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Uswitch comments on TSB’s cut to Classic Plus Account interest rate

Commenting on the news that TSB have cut their Classic Plus rate from 5% to 3%, Tashema Jackson, money expert at Uswitch, says: “It is disappointing to hear that TSB’s market leading Classic Plus Account is cutting its interest rate, especially following the news in August that Santander is also set to cut the rate on its popular 123 Account. This severely reduces the options for savers.

“For the time being there are still a few current accounts offering a high interest rate on savings – Nationwide Building Society still offers 5% interest on up to £2,500 for 12 months, as does M&S Bank.

“Before switching, check the terms and conditions. Some accounts will require you to deposit a minimum amount each month or pay out a certain number of direct debits to benefit from the higher interest rates. Most accounts also have upper limits on balances that are eligible for the higher rates of interest.

“However, given the number of banks that have recently cut interest rates on current and savings accounts, there is a chance that the remaining high interest deals could follow suit and drop in the coming months.”

FOR MORE INFORMATION

Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR

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