Extra TSB classic accounts

[planteria]

same here. £5k at 2% is still good in this market.

[Sarah]

New TSB £125 switch link ("MSE Exclusive"):
http://www.tsb.co.uk/cashback-money-sav ... 665103%7C0

[planteria]

possible if you already have a TSB current account?

[Sarah]

Quote from today's apology e-mail:

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 won’t be taken away after a year.

[planteria]

it's an unusual final sentence.
it's good news - it's just a shame it's limited to £1500.
£6.25/m pays for a pint and a half though .

[Sarah]

it's an unusual final sentence

Yes, they promised it wouldn't be cut after a year and probably think customers don't remember; instead they're cutting it after 14 months. The interest rate drops back to 3% from 2 July 2019!

[planteria]

so we currently have 3% on £1,500 from TSB and 1.5% on £5,000 from Lloyds, right?

[Sarah]

There's still a month of 5% remaining at TSB before it drops next month.

Club Lloyds also includes cinema tickets (or whatever other 'lifestyle benefit' option you prefer) which provides a little extra value, so I've no plans to close mine at the moment. However, when Tesco cuts their rate to 1% in the middle of this month, I see no good reason to retain those accounts.

[planteria]

i don't have any accounts with Tesco at all nowadays.
all of my c/as are linked to MonBS and POBOS, along with other DDs to FSs, our CU, Ecology etc.
i don't envisage closing ClubLloyds or TSB Classic any time soon.

[Sarah]

So, it's farewell to all those TSB Classic Plus accounts... at least this provides us with plenty of fodder for future current account switches...

We’re changing the interest rate on your Plus account.

We wanted to let you know that from 2 December 2020, we’re reducing the interest rate on your Plus account from 1.50% AER* to 0% AER.

No messing about with 0.01% here. It's going to ZERO and they're underlining that fact by also deleting the account T&Cs relating to credit interest.

I'll be glad to ditch TSB. They closed the only local branch earlier this year and it won't be re-opening, so any need to visit TSB again for security or dispute purposes would be a major inconvenience.