I HAVE previously written to your excellent HAS letters page about exorbitant interest rates being charged by banks and credit card companies but this latest set of emails from just TSB beggars belief. On September 23, I received an email from TSB saying they were cutting (or “changing” in their words) interest rates on their Classic Plus account from the grand current figure of 1.5 per cent to 0 per cent.
Two days later, on September 25, I received another email from TSB (quote “life can be full of surprises and they’re not always welcome ones”) offering me a small loan to cope with any unexpected expense such as replacing a set of tyres or a new fridge freezer.
Such a loan would be for any amount between £300 and £999.99. The interest rate on this magnificent gesture by TSB would be 39.9 per cent APR !
In these very troubled times, it just beggars belief that TSB is taking advantage of many people who are struggling to cope with the financial effects of Covid 19 by offering 0 per cent to savers and charging almost 40 per cent to borrowers.
As long as TSB shareholders are happy, then everything is okay.
Paul Turgoose, Newton Aycliffe.
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