TSB Classic Plus Account

typistretired

This thread is actually in the wrong forum. This forum is for savings and investments. If you look in the budgeting and bank accounts forum you will see that all questions in regard to this current account are fully answered.

The £500 only needs to go into the account and can be transferred out manually straight away, or use standing orders as others have advised.

jimjames

typistretired wrote: »

This thread is actually in the wrong forum. This forum is for savings and investments. If you look in the budgeting and bank accounts forum you will see that all questions in regard to this current account are fully answered.

The £500 only needs to go into the account and can be transferred out manually straight away, or use standing orders as others have advised.

It's actually correct in both.

This account pays far more interest than any ISA or savings account so is entirely valid in a savings forum. Without threads on it most people would follow the hype and open an ISA when for many that is not the best place for getting a good return.

Archi_Bald

Of course the TSB account is of interest to savers.....but a simple link to the existing thread from here would have sufficed.....

typistretired

Here's the link

https://forums.moneysavingexpert.com/discussion/4919532

patientperson

The following link shows a summary of the TSB accounts Classic Plus and Classic. Whilst it is not necessary to move STO or DD there is the mention 'try before you buy' and a dedicated switching team. The Classic Plus also seems to come with a Debit Card so a definate intention of TSB that this is a real current account and not a savings account. Wonder how many have been opened just for the 5% interest?.

http://www.tsb.co.uk/current_accounts/classic_and_classic_plus_accounts.asp?WT.ac=ADD-FOM-1

jimjames

patientperson wrote: »

Wonder how many have been opened just for the 5% interest?.

http://www.tsb.co.uk/current_accounts/classic_and_classic_plus_accounts.asp?WT.ac=ADD-FOM-1

I'm sure it's more than just the two I opened!

SG27

jimjames wrote: »

I'm sure it's more than just the two I opened!

I can confirm it is. Add another 4 for me

I'd say 75% + are purely for savings.

butterflymum

sopranolmu wrote: »

Hiya! I'm looking at opening one of these for myself, and my parents and sister are considering it also. Are there any catches to this account? Eg do you have to have direct debits from it every month, like the Halifax Reward etc?

It is essential that you remember to change the settings to paperless for each account opened, otherwise the interest won't be paid.

puk999

butterflymum wrote: »

It is essential that you remember to change the settings to paperless for each account opened, otherwise the interest won't be paid.

Good advice which just helped me. When opening my first account I chose paperless. Then opened the second but wasn't presented with the option to go paperless. Couldn't find the setting. Rang TSB CS. They said the link should be there at the bottom of the webpage. It wasn't. The lady then said as I had set paperless on the first account the setting would apply to all my accounts.

Your message prompted me to double check (now the accounts have been activated), and only the first one had paperless applied! Now rectified.

Archi_Bald

puk999 wrote: »

The lady then said as I had set paperless on the first account the setting would apply to all my accounts.

Shocking, the quality of some CS staff.