Tsb plus account 5%

marks87

stevec59 wrote: »

Hi Guys,
I have just opened 2 x TSB Classic Plus accounts and I have transferred £2k into both from my Halifax Current account where I intend to do future transfers from (2 x £500), as you don't get interest over £2k, what is the best way to do this?


Do I:-


Need to transfer OUT of the 2 x TSB Classic Plus accounts £500 + Interest (any idea how much that will be) on 29th of every month and then Transfer 2 x £500 per month in on 31st?


Thanks


Steve

Just recycle the £500 between the two Classic Plus accounts - so a standing order on each from one to the other on the same day - then manually transfer the interest each month to wherever you want.

financialbliss

financialbliss wrote: »

Savings Champion (www.savingschampion.co.uk) also think you can open four accounts each, with the latter two of the four needing to be a joint account, so as suggested above, six per couple. Of course, their source of information could be completely wrong:

https://www.savingschampion.co.uk/news/savings-news/isas-v-current-accounts/

See the table at the bottom of that link. My other half has just opened two and I'm just about to do the same. Think I'll leave it at that for today and pop into a local branch tomorrow to see if they know!

FB.

Local TSB branch today – lots of Plus 5% posters on the branch window, Plus 5% posters at the cashier kiosks, helium filled 5% balloon…

Managed to collar a member of staff and asked how many Plus accounts you can have each? Two was the definitive answer. I then asked what about joint accounts and was advised you could also have two joint account seach, so a couple could indeed open six accounts between them.

When I asked how to open these joint accounts, I was met with blank looks and advice of “I assume they would have to be opened in branch rather than online”. Seemed rather new to them. They had just received information from head office today!

So, still not a cast iron response...

FB.

marks87

Am I overestimating the abilities of the online system by thinking it'll let you open two accounts, make them joint then open another two each?

noh

marks87 wrote: »

Am I overestimating the abilities of the online system by thinking it'll let you open two accounts, make them joint then open another two each?

You can only open sole accounts online.
To convert them to joint you both need to visit a branch.
http://www.tsb.co.uk/current_accounts/joint_accounts.asp

financialbliss

noh wrote: »

You can only open sole accounts online.
To convert them to joint you both need to visit a branch.
http://www.tsb.co.uk/current_accounts/joint_accounts.asp

Thanks noh. Not a TSB or LloydsTSB customer until yesterday. Information passed on to me makes sense, reading in conjunction with above.

FB.

SurfKing

Has anyone had any issues with upgrading over the phone? I called yesterday afternoon to upgrade to Plus and it seemed OK, but it's still only showing as a "Classic" account online. When I click "Upgrade Account" it says it's a "Classic with Plus", but when I called there to see what was going on they said it was still a Classic accounts and that they wanted to wait before they did anything incase the computer was going to change it overnight.

This is one reason I'm inclined not to switch to TSB/Lloyds/BoS and just use their current accounts for savings - their computer systems always seem to get a bit out of sync when making changes to your account and it doesn't inspire much confidence.

innovate

I didn't upgrade, I just opened 2 Plus accounts online. May be something isn't quite working with upgrades, but opening new accounts worked fine.

I have had half a dozen Lloyds accounts for several years - never experienced their computer systems to be "a bit out of sync" even if I, or they, made changes, such as e.g. changes to the amounts and the rates they paid interest on. TSB is obviously now separate from Lloyds but their systems are still essentially the same, and the majority of TSB people used to work for Lloyds, so are familiar with the systems. Nothing to worry about. But if you want to worry, it's easy enough to stay away from TSB and/or Lloyds.

hostertlady

I have made a right pigs ear of applying for it!!


so far, I have been into branch and changed over my platinum account to a classic plus..all ok..


came home... applied for another one,(without logging onto my internet banking)I was so pleased it went through, and I sort of panicked when it asked me to set up an internet banking account without asking me if I was already an internet banking user....
so now I have my normal internet banking and now I have another internet banking user ID and password!!
stooopidme!!!

Oscar475

I opened 4 of these yesterday. two for me and two for the wife. Both of mine have the option to have paper/paperless statements but neither of the wife's statement pages show the option although on one of them I was able to go paperless on opening the account online.


I have contacted the helpdesk and been told her second account is registered for paper statements (so there was no paperless default). They say they cannot change it and to wait to see if the option appears.


Anyone else had this problem?

YorkshireBoy

stevec59 wrote: »

Interest (any idea how much that will be)

Assuming a static (or minimum) £2K balance throughout the monthly billing period...


£2K x 4.89% / 365 x n x 0.8


where n = number of days in the monthly billing period (not necessarily 30 or 31), and 0.8 = tax multiplier