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TSB 5% current account: how to exploit it
Comments
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grandplonker wrote: »That's how to max it - or to improve again, use the TSB account with the FD RS - 4.4% gross after tax.
Can you elaborate? What do you mean by "use the TSB account with the FD RS"?0 -
It's 5.54% gross (that's before tax) or 4.43% net (that's after tax).grandplonker wrote: »That's how to max it - or to improve again, use the TSB account with the FD RS - 4.4% gross after tax.0 -
He's talking about drip feeding the FD reg saver (via the FD 1st account) from the new TSB Plus account.Archi_Bald wrote: »Can you elaborate? What do you mean by "use the TSB account with the FD RS"?0 -
I thought so. Just don't understand how he drip feeds at total of £3,600 from £2,000. May be he has 2 TSB accounts? I am also unclear what the total available capital is, and why I should be drip feeding from a 5% account if I could drip feed from a 3% account and keep my 5% accounts filled to the brim all the while.0
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Not yet, but he'll need them.Archi_Bald wrote: »Just don't understand how he drip feeds at total of £3,600 from £2,000. May be he has 2 TSB accounts?
Otherwise it really will get difficult to calculate his true gain! 0 -
£3,600 is only the maximum.0
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Oh I see. You have £2,000, you put it into your TSB account to start with, and then gradually move it into the FD RS? You don't make use of the full potential of the FD RS? Is that what you are saying?0
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I don't want to muddy the waters even further, but the FD current account generally comes with a £250 interest free overdraft buffer that can be stoozed for the whole year, so if the OP really wants to maximise interest, this should be accounted for in the calculations - although it won't make a difference comparatively.0
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That's right. I can use anything between £250 and £3,600.
I told FD I didn't want the overdraft, because future lenders would take a dim view given the overdraft I already have. That's assuming FD even report it to my credit file.0 -
How are you using £3,600 in an account that doesn't pay any interest above £2,000?0
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