Tsb plus account 5%

badger09

hieveryone wrote: »

Think I know the answer to this question, but just want to double check.

Opened two accounts and funded with £2000 each. Stopped paper statements, set up standing orders for £500 between the two.

Funded on 22nd April with the £2k's.

Interest as I've just logged in is £2.15 per account - is this because it was part way through the month?

Thanks in advance.

Yes. Interest is calculated daily

jacknight

Does anybody know how many of these accounts you can have?

Also what interest is paid once you are over the £2000 limit?

As if I load an account with £2,000 that means on that balance I get £100 interest a year £80 after tax.

But the account requires you pay in £500 a month which over 12 months is £6,000 so the account would have £8,000 in it.

Would you get not interest on the extra £6,000?

If so wouldn't you be better of with a Santander 123 account at 3% interest as it pays 3% up to £20,000?

Probably a noob question but I suppose I am a noob when it comes to this!

Appreciate any help. Just trying to figure out what is best for me as I currently have many current accounts and with a few thousand in (personal, business, joint for bills) and a normal saver account and an ISA with combined in savings around £40,000.

Thanks

hieveryone

badger09 wrote: »

Yes. Interest is calculated daily

Thank you, appreciate it.

YorkshireBoy

jacknight wrote: »

Does anybody know how many of these accounts you can have?

Answered on their website. If you're busy, or having difficulty finding it, it's 2 (officially).

Also what interest is paid once you are over the £2000 limit?

Again, answered on their website. If you're busy, or having difficulty finding it, it's nothing.

As if I load an account with £2,000 that means on that balance I get £100 interest a year £80 after tax.

£97.80 gross, but you're close enough.

But the account requires you pay in £500 a month which over 12 months is £6,000 so the account would have £8,000 in it.

Ever heard of a thing called a 'withdrawal'? In other words, it's not a regular saver...it's a current account.

Would you get not interest on the extra £6,000?

Answered above.

If so wouldn't you be better of with a Santander 123 account at 3% interest as it pays 3% up to £20,000?

Only if you had £24K to save.

lilmissmup

YorkshireBoy wrote: »

Why? It's only £1 isn't it?...tell me it's no more than that!

Its ok it was showing about an hour later....:)

It was a bit more than a £1.......

amiehall

lilmissmup wrote: »

Its ok it was showing about an hour later....:)

It was a bit more than a £1.......

Happy days! Well that's a lesson learned lol!

jacknight

YorkshireBoy wrote: »

Answered on their website. If you're busy, or having difficulty finding it, it's 2 (officially).Again, answered on their website. If you're busy, or having difficulty finding it, it's nothing.£97.80 gross, but you're close enough.Ever heard of a thing called a 'withdrawal'? In other words, it's not a regular saver...it's a current account.Answered above.Only if you had £24K to save.

Thanks YorkshireBoy.

So I am probably best getting a Santander 123 account.

Putting £20,000 in it and then setup a standing order between that account and another in putting in £1,000/month then take it out straight away again. Would that work or would the £1,000 need to be kept in the account for a 30days?

That would give me 3% interest (2.4% actual) of £20,000 so total £480 - £2/month fee = £456 total.

That would leave me with around £20,000 in an ISA.

Thanks

hacienda99

Not impressed with this so far. Tried to set up my first account, and I've been asked to take some documents to a branch before it can be completed (strange since I'm on the electoral role and have lived at this address for 3 years), and I'm unable to open a second account, since I'm getting the following message: "According to our records, you have already applied for a current account with us recently. Unfortunately, we're not able to consider another application at the moment."

DStu

jacknight wrote: »

So I am probably best getting a Santander 123 account.

That would give me 3% interest (2.4% actual) of £20,000 so total £480 - £2/month fee = £456 total.

Yeah, you could get your 3% on £20,000, OR you could get 5% on £4,000 (with two TSB accounts) and 3% on the remaining £16,000. Infact, there are better options still, have a look at additional accounts.

jacknight wrote: »

Putting £20,000 in it and then setup a standing order between that account and another in putting in £1,000/month then take it out straight away again. Would that work...

Kind of. But the actual terms of Santander state you only need to fund the account with £500 a month, and a minimum of 2 DD's.

jacknight wrote: »

...or would the £1,000 need to be kept in the account for a 30days?

No. (I don't know where you plucked 30 days from? It's a current account).

You seem to be making up T&C's.
Before asking strangers what to do with your finances, you should really read the terms straight from the bank. Then ask for advice if you're still a bit unclear on anything you've researched yourself.

hollie.weimeraner

Managed to open 2 each online for myself and my wife and 1 joint account so far. Joint account had to be done on the phone which is a bit of a farce really (took 2 phone calls as the first time I got through no-one knew what they were doing). Got to leave it 24 hours before I can set up the second joint account. The money from my Lloyds TSB Vantage accounts will fund it with any excess going into the new Santander 123 account.


It's a lot of messing about keeping track of all the different accounts but unfortunately we have to play the games to get the interest these days