Saving with Current Accounts

Consumerist

loranius wrote: »

There's a problem...
72005 : According to our records, you have already applied for a current account with us recently. Unfortunately, we're not able to consider another application at the moment.

(Copied in from the Full ISA Guide Discussion Area)

I suspect they have decided that they want to see the account being used as a current account before before letting you open another one. You could try using the debit card for purchases before applying for a second account.

loranius

Consumerist wrote: »

(Copied in from the Full ISA Guide Discussion Area)

I suspect they have decided that they want to see the account being used as a current account before before letting you open another one. You could try using the debit card for purchases before applying for a second account.

Good idea. I've been DMing their twitter account and they said they will look into it.

Another question is, can you just transfer the £500 between your two current accounts to fulfil the £500 payin requirement, or does TSB require you to transfer in from an external non-TSB account?

Consumerist

ColdIron wrote: »

Probably larger than you think. Not everyone is starting out on their savings career and many people may have considerable sums that they are trying to shelter from tax, and even at £15K a year this could take quite some time. Then there are people that have come into a lump sum from downsizing, inheritance etc

bowlhead99 seemed to be suggesting that the £15K allowance was too much. Are you agreeing with him?

Consumerist

loranius wrote: »

. . . can you just transfer the £500 between your two current accounts to fulfil the £500 payin requirement, or does TSB require you to transfer in from an external non-TSB account?

Internal transfers are ok (for now, anyway)

jimjames

Consumerist wrote: »

So what?

What percentage of the population will be able to save £15K per year anyway?

About 70% of the population has either nothing or under £1500 savings and the average savings balance is £2000.

So 30% may have the ability to put more than £1500 into an ISA. I do think this board is populated by a lot more of the 30% than of the 70% which gives a slightly imbalanced view.

Consumerist

jimjames wrote: »

About 70% of the population has either nothing or under £1500 savings and the average savings balance is £2000. So 30% may have the ability to put more than £1500 into an ISA. I do think this board is populated by a lot more of the 30% than of the 70% which gives a slightly imbalanced view.

I have no stats to support the view but I suspect it's closer to 3% who will be able to save £15K a year.

jimjames

Consumerist wrote: »

I have no stats to support the view but I suspect it's closer to 3% who will be able to save £15K a year.

Completely agree. It was confusing that the stats related to £1500 not £15,000 but I'd think it was similar to your suggestion. It certainly isn't a majority.

roxy28

[QUOTE= Consumerist

I suspect they have decided that they want to see the account being used as a current account before before letting you open another one. You could try using the debit card for purchases before applying for a second account.[/QUOTE]


May be but i put down to be used as savings accounts on both and had no problems.

Consumerist

jimjames wrote: »

It certainly isn't a majority.

An interesting tit-bit from <HMRC ISA Satitics April 2014> (p13):-

"In 2011-12, 33 per cent of those individuals who subscribed to a cash ISA did so at the full £5,340 limit for the year." and goes on to suggest "that higher earning ISA investors may have wished to subscribe even more to their cash account but were constrained by the annual subscription limit."

It will be interesting to see how the statistics change over the next year.

Archi_Bald

I could be wrong, but my guess is that there will be a bit of an 'unnatural' spike in 2014-15 of people maxing their £15K in cash ISAs, from places such as their Lloyds Vantage accounts.

It's the subsequent years that should show the true picture about the £15K uptake.