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  • FIRST POST
    • orwen
    • By orwen 19th Mar 17, 5:13 PM
    • 164Posts
    • 83Thanks
    orwen
    Second Bank Account?
    • #1
    • 19th Mar 17, 5:13 PM
    Second Bank Account? 19th Mar 17 at 5:13 PM
    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.
Page 1
    • ceredigion
    • By ceredigion 19th Mar 17, 5:18 PM
    • 2,056 Posts
    • 2,283 Thanks
    ceredigion
    • #2
    • 19th Mar 17, 5:18 PM
    • #2
    • 19th Mar 17, 5:18 PM
    When did they cut the interest on a classic account ?
    • Kim_13
    • By Kim_13 19th Mar 17, 5:29 PM
    • 1,081 Posts
    • 1,477 Thanks
    Kim_13
    • #3
    • 19th Mar 17, 5:29 PM
    • #3
    • 19th Mar 17, 5:29 PM
    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.)
    Sealed Pot 10 #520 ~ ~£57.55/£100
    VSP 2017 #9 ~ £41.40/£250.00
    CCCC 2017 #1 ~ £92.21/£120.00
    EF #170 ~ £500
    Xmas 2017 #25 ~ £20/£365
    365 Day Penny Challenge #4 ~ £17.31/£667.95
    • mt99
    • By mt99 19th Mar 17, 7:10 PM
    • 251 Posts
    • 113 Thanks
    mt99
    • #4
    • 19th Mar 17, 7:10 PM
    • #4
    • 19th Mar 17, 7:10 PM
    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 them
    • orwen
    • By orwen 19th Mar 17, 9:20 PM
    • 164 Posts
    • 83 Thanks
    orwen
    • #5
    • 19th Mar 17, 9:20 PM
    • #5
    • 19th Mar 17, 9:20 PM
    When did they cut the interest on a classic account ?
    Originally posted by ceredigion
    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-out
    • orwen
    • By orwen 19th Mar 17, 9:22 PM
    • 164 Posts
    • 83 Thanks
    orwen
    • #6
    • 19th Mar 17, 9:22 PM
    • #6
    • 19th Mar 17, 9:22 PM
    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.)
    Originally posted by Kim_13
    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.
    • YorkshireBoy
    • By YorkshireBoy 19th Mar 17, 9:58 PM
    • 28,929 Posts
    • 16,709 Thanks
    YorkshireBoy
    • #7
    • 19th Mar 17, 9:58 PM
    • #7
    • 19th Mar 17, 9:58 PM
    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)?
    • ceredigion
    • By ceredigion 19th Mar 17, 10:13 PM
    • 2,056 Posts
    • 2,283 Thanks
    ceredigion
    • #8
    • 19th Mar 17, 10:13 PM
    • #8
    • 19th Mar 17, 10:13 PM

    Give up....
    • Dobbibill
    • By Dobbibill 19th Mar 17, 10:31 PM
    • 2,096 Posts
    • 3,219 Thanks
    Dobbibill
    • #9
    • 19th Mar 17, 10:31 PM
    • #9
    • 19th Mar 17, 10:31 PM
    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 options
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    If you always do what you've always done,
    you will always get what you've always got!
    • orwen
    • By orwen 20th Mar 17, 1:45 AM
    • 164 Posts
    • 83 Thanks
    orwen
    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)?
    Originally posted by YorkshireBoy
    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/

    • takman
    • By takman 20th Mar 17, 12:45 PM
    • 2,072 Posts
    • 1,688 Thanks
    takman
    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 requirements
    • Anthorn
    • By Anthorn 20th Mar 17, 12:52 PM
    • 2,973 Posts
    • 774 Thanks
    Anthorn
    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.
    Originally posted by orwen
    Whichever bank account you choose you have the disadvantage of having to keep an eye on it if you deposit funds into it, use a debit card and have some form of automatic payment out.

