Question on TSB Current Accounts

DocProc

Can someone tell me how long the TSB have been offering the 'Enhance' facility on their current accounts?

It seems to compare with the Lloyds Bank's Vantage offering.

The Vantage benefit disappears very shortly and is being upgraded to 'Club'. If you have several Vantage accounts, then one outcome of Club is going to be a reduction in the number of accounts permitted (3 with Club).

I am wondering whether to finish with Lloyds Bank and move over to TSB Bank, taking my Vantage accounts with me and opening the similar 'Enhance' accounts instead.

However, if the Enhance facility has been available for quite a while, then it is likely to end just like Vantage is ending.

If 'Enhance' has only been going for a short time, then it is likely not to end very soon and so moving to the TSB might well be worthwhile.

What do you think?

YorkshireBoy

TSB Enhance was pulled for new customers a couple of months ago.

butterflymum

Bank of Scotland, at moment, still have Vantage option and 3 can be held in single name.

EarthBoy

DocProc wrote: »

I am wondering whether to finish with Lloyds Bank and move over to TSB Bank, taking my Vantage accounts with me and opening the similar 'Enhance' accounts instead.

You can't take any accounts with you if you move from Lloyds to TSB; it's a separate bank so you will have to open new ones. You can still keep your old Lloyds accounts as well, if you want.

As already explained, you can no longer open accounts with enhance, but TSB has the Classic Plus account instead, which pays 5% on balances up to £2,000.

loonytunes123

Well spotted...but contrary to public opinion, it is NOT being pulled anytime soon

innovate

It is of no value to people who do not already have a TSB Enhance account that the terms for existing accounts haven't been changed yet. For them, the account has been pulled.

System

Hi,

The TSB and Nationwide 5% current accounts say that you have to pay in £500 and £1000 respectively.

Does this mean that if I put e.g. £500 into TSB and need to take money out in that month - it is a current account - I don't get the 5%? Similarly, what about the Nationwide and the £1000 current account.

In both cases, I would have put in the minimum amount (£2000 and £2500 respectively).

Thanks for spelling it out to me:)

Jason

YorkshireBoy

moneyunwise wrote: »

Does this mean that if I put e.g. £500 into TSB and need to take money out in that month - it is a current account - I don't get the 5%? Similarly, what about the Nationwide and the £1000 current account.

On both accounts you will earn 5% AER on anything that is in the account at the close of business each day.

What this means in practice is that each day you will earn/accrue interest at...

Closing balance x 4.89% / 365 (or possibly 366 in a leap year)

Once a month (they're both different in this respect*) they pay this interest accrued, after deducting savings interest tax it if you haven't submitted an R85.


*TSB's interest earning month runs from the 2nd working day of the month to the 1st working day of the next month, whereas Nationwide operate on a calendar month basis.

Bunker

YorkshireBoy wrote: »

On both accounts you will earn 5% AER on anything that is in the account at the close of business each day.

What this means in practice is that each day you will earn/accrue interest at...

Closing balance x 4.89% / 365 (or possibly 366 in a leap year)

Once a month (they're both different in this respect*) they pay this interest accrued, after deducting savings interest tax it if you haven't submitted an R85.


*TSB's interest earning month runs from the 2nd working day of the month to the 1st working day of the next month, whereas Nationwide operate on a calendar month basis.

How do they calculate the 'paying in month'?. Is it (min) £500 on a calendar month basis, on the 'interest earning month' described above, or on monthly anniversary of account opening? (or something else?)

I would hate to pay in my money and find it doesn't count towards that months 'paying in' amount!

TIA

innovate

The month is a calendar month. Pay in (and out) anytime between, say, 5th and 25th, and you can't go wrong.

M0ney

I just applied (successfully) online to change my account from Classic enhance to Classic plus but I have nearly £6K in this account now so I'd like to apply for another, can I do this immediately or do I need to wait any amount of time?