Second Bank Account?
orwen
Posts: 219 Forumite
Hi,
If I need a second bank account with a debit card and no charges - very basic, no frills - is a TSB Classic Account the way to go please? I know they've just cut interest rates.
http://www.tsb.co.uk/current-accounts/classic-account/
Thanks.
If I need a second bank account with a debit card and no charges - very basic, no frills - is a TSB Classic Account the way to go please? I know they've just cut interest rates.
http://www.tsb.co.uk/current-accounts/classic-account/
Thanks.
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Comments
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When did they cut the interest on a classic account ?0
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Classic doesn't pay interest as far as I know. You'll need the Classic Plus for interest (though that requires a £500 monthly pay in, paperless statements and paperless correspondence to receive the interest.)0
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Sounds like a good possibility would be a Tesco account which pays good interest on the first three thousand and doesn't require any pay-in.
they have suspended applications for the moment but if you are not in a hurry it might be worth waiting until they reopen them0 -
ceredigion wrote: »When did they cut the interest on a classic account ?
In January, from 5% to 3%
http://www.moneysavingexpert.com/news/banking/2017/01/tsb-cuts-its-interest-rate---move-excess-money-now-so-you-dont-lose-out0 -
Classic doesn't pay interest as far as I know. You'll need the Classic Plus for interest (though that requires a £500 monthly pay in, paperless statements and paperless correspondence to receive the interest.)
That's the whole point though, I don't want a second account I have to keep an eye on or keep topping up, just a basic no frills bank account with a debit card.0 -
But to answer your question...it's any 'normal' account with any bank you need, isn't it? However, a question for you...why not the Classic (not Classic Plus)?0 -
Give up....0 -
Wherever you choose to open one, try and opt for one that's with a different banking group than the existing account you have.
If there is ever an IT problem then at least you have optionsI’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
YorkshireBoy wrote: »The first line of that article says "High street bank TSB has today slashed the headline interest rate it pays on its Classic Plus current account from 5% to 3%."
But to answer your question...it's any 'normal' account with any bank you need, isn't it? However, a question for you...why not the Classic (not Classic Plus)?
The TSB Classic Account is what I'm looking at - I am not with the TSB at the moment.
http://www.tsb.co.uk/current-accounts/classic-account/
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I noticed on your other thread you tried to get a credit card with your exisiting bank but were turned down.
This doesn't mean that everyone will turn you down. Try looking at the credit card guide and using the eligibility tool to find a credit card that you can get.
If you have no interest in earning a good rate on your savings then a credit card is probably the best way to go for your requirements0
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