Finally took the plunge - TSB Classic Plus and Santander 123

BoxerfanUK

Brilliant, thank you.

grimsalve

BoxerfanUK wrote: »

Does anyone know? If I open 2 x TSB Classic plus accounts do I need to have two separate online banking logins for them, or can I have one login to access both accounts?

You create a username for TSB online banking (using your customer id) and then both your accounts will be listed when you login.

grimsalve

BoxerfanUK wrote: »

can someone explain how you operate the money shuffling between these accounts in practice

You can set up some standing orders that transfer £500 into (or between) the accounts every month. Or you could do it manually if you prefer.

Each account needs to receive £500 a month to qualify for interest but the £500 doesn't have to stay there (so you could transfer the money in and then out again).

BoxerfanUK wrote: »

and what additional monthly returns I would get if I opened 2x TSB accounts and put 2K in each of them too?

If you have £2,000 in each account then I think the monthly return will be £6.50 per account (after basic rate tax) - so £13 for the two. Every little helps

BoxerfanUK

Thank you grimsalve.

coolasacucumber

I have just applied online, and been accepted for a Classic Plus a/c, but nowhere in the process (that I could see) was there an option to be paperless.


Is it something that has to be done when you can register for online banking?


Thanks

colsten

coolasacucumber wrote: »

Is it something that has to be done when you can register for online banking?

Yes it is...............................

coolasacucumber

Brill, thanks.

grimsalve

So far, so good

No problems with the TSB accounts at all and I actually got a bit of interest paid this week!

The Santander 123 account seems a bit more awkward to set up though, the online service is cluttered and messy, transferring the direct debits is time consuming, etc. ... But I'm slowly getting there.

jennifernil

colsten wrote: »

For TSB, if you have £2,000 in an account all year, you make around £78 after BR tax interest a year. That's over double of what you could make from a cash ISA, and between you and your wife you could have 6 of these accounts, i.e. you can save £12,000 and make around £470 after BR tax.

OH and I each have 2 Classic Plus accounts, now looking to open 2 joint ones, can we do this on-line, or do we need to go to our branch?

grimsalve

Just something very petty that's been bothering me (quiet day in the office so my mind tends to wander)...

The monthly £2 charge - is this made on the "monthaversary" of the account opening? (whether the account has anything in it or not, etc.) - would Santander still charge you the £2 if the account was empty and therefore putting you in debt?

To qualify for interest you need two direct debits - but does the new account only qualify once both DDs have been transferred over or is it only after the first payments have been made?

ie. Is the interest worked out on a daily basis starting from the date when the 2nd direct debit has been successfully set up? Or does it apply to the whole month?

Or should I not worry about it?