Tsb plus account 5%

badger09

loonytunes123 wrote: »

I applied for TSB Plus account two days ago, no decision emailed to me yet (as they advised), is this usual?

Have you checked your Spam/junk folder?

loonytunes123

Hi,
Here is what myself and my wife have, hope it helps some of you:
Me - 3 (maximum allowed) Classic Enhance accounts with TSB, paying 3% if balance remains between 3 and 5k (1k must be paid in monthly, I rotate the 3)
2 (maximum allowed) Classic Plus Accounts with TSB, paying 5% up to 2k balance (£500 must be paid in monthly, I rotate the 2)
Wife - Same as the above
Joint - 2 (maximum allowed) Classic Plus Accounts with TSB, paying 5% up to 2k balance (£500 must be paid in monthly, I rotate the 2)
The rest of our money is in Santander 123 account earning 3%
NB: I never have to fund these accounts with "new" money

YorkshireBoy

loonytunes123 wrote: »

NB: I never have to fund these accounts with "new" money

You have to fund the 1-2-3 account with 'new money' don't you?


And have you got some BoS accounts lined up in case TSB drop the interest rate on the Enhance accounts (as Lloyds did with Vantage)?

loonytunes123

No, I have set up a standing order for £500 from 3rd Enhance account to Santander account, then reversed (from Santander account) the following day. Also, have been accepted for Nationwide Direct, so will transfer if Enhance withdraws

Archi_Bald

loonytunes123 wrote: »

have been accepted for Nationwide Direct, so will transfer if Enhance withdraws

If you mean Nationwide FlexDirect: the max it pays interest on is £2,500, and one account. I.e. it cannot accommodate 1 full Enhance account, let alone 3. Also, FlexDirect 5% lasts for 12 months only.

YorkshireBoy

loonytunes123 wrote: »

No, I have set up a standing order for £500 from 3rd Enhance account to Santander account

So that's a yes then, not a no, because it's from outside Santander (that's the definition of 'new money' we use round here).

then reversed (from Santander account) the following day.

Why not the same day?

Also, have been accepted for Nationwide Direct, so will transfer if Enhance withdraws

That will only take £7.5K in total (for you both) though with one each and a joint allowed, leaving you looking for a home for the rest of it...presumably well over £10K...and maybe £20K+?

loonytunes123

1. You have a weird definition of "new" money. I would have thought it was clear that I meant I would not need to fund any of these accounts from a source other than those that I already had in place.


2. Ok, same day / following day....play on words...u know what i meant.


3. If TSB intimates dropping the rate on Enhance, I would obviously move the rest to Club Lloyds (outwith Nationwide), I only stated that I had already been accepted for Nationwide and would use this option.

loonytunes123

tell me what i don't know......

Archi_Bald

loonytunes123 wrote: »

3. If TSB intimates dropping the rate on Enhance, I would obviously move the rest to Club Lloyds (outwith Nationwide), I only stated that I had already been accepted for Nationwide and would use this option.

How do you get 3 full Enhances into a combination of Club Lloyds and FlexDirect?

YorkshireBoy

loonytunes123 wrote: »

1. You have a weird definition of "new" money. I would have thought it was clear that I meant I would not need to fund any of these accounts from a source other than those that I already had in place.

You were saying you were internally funding the TSB accounts, and then went on to say (because you lumped Santander in) you were doing the same with Santander. I can only read what you write, not between the lines.

2. Ok, same day / following day....play on words...u know what i meant.

You're losing money...not a lot, but you're still losing money. I was about to offer some help and a suggestion (but I can't offer anything to rid your shoulder of the chip that appears to be on it!).

3. If TSB intimates dropping the rate on Enhance, I would obviously move the rest to Club Lloyds (outwith Nationwide).

You won't have room though, and that's the gist of what Archi and I are telling you.

tell me what i don't know......

Sorry I don't have enough time!