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

iAMaLONDONER

bsms1147 wrote: »

For TSB, here onwards
https://forums.moneysavingexpert.com/discussion/comment/65113325#Comment_65113325

Many thanks! Just opened my account!

Slayerx

I think I've understood this correctly.

I have to put into the Plus account £500 a month and anything above 2k won't earn the 4.89% gross interest.

So could I leave 2k in the account and simply put £500 a month in and then transfer it out the next day leaving the balance at 2k?

Then move the 500 a month above 2k this into my staff regular saver paying 4% gross.

YorkshireBoy

Slayerx wrote: »

So could I leave 2k in the account and simply put £500 a month in and then transfer it out the next day leaving the balance at 2k?

1. Why wait until the next day? It's not necessary.


2. Don't forget to syphon off the interest too.

Slayerx

YorkshireBoy wrote: »

1. Why wait until the next day? It's not necessary.


2. Don't forget to syphon off the interest too.

So by simply transferring £500 in and then out the same day that would meet the criteria?

I assume from your second point interest is paid monthly?

If this is the case I could aim to put the money in just after I get the interest paid and then move the £500 + interest out of the account?

YorkshireBoy

Slayerx wrote: »

So by simply transferring £500 in and then out the same day that would meet the criteria?

I assume from your second point interest is paid monthly?

If this is the case I could aim to put the money in just after I get the interest paid and then move the £500 + interest out of the account?

Correct on all points.

Slayerx

Do you happen to know if interest paid the last date each month or on the anniversary of the account been opened?

Many thanks for your help YorkshireBoy

mrchagle

It'll be the 1st of each month.... obviously it'll be delayed it at a weekend.

Slayerx

Thanks just applying for one now

YorkshireBoy

mrchagle wrote: »

It'll be the 1st of each month.... obviously it'll be delayed it at a weekend.

More accurately, it'll be paid at the end of the first working day of the month.

YorkshireBoy

Slayerx wrote: »

Thanks just applying for one now

Be sure to read the (rest of) the T&Cs.