismissed at an early stage, I can't say for sure whether it will get dismissed.
https://www.financial-ombudsman.org.uk/publications/technical_notes/QG1.pdfAnd they have since varied the t and c's again when you get your letter.
So you can promise something and then change the T&C afterwards to negate that promise? No wonder the labour and conservative discussions on brexit are not going well.And I'm pretty sure TSB will have paid the group account fee.
They are still charged the more complaints they process0 -
Anything can be changed if the original t and c's say it can be varied.....subject to the correct notice being given.
And I still don't believe any promise has been broken. The interest rate wasn't reduced after a year....it was 14 months.0 -
And they have since varied the t and c's again when you get your letter.
I haven't complained about the rate being dropped, I have complained about the publicly made promise/commitment being broken, it was that promise./commitment which caused me not to complain and seek compensation following 2018 IT apparent meltdown.
https://www.bbc.com/news/av/business-43906346/tsb-boss-paul-pester-says-bank-is-on-its-knees?fbclid=IwAR0GKzn5JW2wSLgaF6qCSHXiz8ZjAMkKxgrH7gKKYbN44rxg25rpzHuFbBI
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.google.com/search?client=firefox-b-d&q=for%20good%20definition&fbclid=IwAR2WsoDtTgj3vY9HW4WRwx1OhVWp0CfXVO3qpt5WeL_csSevdlTszaXZ7Vs0
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