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

colsten

You can request the code to be sent to your landline or to your mobile. Have you tried both?

Personally, I have never had any problems with receiving the codes from TSB, Lloyds, BOS or Halifax on my BT landline. I have also at times asked for the code to be sent to my mobile - again, no problem.

jameshorner159

I am probably being stupid and not looking at this correctly, but I would be grateful if someone could clarify for me...


I am looking to use the new 5% current account as my account in which my wages will be paid into.


lets say for example £2000 a month would be paid into the account. any access at the end of the month will be moved to a savers account before a new payment of £2000.


now if £2000 is paid into the account per month, over the year this would total to £24000. now would the 5% interest be added per £2000 you add into the account per month or will 5% be added over the year based on a maximum of £2000? (so after tax £78)?


If someone could clarify this matter!


thanks

fun4everyone

jameshorner159 wrote: »

If someone could clarify this matter!

You get only interest on the first £2000 of the balance of the account, everything else doesn't earn anything. Its roughly £8 a month.


You also get access to their regular savings account which gives 5% on a max contribution of £250 a month - for one year.


You also get 5% up to £5 total per month back on contactless payments (until 2017)

TartanSaver

Interest is calculated daily, up to the first £2000. As long as the balance is at least £2000 every day, you will get the maximum interest. The max interest is £97.80, because it's 4.89% gross.

You only need to pay £500 a month into the account to meet the terms, and you can transfer it straight out again. You also need to be signed up to paperless banking. I would not use it for day to day banking, as you will earn nothing on the balance above £2000, although if you make £100 of contactless payments a month, you'll get £5 in cash back.

Hope that helped.

Graham.cat

My new TSB Regular Saver is advertised as lasting for one year.

My HSBC Regular Saver is similarly described, but I've renewed it after one year several times now.

Does anyone know whether the TSB one will be renewable, please?

Many thanks

bigadaj

Graham.cat wrote: »

My new TSB Regular Saver is advertised as lasting for one year.

My HSBC Regular Saver is similarly described, but I've renewed it after one year several times now.

Does anyone know whether the TSB one will be renewable, please?

Many thanks

probably.

It may be that you start it again as a separate account though, many regular savers finish after a year, with money transferred or retained in that account at typically a low interest rate. In that case you'll just have to set up a new one unless tsb stop offering it.

Crag30

Mine matures next month, and I've had a letter through to say I can renew it if I wish

EarthBoy

Crag30 wrote: »

Mine matures next month, and I've had a letter through to say I can renew it if I wish

So have I, but when you look into the details "renew" means open a new one. I think it's same at HSBC, it certainly is with First Direct.

mrssjs

I rang them to renew as per their letter telling me to ring to renew and they said I cannot renew until the renewal date!

d70cw6

on the interwebz page: if you click on your regular saver there is a link that says: "view renewal options" . click on that link .....and you'll get an error message. GG TSB.