5% interest

dicky73

I have recently switched to a new account that pays 5% interest on balances up to 2000 pounds. I have opened 2 of these accounts. I have to pay in 500 pounds+ per month to qualify for the rate. My salary covers the first account but my question is, can I transfer money into the second account and then back out again to where it came from. Basically, does this count as paying in?
Thanks, Dicky.

Ed-1

dicky73 wrote: »

I have recently switched to a new account that pays 5% interest on balances up to 2000 pounds. I have opened 2 of these accounts. I have to pay in 500 pounds+ per month to qualify for the rate. My salary covers the first account but my question is, can I transfer money into the second account and then back out again to where it came from. Basically, does this count as paying in?
Thanks, Dicky.

Yes. You'll find info on TSB Classic Plus all over the bank accounts forum.

xylophone

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

Post 208 and others.

J_B

You don't say which bank the account is with??

Could you pay your salary in two parts?

jimjames

J_B wrote: »

You don't say which bank the account is with??

Could you pay your salary in two parts?

Absolutely no need. If you read the threads you can just move £500 between the accounts, so simple.

wary

I believe that sometimes the transfer has to be from an external source, meaning that you can't just move money between accounts that you own with the same bank and expect that to count? I think it varies depending on the Bank's T&C though.

eskbanker

wary wrote: »

I believe that sometimes the transfer has to be from an external source, meaning that you can't just move money between accounts that you own with the same bank and expect that to count? I think it varies depending on the Bank's T&C though.

Although not explicitly spelt out, OP is talking about the TSB Plus account (the only one that matches the 5% on up to £2K for two accounts), so internal transfers are fine for this.

rennai

Open two plus accounts yesterday, fully funded along side a enhance account

So if i'm correct in the funding requirements as follows.

£1000/month into the Enhance and £500 into the Plus accounts.

Time_to_save

A question about the same type of account...
Does pay in £500 a month mean (I hope) a calendar month, not every 4 weeks?

Archi_Bald

calendar month, assuming you are talking about TSB Plus.

why the cryptic references to it? "same type of account", "new account that pays 5% interest"

Consumerist

Archi_Bald wrote: »

. . . why the cryptic references to it? . . .

I suspect that newbies to this site are not used to our [STRIKE]blase[/STRIKE] (e acute won't print!) brash approach to playing the banks at their own game.