We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
The MSE Forum Team would like to wish you all a Merry Christmas. However, we know this time of year can be difficult for some. If you're struggling during the festive period, here's a list of organisations that might be able to help
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Has MSE helped you to save or reclaim money this year? Share your 2025 MoneySaving success stories!
Tsb - Warning/help Needed
student10
Posts: 3 Newbie
1st timer here.
Using Martin's advice I opened the high interest TSB account last October - BE WARY OF THIS ACCOUNT. This has a rather complicated system by which you need a TSB current account into which you pay a regular amount which is then taken by a further savings account. By mistake i made a withdrawl which took me overdrawn. I have no overdraft facility on the current account as it is only for the purposes of saving - however i had a small wage paid in, my mistake, and did not realise it would have insufficeient funds. as soon as i realised i made up the shortfall. However - despite my immediate replacement of funds the TSB have charged me £62.01. This make this 'savings' account rather expensive.
1) be advised - if you do open this account keep a close eye on it and do not use the current account at all - unless you are very shrewed (more than me!)
2) has anyone any idea how i can get my £62 back? when the manager refused to waive the charges i shut the account.
CHEERS
Using Martin's advice I opened the high interest TSB account last October - BE WARY OF THIS ACCOUNT. This has a rather complicated system by which you need a TSB current account into which you pay a regular amount which is then taken by a further savings account. By mistake i made a withdrawl which took me overdrawn. I have no overdraft facility on the current account as it is only for the purposes of saving - however i had a small wage paid in, my mistake, and did not realise it would have insufficeient funds. as soon as i realised i made up the shortfall. However - despite my immediate replacement of funds the TSB have charged me £62.01. This make this 'savings' account rather expensive.
1) be advised - if you do open this account keep a close eye on it and do not use the current account at all - unless you are very shrewed (more than me!)
2) has anyone any idea how i can get my £62 back? when the manager refused to waive the charges i shut the account.
CHEERS
0
Comments
-
Sorry - you MUST follow the T&C's of each account.
AFAIK, you will be unable to recover the money.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
I suppose all the accounts will be the same....0
-
Write them a nice we letter explaining the situation & what you tried to do to make amends saying you have never gone overdrawn before. They may just waive the charge & warn you , you will be charged if you go overdrawn again. You never know it may work,it did for me but I had been a customer for yonks.0
-
1) If you were using the LloydsTSB account as a feeder account only then why did you make a withdrawal on it?
2) As you have now shut the account did that include the regular saver? If not, dont forget to set up a standing order from your main current account to keep feeding it.0 -
thanks - i thought as much0
-
1) you have to use the current as a feeder. I (foolishly) also added a small wage (eg £100) and thought I'd just withdraw it as and when. Seeing this in there i took it out not realising the next depostit was due. As soon as i realised I paid it up in full.
2) shut both as i did not actually want their current a/c and the savings a/c was now costing me more to keep it (£62) than i earnt in interest.
you live and learn and those lessons cost eh?
cheers0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards