Sorry - Another TSB Account thread !!

nearlyretired2004

Apologies - I'm sure I've seen the answer on here but cant find it quickly .....


Can someone who actually did it last month confirm that just bouncing £1000 from one account to a second and back to the first satisfies the funding criteria for this a/c? (like it does with Lloyds Vantage.....) i.e doesn't need to be external money?


(probably doesn't need to be £1000 -cant remember - but I always use £1000 as it saves remembering different amounts for different a/c's)

SurfKing

nearlyretired2004 wrote: »

Apologies - I'm sure I've seen the answer on here but cant find it quickly .....


Can someone who actually did it last month confirm that just bouncing £1000 from one account to a second and back to the first satisfies the funding criteria for this a/c? (like it does with Lloyds Vantage.....) i.e doesn't need to be external money?


(probably doesn't need to be £1000 -cant remember - but I always use £1000 as it saves remembering different amounts for different a/c's)

Yep. I did it and there was no problem getting the interest. This was for both Plus and old Enhance accounts at TSB.

innovate

Remembering £1,000 for all banks is a dangerous thing since some now require £1,500. Much safer to comply with the terms publish on the respective bank's website.

kidmugsy

We bounce £500 because it's easier to be confident of having £500 there than £1000.

kteara

innovate wrote: »

Remembering £1,000 for all banks is a dangerous thing since some now require £1,500. Much safer to comply with the terms publish on the respective bank's website.

Can you explain what you mean please? I'm a little confused.

Mr_Goodkat

kteara wrote: »

Can you explain what you mean please? I'm a little confused.

Club Lloyds requires monthly funding of £1,500 to avoid the £5 per month account charge so if you bounced only £1000 into that account you would qualify for interest as long as two direct debits were paid out but would be charged £5 account fee reducing the money you are making from the account.


As per Innovate you are better to operate as per the terms and conditions:
E.g. TSB £500 monthly funding
Club Lloyds £1,500 monthly funding plus paying out two direct debits
Halifax Reward £750 monthly funding plus paying out two direct debits
Santander 123 - £500 (external) monthly funding and two direct debits set up


In response to the OP internally funding for TSB is fine and is only £500 per month, if you have the accounts maxed out at £2k remember to skim off the interest

nearlyretired2004

Thanks all .....


Goodkat - 'Skimming' and 'Interest' are my middle names.....!!!


Innovate - I have fixed in my head the MAXIMUM amount required for any of the a/c's I have at present .....and as mentioned before there are so many current a/cs I would not want to have to look up/remember each individual one.


I don't yet have Club Lloyds (its on my to-do list ....for today actually..!) but when I do I will probably change my monthly £1000 to £1500 for all accounts (until or unless they bring in a 'maximum' monthly funding!!!)


Thanks again for taking the trouble to reply.....

nearlyretired2004

Basically now I've done my 'to-do' list for today I now have
Club LLoyds as well as my 20 or so other current accounts .... so same question ..... I'm guessing its OK to 'bounce' from one of my LLoyds Vantage accounts into this one as I cant see anything referring to a requirement for external funding in the Ts and Cs ?


Would just like the confidence of hearing from someone who's actually done it....... any takers?




Thanks as always......

innovate

Yes it is possible. But just in case you had not heard, the Lloyds Vantage accounts will be rendered more or less useless from July 2. I suppose you could keep one to take £1,500 from your Club Lloyds and send it back the same day, but the only point keeping the others would be so you have an account to switch if a decent switcher offer comes along.

Mr_Goodkat

nearlyretired2004 wrote: »

Basically now I've done my 'to-do' list for today I now have
Club LLoyds as well as my 20 or so other current accounts .... so same question ..... I'm guessing its OK to 'bounce' from one of my LLoyds Vantage accounts into this one as I cant see anything referring to a requirement for external funding in the Ts and Cs ?


Would just like the confidence of hearing from someone who's actually done it....... any takers?




Thanks as always......

Yes this is fine, no need for external funding, I am doing it currently

Remember to move your vantage money before the rate drops though

nearlyretired2004

Great ...Thanks Both!


Have two empty 123 accounts, one of which will be taking the money from the Vantage accounts from, I think, 2nd July (prob my partners as she doesn't pay tax! should have done it sooner......)