Tsb plus account 5%

OnTheRoad14

I opened this account during the past month, had over £1000 deposited in it on payday and have paperless correspondence activated but only got £0.71 in interest.

How does the interest payment work? Is it worked out on the average amount in the account across the month? (only opened half way through Oct) In which case I should expect more interest next month (if keeping money and depositing £500 in the account of course)

Game_Over

OnTheRoad14 wrote: »

I opened this account during the past month, had over £1000 deposited in it on payday and have paperless correspondence activated but only got £0.71 in interest.

How does the interest payment work? Is it worked out on the average amount in the account across the month? (only opened half way through Oct) In which case I should expect more interest next month (if keeping money and depositing £500 in the account of course)

I believe it's calculated daily based on the closing (cleared for interest) balance that day (subject to the maximum £2k balance on which interest is paid).

polymaff

OnTheRoad14 wrote: »

I opened this account during the past month, had over £1000 deposited in it on payday and have paperless correspondence activated but only got £0.71 in interest.

How does the interest payment work? Is it worked out on the average amount in the account across the month? (only opened half way through Oct) In which case I should expect more interest next month (if keeping money and depositing £500 in the account of course)

£1000 in this account earns 10.72p nett per day - if you've met the terms and conditions for interest. Your 71p suggests that you had that "over £1000" in the account earning interest for "under seven" days. Does that sound right?

YorkshireBoy

polymaff wrote: »

£1000 in this account earns 10.72p nett per day - if you've met the terms and conditions for interest. Your 71p suggests that you had that "over £1000" in the account earning interest for "under seven" days. Does that sound right?

...and don't forget we're not talking calendar months here. Your interest figure is made up of a number of days in October, plus 3 days of November too (calculated up to and including the first working day of the month, which was Monday 3/11).

But you can work it out as follows:

For each day, you earn interest at:

Closing Balance x 4.89% / 365

You then sum up all these days (up to and including Monday 3/11), and then multiply by 0.8 (if you're a tax payer)...and there's your net interest figure.

OnTheRoad14

YorkshireBoy wrote: »

...and don't forget we're not talking calendar months here. Your interest figure is made up of a number of days in October, plus 3 days of November too (calculated up to and including the first working day of the month, which was Monday 3/11).

But you can work it out as follows:

For each day, you earn interest at:

Closing Balance x 4.89% / 365

You then sum up all these days (up to and including Monday 3/11), and then multiply by 0.8 (if you're a tax payer)...and there's your net interest figure.

Thanks for that. My interest payment is probably correct for last month (without going through the figures in detail)

DragonQ

A lot of banks are going for the whole "cuddly" and "ethical" thing at the moment (Nationwide, Lloyds, Co-Op, etc.), so I'm not sure that's the main reason for TSB picking up customers. 5% interest is surely a larger factor.

lilmissmup

So I have finally filled up my TSB account and went to open a 2nd one but I was logged into my first account when I did it.

Got a text the next day saying I need to ring them to give more details. Haven't done yet as nervous of what they will ask.

Anyone else had this? Should I just apply again but not logged in?

On Maternity leave so need to earn money where I can!

thebritishbloke

lilmissmup wrote: »

So I have finally filled up my TSB account and went to open a 2nd one but I was logged into my first account when I did it.

Got a text the next day saying I need to ring them to give more details. Haven't done yet as nervous of what they will ask.

Anyone else had this? Should I just apply again but not logged in?

On Maternity leave so need to earn money where I can!

I wouldn't apply again, I'd just phone them. They probably just want to confirm some details on their system. I had trouble opening my second one circa 6 months ago, phoned them up and it was just a marker on their system that hadn't been set to allow me to open a second account.

beefturnmail

Just phone them and be honest and say you want to open another account. I just opened 2 joint accounts one day after another by phone (originally opened sole accounts prior to t&c change).

Went through a 20 minute charade of them going through all their products, but guy on the phone knew I had no intention of using as a current account (even saying, 'will you be wanting debit cards with the account?' in a way suggested he knew I'd say 'no').

Although note that when I phoned CS to open the second account I was initially told this was not possible as I already had one and I had to force the point (telling them that I opened an account prior to the t&c change and had received a letter saying I had till 31 January to open). If you get any barriers with CS just ask them to ring the accounts opening team to check as they know the details of the t & c.

plunt

Anyone had any luck opening a second post T&C's change (and first one being open POST the change ? First time istupidly missed out despite know the change was going to come