    The only accounts which in theory you won't have to keep an eye on is those accounts which guarantee no fees and no charges. Off the top of my head, Virgin Money Essential Current Account and it pays interest but not a lot. In practise though you'll still have to keep an eye it if only to check for fraudulent transactions.
    I don't think and I know I don't think so therefore I am. At least I think so. But hold on I don't think ... er ...
    • EarthBoy
    • By EarthBoy 20th Mar 17, 3:18 PM
    • 1,658 Posts
    • 989 Thanks
    EarthBoy
    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.
    Originally posted by orwen
    You're confusing the Classic account with the Classic Plus account, but they are two different things. The Classic account does not pay any interest at all, it never has done. The Classic Plus account is the one which pays interest:

    http://www.tsb.co.uk/current-accounts/classic-plus-account/
    • orwen
    • By orwen 21st Mar 17, 2:01 AM
    • 164 Posts
    • 83 Thanks
    orwen
    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 requirements
    Originally posted by takman
    They gave me a credit card in the end.
    • orwen
    • By orwen 21st Mar 17, 2:03 AM
    • 164 Posts
    • 83 Thanks
    orwen
    Whichever bank account you choose you have the disadvantage of having to keep an eye on it if you deposit funds into it, use a debit card and have some form of automatic payment out.

    The only accounts which in theory you won't have to keep an eye on is those accounts which guarantee no fees and no charges. Off the top of my head, Virgin Money Essential Current Account and it pays interest but not a lot. In practise though you'll still have to keep an eye it if only to check for fraudulent transactions.
    Originally posted by Anthorn
    So you don't recommend a TSB Classic account then?
    • orwen
    • By orwen 21st Mar 17, 2:04 AM
    • 164 Posts
    • 83 Thanks
    orwen
    You're confusing the Classic account with the Classic Plus account, but they are two different things. The Classic account does not pay any interest at all, it never has done. The Classic Plus account is the one which pays interest:

    http://www.tsb.co.uk/current-accounts/classic-plus-account/
    Originally posted by EarthBoy
    I already have a high interest account, thanks.
    • xylophone
    • By xylophone 21st Mar 17, 10:36 AM
    • 20,974 Posts
    • 12,025 Thanks
    xylophone
    I already have a high interest account, thanks.
    Having one does not preclude having others but on the assumption that this is not what you want, a TSB Classic ( no bells and whistles standard current account) would suit as well as any other?
    • buglawton
    • By buglawton 24th Mar 17, 12:54 PM
    • 6,600 Posts
    • 2,799 Thanks
    buglawton
    I am in the market for the same thing. Want a 2nd account to keep a certain part of family business separate from the main salary/home budget account.

    - Ideally, manageable through post office branches as well as online & app
    - Not looking for any interest
    - Just a debit card for internet transactions and an account number for transfers
    - No standing orders/DDs or regular payments in

    Every account type I research make the big assumption you're going to switch your main acct to them - not interested. It looks like they will become sticky once they realise you just want a cheap ad hoc 2nd account and plan to keep your existing one. Watching this thread for ideas...
    Got a fur sink. An electric dog polisher. A gasoline powered turtleneck sweater. And, of course, I bought some dumb stuff, too. –Steve Martin
    • eskbanker
    • By eskbanker 24th Mar 17, 1:13 PM
    • 4,193 Posts
    • 3,914 Thanks
    eskbanker
    Every account type I research make the big assumption you're going to switch your main acct to them - not interested. It looks like they will become sticky once they realise you just want a cheap ad hoc 2nd account and plan to keep your existing one.
    Originally posted by buglawton
    Doesn't seem like it's the banks making the assumptions here!

    Of course banks are keen to attract more business but many people on here (including yours truly) have opened many current accounts without switching anything to them, never mind 'main' accounts.

    Want a 2nd account to keep a certain part of family business separate from the main salary/home budget account.
    Originally posted by buglawton
    If you're looking for an account specifically for business-related purposes then you'd be best to open a business account anyway, rather than (mis)using a personal one in contravention of their Ts & Cs (usually). Try http://www.moneysavingexpert.com/banking/small-business#acc

    Edit: my turn to make assumptions here - I was taking your reference to 'business' at face value but on re-reading you may have meant it in a less literal sense, so feel free to ignore this second point if so!
    Last edited by eskbanker; 24-03-2017 at 1:18 PM.
    • buglawton
    • By buglawton 24th Mar 17, 1:24 PM
    • 6,600 Posts
    • 2,799 Thanks
    buglawton
    We had a business acct before, a right complicated faff! This time it's for a much more ad-hoc usage so looking for a simple acct.
    Got a fur sink. An electric dog polisher. A gasoline powered turtleneck sweater. And, of course, I bought some dumb stuff, too. –Steve Martin
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