Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.
TSB has announced that it is set to cut the interest rate on its highly competitive Classic Plus account from May this year.
The high street bank is set to cut its current rate of 3% to just 1.50% AER from 2 May 2020. This rate will continue to only be paid on balances of up to £1,500. The announcement comes at a time when many customers are also facing an increase in overdraft fees, with TSB set to increase its overdraft fees to 39.9% from the 2 April 2020.
TSB is also reducing the rate on its Classic Plus – with Control funded account, which will offer 1.50% from May.
TSB’s Classic Plus pays one of the highest interest rates in the charts today, with just Nationwide beating the rate of 3%. Nationwide Building Society offers the highest interest rate on a current account with its FlexDirect – Funded account, which pays 5% AER credit interest on balances of up to £2,500 for the first 12 months.
Commenting on TSB’s interest rate cut on its Classic Plus account, Rachel Springall, finance expert at Moneyfacts.co.uk, said: “It seemed almost inevitable to see a high credit interest rate in line for a cut in light of the upcoming rules to ban fixed overdraft fees. Providers will now have to decide whether they can sustain such lucrative perks – whether it be credit interest or some other benefit like cashback. Loyal TSB customers may now wish to look elsewhere for a higher level of credit interest, but keep in mind that there is no guarantee other providers won’t make a similar move in the months to come. Whatever consumers decide, they can switch quickly using the Current Account Switch Service (CASS) within just seven working days and it also moves everything across hassle-free (direct debits, standing orders etc).”
A list of all the high interest rate accounts can be found on our high interest current account chart.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
If you are a business owner in today’s world, it is likely you are searching for ways to reduce costs. Since early 2020, businesses have weathered many storms – the COVID-19 lockdowns and supply chain issues being just two. Fortunately, there is one under-used yet effective way for both businesses and employees to save money, and that is through “salary exchange”.
If you are a business owner in today’s world, it is likely you are looking for ways to cut costs. Fortunately, there is the option “salary exchange”.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus. The offer is available with immediate effect and is only available through the Current Account Switch Service (CASS) until 27 June.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus.
If you are a business owner in today’s world, it is likely you are searching for ways to reduce costs. Since early 2020, businesses have weathered many storms – the COVID-19 lockdowns and supply chain issues being just two. Fortunately, there is one under-used yet effective way for both businesses and employees to save money, and that is through “salary exchange”.
If you are a business owner in today’s world, it is likely you are looking for ways to cut costs. Fortunately, there is the option “salary exchange”.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus. The offer is available with immediate effect and is only available through the Current Account Switch Service (CASS) until 27 June.
Lloyds Bank will incentivise any customers switching from another bank to its Club Lloyds or Club Lloyds Platinum Account with a £125 cash bonus.
Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.
I accept. Read our Cookie Policy