How do you mange current accounts.

Jarles

Don't mean to take over thread, but I just set up 2 tsb accounts, will I need to send the £500 over from my main account (coop) to the 1st tsb then over to 2nd tsb then back to coop and is it ok all done on same day?

badger09

Jarles wrote: »

Don't mean to take over thread, but I just set up 2 tsb accounts, will I need to send the £500 over from my main account (coop) to the 1st tsb then over to 2nd tsb then back to coop and is it ok all done on same day?

By opening, and funding your new accounts with at least £500 you have met this month's funding requirement.

For next month, you can either move £500 from 1 to 2 and back again immediately, manually by FP, or set up SOs so its done automatically. No need to involve your Co-op or any other account after the initial funding.

anoncol

Jarles wrote: »

Don't mean to take over thread, but I just set up 2 tsb accounts, will I need to send the £500 over from my main account (coop) to the 1st tsb then over to 2nd tsb then back to coop and is it ok all done on same day?

Until you have money in your second TSB there is no need to involve it at all. 4% on zero is zero.

sparrer

badger09 wrote: »

By opening, and funding your new accounts with at least £500 you have met this month's funding requirement.

For next month, you can either move £500 from 1 to 2 and back again immediately, manually by FP, or set up SOs so its done automatically. No need to involve your Co-op or any other account after the initial funding.

Thanks for this, I've just read the 'rules' and it seems the £500 must come from an outside source, not from another TSB account.


'HOW DO I EARN THE INTEREST?
The interest's paid provided you pay in £500 each month. The £500 must come from an external source, ie, via cash, cheque or transfer from any other provider other than TSB. You must also set up online banking with paperless statements.'

I'm looking to open 2 accounts so will have £500 x 2 transferred from my main bank to each of 2 TSB a/c's then back to my main account the next day. Sounds bitty but you only have to set it all up once.

B_G_B

sparrer wrote: »

Thanks for this, I've just read the 'rules' and it seems the £500 must come from an outside source, not from another TSB account.


'HOW DO I EARN THE INTEREST?
The interest's paid provided you pay in £500 each month. The £500 must come from an external source, ie, via cash, cheque or transfer from any other provider other than TSB. You must also set up online banking with paperless statements.'

I'm looking to open 2 accounts so will have £500 x 2 transferred from my main bank to each of 2 TSB a/c's then back to my main account the next day. Sounds bitty but you only have to set it all up once.

Any chance of a link to the rules that you found. Internal transfers have been OK for TSB interest up till now. I have just checked T&C’s from their website and can see nothing that specifies external funding. Thanks in advance.

masonic

This certainly hasn't come from the T&Cs and apparently hasn't come from anything available online.

https://www.google.co.uk/search?q=%22The+%C2%A3500+must+come+from+an+external+source%22

No results found for "The £500 must come from an external source"

YorkshireBoy

B_G_B wrote: »

Any chance of a link to the rules that you found.

The poster has quoted from the MSE best bank account article...

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#tsb

Click "Going to get this? Read full details first".

anoncol

YorkshireBoy wrote: »

The poster has quoted from the MSE best bank account article...

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#tsb

Click "Going to get this? Read full details first".

In the past this has often been nonsense though hasn't it? If its not in the T&C then its meaningless.

masonic

YorkshireBoy wrote: »

The poster has quoted from the MSE best bank account article...

Wow, so wrong even Google won't index it

badger09

Hmmmm

In response to LydiaJ's post 7 above, and as a general comment, I was going to post earlier today, something along the lines of...

'The most important thing is to read, carefully, the latest official T&C of any account you are thinking about opening. DO NOT rely solely on the answers/opinions of posters on this, or any other forum, or on any non official website, regardless of how well respected.

Even the most experienced and helpful posters sometimes make mistakes, as do some website editors'

Sadly, I got distracted. If I hadn't, I'd be able to say told you so.

Not that I would, of course:p