Tsb plus account 5%

midge406

I've had four accounts for ages. My parents had two sole accounts each before the changes were announced in October. However they tried to open two joint accounts last week and were told by the branch staff member that it's only possible to open one joint account as the conditions have changed again since October. I can't find any reference to that. Has the person just got mixed up or is that the current state of play?

anoncol

midge406 wrote: »

I've had four accounts for ages. My parents had two sole accounts each before the changes were announced in October. However they tried to open two joint accounts last week and were told by the branch staff member that it's only possible to open one joint account as the conditions have changed again since October. I can't find any reference to that. Has the person just got mixed up or is that the current state of play?

The T&C changed last month.

pochisoldi

plunt wrote: »

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

Short version: Apply online.

Long version:
For some strange reason I thought I had to go into the local branch to open a second account. At the branch I was told that I couldn't open a second account, lots of umming and aaring, told that I couldn't use it for savings.

Turns out I could apply online - went home, applied, 2nd account opened and running with no problems.

This all happened on Saturday morning (15th November)

lilmissmup

So I never actually got round to phoning tsb but just applied for a 2nd account online logged out of my account and have been accepted.

All helps when on maternity leave!!!

LplateSaver

pochisoldi wrote: »

Short version: Apply online.

Long version:
For some strange reason I thought I had to go into the local branch to open a second account. At the branch I was told that I couldn't open a second account, lots of umming and aaring, told that I couldn't use it for savings.

Turns out I could apply online - went home, applied, 2nd account opened and running with no problems.

This all happened on Saturday morning (15th November)

When did you open your first?

LplateSaver

Also I know they don't credit check for existing customers (I've experienced it on my sole account) but I was wondering if they credit check for existing customers on joint accounts? I'm an existing customer 2 years but the other person is not, they joined 4 months ago and got credit checked on both their plus accounts.

mrssjs

Archi_Bald wrote: »

That's correct, it's around £6.44 to £6.86 a month, depending on the number of days in the month, for a fully funded TSB Plus account.

You need to use the Gross interest rate, 4.89%, to calculate your interest for the year (as you cannot get any compounding for a fully funded account). That's £97.80 before tax, and £78.24 after tax.

Mine have been fully funded for 3 months, this month they gave me £6 exactly in each account, is this correct?

eskbanker

mrssjs wrote: »

Mine have been fully funded for 3 months, this month they gave me £6 exactly in each account, is this correct?

Yes, as Archi says the annual interest is £78.24 net, i.e. 21.4356p per day - there were 28 days in the latest 'month' (i.e. between the first working day of November and the first working day of December), so 21.4356p x 28 = £6.00 to the nearest penny.

Archi_Bald

mrssjs wrote: »

Mine have been fully funded for 3 months, this month they gave me £6 exactly in each account, is this correct?

Sorry, been a bit too optimistic about the number of days in each "TSB month" - as eskbanker says, it was just 28 days for this month's credit, so exactly £6.00. Over a full year, it should add up to 365 days worth of interest.

mrssjs

Thanks both