MSE News: TSB to pay 5% interest on new current account – is it any good?

Archi_Bald

Column E is before tax. You can get interest without tax deduction if you qualify under R85 rules, but by default, all interest is paid net of 20% tax - that's why there is column G.

You also automatically pay £2 a month to Santander, thus the average monthly interest payment for a fully loaded account is in the region of £37.47.

Hazzanet

Kernel_Sanders wrote: »

I think there's been some slight misunderstanding of my posts.
I've added the 12 figures under column E and it totals £592.01. Dividing by 12 gives you an average of £49.33, rounded to nearest penny - precisely the figure I gave in #85.

However, as there are variable days in a month (28-31), you'll never get that figure as interest is calculated daily.

mrgoggins

Wife and I have one TSB+ account each, how many more can I open and how. Do joint accounts have to be opened in bank , can't see option online. I assume you cant link accounts online . Thanks

bsms1147

Two single each can be opened online; two joint must be opened in branch. As a couple that makes six accounts.

10_66

mrgoggins wrote: »

Wife and I have one TSB+ account each, how many more can I open and how. Do joint accounts have to be opened in bank , can't see option online. I assume you cant link accounts online . Thanks

bsms1147 wrote: »

Two single each can be opened online; [STRIKE]two joint must be opened in branch[/STRIKE]. As a couple that makes six accounts.

The joint TSB accounts can definitely be opened over the 'phone (I've done this). It's the Lloyds joint accounts that have to be opened in branch.

londonmania

I thought I should share my experience with TSB:

I applied and got approved for the Classic Plus account however its been over two weeks and I still am unable to setup a Standing Order online. The first issue was they were not able to find my details on line - They were able to contact me at the same address though by post! So I was asked to go into a brach, which I did and they could see nothing wrong. Anyway account was openend, I got my ATM card and Pin the next week and a new activation code for full online access. I went online to set up the SO and the process fails at the point where their system has to call you back to verify an online pin. Called TSB, TSB customer reps cant help or advise what the issue is and where, there is no email to contact a support team that can help, the online and telephone team cant help plus there is no web chat service to support customers and the only way to resolve this issue (including closing the account) is to go to a phyical bank branch. This sort of product and (lack of) customer service/ experience is shocking, poor & unacceptable.

I am closing this account when I can find time to get to their branch- 5% on £2K is not worth this at all IMHO.

MarkFromCornwall

londonmania wrote: »

I went online to set up the SO and the process fails at the point where their system has to call you back to verify an online pin.

If you tell us a bit more we might be able to figure out the problem. In what way did the process fail and at what point exactly? Is there anything unusual about your phone setup - for example, I have BT Call Guardian and Lloyds/TSB/BOS/Halifax call back doesn't work until I add their phone number to my "allowed numbers". I've also noticed that it goes wrong if I have the radio on at the time - presumably their computer interprets the sound it hears as me giving the wrong four digits.

londonmania

The process: Their website requires that a code (4/5 numbers) displayed on screen is repeated to an autobot phone call. The callback to the phone number you provide is supposed to be within 3 mins. This failed on more than 5 attempts so I gave up and called their helpline number they provided on screen when their system realised the call back didnt work..to no avail (pointless and cost me £2 just to be told to go into a branch). My phone number was/is working and the phone number is correct & had no recepetion issues becuase 1) they used it previosuly when I set up online access to the account 2) I updated the mobile number after the forst 3 attempts failed when setting up the SO, just incase I had entered it incorrectly initially and I got an instant text from TSB confirming the update 3) I used the same mobile to call them for help soon after.

The annoying point for me is no one in their customer contact team (facebook, call centre) seemed to have a clue as to what the issue was and were not able to offer any help.

Very poor customer service is all I have received so far in this instance and the fact that they dont have any other form of support service (compared to other banks these days) I have decided not to use this account.

MarkFromCornwall

Frustrating! My next suggestion is if you have access to another landline then try using that - this would at least tell you whether the problem is specific to your phone or something else.

B_G_B

MarkFromMullion wrote: »

Frustrating! My next suggestion is if you have access to another landline then try using that - this would at least tell you whether the problem is specific to your phone or something else.

Bearing in mind that a new number will take a few days to become active.

http://www.tsb.co.uk/security/payments-security-process/