Tsb plus account 5%

stupendous_J

Aquamania wrote: »

I'd like to think TSB have already considered this will be happening with some accounts, and it's a risk they are prepared to take over this 'loss leading' account - that's what MSE now describe this account as in today's email.

If they haven't, then I'm sure they will realise there will be a huge closure of accounts if/when they significantly reduce the current rates/terms.

It only takes about 10 mins to open an account - it'll take even less time to empty the account (once we get our activation codes) and TSB can then close it at their pleasure.

Very true, but I guess it's the risk we our all willing to take (if using the account(s) purely for saving as I am). Like you mentioned, they have obviously considered the risk of people using the loop-holes in the system to max out the interest rates without continuously investing and topping up £500 pounds (i.e. recycling the same £500 back and forth).

But I guess like the majority of the banks out there, TSB are trying to get a influx of new money by temping people with these interest rates. But why assume the likes of me and others using these loop-holes are going to get found out and closed down or kicked out my new or amended T&C's?

After all, maybe they are hoping to for a large number of people to use these accounts as static saving accounts? Since they will earn more interest on the 2K in the form of using this as a loan to another individual (loans charging higher % than a savings account....i.e. the way banks normally operate.)

But I guess only time will tell?

neil324

Anyone used TSB to send a faster payment today? I have sent one this morning and it's yet to land.

typistretired

I presume you are talking about the TSB Enhance as we are all waiting for our activation code for the TSB Classic Plus, which could take up to 7 days. Been okay for me today sent 3 lots of £1000 (separate accounts) in and out (to feed my flexdirect accounts) transferred back and forth in seconds. Nationwide were good today too no need to use the card machine.

stupendous_J

neil324 wrote: »

Anyone used TSB to send a faster payment today? I have sent one this morning and it's yet to land.

Havent tried it yet with TSB, but in my experience with other accounts, sometimes the first time you transfer into a different account, it takes longer. Come subsequent payments, you might find it will only take the standard 2 hours fast payment route (use to have this happen with my old nationwide account).

Aquamania

neil324 wrote: »

Anyone used TSB to send a faster payment today? I have sent one this morning and it's yet to land.

Where you sending it to?

I've been with Lloyds for a long time (and they use the same systems) and FP usually goes immediately (although they say it can take up to 2 hours) - even brand new recipients.

The recipient may be the cause of your delay. Some do not show receipts until the next day.

Aquamania

stupendous_J wrote: »

Very true, but I guess it's the risk we our all willing to take (if using the account(s) purely for saving as I am). Like you mentioned, they have obviously considered the risk of people using the loop-holes in the system to max out the interest rates without continuously investing and topping up £500 pounds (i.e. recycling the same £500 back and forth).

But I guess like the majority of the banks out there, TSB are trying to get a influx of new money by temping people with these interest rates. But why assume the likes of me and others using these loop-holes are going to get found out and closed down or kicked out my new or amended T&C's?

After all, maybe they are hoping to for a large number of people to use these accounts as static saving accounts? Since they will earn more interest on the 2K in the form of using this as a loan to another individual (loans charging higher % than a savings account....i.e. the way banks normally operate.)

But I guess only time will tell?

TSB are marketing this account as a "Try before you buy"
i.e. there is a simple requirement to credit the account every month (so you don't just dump £2k in it and forget about it) and no other requirements that others require (like switching an existing account or setting up a few Direct Debits, etc)

My guess is they will now use the contacts for marketing. Although I declined all marketing, I see they still have assumed to me accepting receiving marketing material via their online service. (not looked to see if I can turn that off yet)

stupendous_J

Aquamania wrote: »

TSB are marketing this account as a "Try before you buy"
i.e. there is a simple requirement to credit the account every month (so you don't just dump £2k in it and forget about it) and no other requirements that others require (like switching an existing account or setting up a few Direct Debits, etc)

My guess is they will now use the contacts for marketing. Although I declined all marketing, I see they still have assumed to me accepting receiving marketing material via their online service. (not looked to see if I can turn that off yet)

I've turned off the marking requirements (i.e. during the application process) apart from email (just in case) as you can always block / unsubscribe from emails.

neil324

Aquamania wrote: »

Where you sending it to?

I've been with Lloyds for a long time (and they use the same systems) and FP usually goes immediately (although they say it can take up to 2 hours) - even brand new recipients.

The recipient may be the cause of your delay. Some do not show receipts until the next day.

A Nationwide Loyalty Saver account, which does have a group account number with your account number as the reference.

But I did send a faster payment from my 123 account Monday and it landed within minutes.

I have doubled checked the details are correct so will wait until tomorrow in case the group account number might delay things. It was only a £1 test.

sparkyspark

Advisor from my local TSB branch has just rung to confirm that as well as two individual Classic Plus accounts each, you are also allowed two joint Classic Plus accounts each as well. She got in touch with the head office to confirm and the joint accounts must be opened in branch for the time being.

nearlyretired2004

Having read this somewhere, I asked the question while applying for my first account and was told maximum 6 accounts 2 single each, 1 joint each. ( i.e. joint with each other)


When I queried with the (very helpful) assistant she offered to check and phone me back....


Called back within 5 mins and confirmed all the above, PLUS you can each have a joint account with someone else as well, (....if you trust them enough, as they will also have access to the money....) mother????? (that's who we will be using....)


BTW I've also selected 'savings' as reason for using the a/c so I hope my application goes through OK ....its been 'accepted' on the phone and I have sort code and a/c number so am I in already?


Partner has to go into branch but has been given sort code and a/c number...... guessing its because I had to enter zero income for her as we both live off my pensions etc.....