TSB Classic Plus A/c Question

Carnival789

Wasn't sure whether to post this under Savings or Bank Accounts... it should probably have been the latter technically speaking, but I suspect most people on this forum that have one of these accounts treat it as a Savings account!

Anyway, I have just this minute opened a TSB Classic Plus account but not sure when I will be eligible for the 5% interest (and therefore whether I should transfer in my £2k yet).

It says that you have to be registered for paperless statements (check) and also paperless correspondence when available.

As far as I can see, there is no option for me in my TSB online banking options to select paperless correspondence at the moment.

Does this mean I am already eligible for the 5% interest now? Or do I need to wait for a while until the paperless correspondence option appears and select it - at which point I am them eligible for the 5% interest rate?

Other than that the account has a really quick and easy opening process. Most impressed!

butterflymum

You can put the money in straight away - the 'paperless correspondence' isn't available yet, so the interest is earned on the basis that 'paperless statements' has been chosen (provided you also meet the £500 monthly funding requirement - which the £2000 deposit will do for the first month).

Remember, too, that you can also open a 2nd Classic Plus.

Carnival789

Thank you very much!!

milton19700

I am not sure that is correct advice.

I can click through into my account(s) & below recent transactions it allows me to click through & switch to paperless. It then requires my login to confirm.

I may be just special though :-)

JB9302

Just opened 2 as well , thought you cant deposit anything until the activation code/user id comes through the post or have I got that wrong ?

Thanks

YorkshireBoy

milton19700 wrote: »

I am not sure that is correct advice.

It is.

I can click through into my account(s) & below recent transactions it allows me to click through & switch to paperless.

For statements, yes...but not for "correspondence".

I may be just special though :-)

No.

YorkshireBoy

JB9302 wrote: »

Just opened 2 as well , thought you cant deposit anything until the activation code/user id comes through the post or have I got that wrong ?

You can deposit, but your online functionality is limited until you get the activation code...so you can't transfer anything back out (should you wish to).

JB9302

YorkshireBoy wrote: »

You can deposit, but your online functionality is limited until you get the activation code...so you can't transfer anything back out (should you wish to).

Thanks for that , I take it the initial £2000 dep covers the obligation for £500 pm in so wont need to organise that till July ? .
And with having 2 accounts after the initial £500 in July a S/O to be set up between the 2 to transfer that amount a day or so after each other .
Is that how it works ?

Thanks

YorkshireBoy

JB9302 wrote: »

I take it the initial £2000 dep covers the obligation for £500 pm in so wont need to organise that till July ? .

Already answered in post #2 above.

And with having 2 accounts after the initial £500 in July a S/O to be set up between the 2 to transfer that amount a day or so after each other .

Set the cross-firing SOs up for the same day, otherwise you'll be losing money!...unless you only have £2.5K of course.

JB9302

YorkshireBoy wrote: »

Already answered in post #2 above.Set the cross-firing SOs up for the same day, otherwise you'll be losing money!...unless you only have £2.5K of course.

Sorry for being a bit slow ( old user ) dont quite understand that last bit ( unless you only have £2.5K )

Thanks

milton19700

Ah thanks ... I hadn't made that distinction - does requesting paperless on statements doesn't fullfill the paperless requirement for interest ?