Tsb plus account 5%

typistretired

The financial pages of the newspapers have been reporting that TSB have launched the above account but I have been unable to find it on their site. Has anyone been able to find on TSB website this current account with TSB which pays 5% on balances up to £2,000 as long as you pay in £500

InsideInsurance

http://www.yourmoney.com/your-money/news/2333686/tsb-launches-new-current-account-paying-5

Available from the end of march

Aquamania

Looks like I'll be applying to open a TSB account come the end of the month :beer:

(I'll want to read and digest the official TSB terms & conditions first though)

Gers

Wonder if it's possible to 'convert' any Enhance accounts across to this new product!

Would be good.

DragonQ

Andrew Hagger of Moneycomms.co.uk said the new account contains a "loophole" which could set "alarm bells ringing" at the bank.
"TSB could see an influx of consumers opening two TSB Plus accounts and earning 5% on a combined £4,000 balance, viewing it as an alternative to poor paying instant access savings accounts," he said.

What does that mean? Being able to open two accounts is a "loophole"?

InsideInsurance

DragonQ wrote: »

What does that mean? Being able to open two accounts is a "loophole"?

The draft T&Cs the paper has seen allows you to have multiple accounts and all receive the 5% interest on the first £2k so its a "loophole" because you can invest a lot more than £2k and get 5% interest on it all by having multiple accounts.

Nationwide FlexDirect allows you to have up to 4 or 5 accounts (cant remember off hand) but states the 5% interest is only paid on one (though initially they didnt enforce this)

gt94sss2

Oh well,I only opened 3 Enhance accounts the other day - still haven't used them yet.

Will just open 2 more Plus accounts I hope/expect - seems like a very good offer from TSB

Wonder if the new 'Club Lloyds' accounts will be similar.

Regards
Sunil

DragonQ

InsideInsurance wrote: »

The draft T&Cs the paper has seen allows you to have multiple accounts and all receive the 5% interest on the first £2k so its a "loophole" because you can invest a lot more than £2k and get 5% interest on it all by having multiple accounts.

But why two though? Why not five accounts? Ten?

What I mean is, is there a limit to the number of TSB Plus accounts that can be had per person regardless of whether the 5% interest applies?

InsideInsurance

DragonQ wrote: »

But why two though? Why not five accounts? Ten?

What I mean is, is there a limit to the number of TSB Plus accounts that can be had per person regardless of whether the 5% interest applies?

Potentially, there is for Nationwide's FlexDirect

Until the T&Cs are made public for the TSB Plus anything at the moment is pretty much just speculation. There is no press releases on their own site etc yet

Organist

I'd open two of these accounts but unless you can do this purely online, as we don't have any branches in our area I think that this won't be possible

Hopefully the Lloyds Club account will be similar.

YorkshireBoy

InsideInsurance wrote: »

There is no press releases on their own site etc yet

There's one now...


http://www.abouttsb.co.uk/press_and_media/news_releases/12_03_2014_5_per_cent_interest_from_the_bank_acount_thats_not_like_other_bank_accounts.html


...but it doesn't say any more than we've learned already.