TSB enhanced account IR drop

dllive

HI all,
I got a letter from TSB saying that both my Enhanced bank account's IR was dropping to 1.5 in november.
Becuase of this Im looking to move my money elsewhere.
I have 2 TSB Classic pus accounts currently paying 4%. DOes anyone know how many Classic Plus accounts I can have? Or are there any other possible options?
Thanks

Steve_xx

dllive wrote: »

HI all,
I got a letter from TSB saying that both my Enhanced bank account's IR was dropping to 1.5 in november.
Becuase of this Im looking to move my money elsewhere.
I have 2 TSB Classic pus accounts currently paying 4%. DOes anyone know how many Classic Plus accounts I can have? Or are there any other possible options?
Thanks

As an individual you can have two TSB Classic Plus Accounts.


You might want to consider the Santander 123 current account which pays 3% on balances between 3 and 20k. However it has a minimum monthly funding requirement and you must have two direct debits set up on it, although the two direct debit mandates don't have to pay out on a monthly basis.


You may also consider the Lloyds Club account that pays 4% on balances between 4 and 5k. You need to fund this with £1500 per month. There are some other benefits that come with this account, ie cinema tickets, magazine or membership of The Gourmet Society.

eskbanker

Check out the table of current accounts paying decent interest at http://www.moneysavingexpert.com/savings/savings-loophole (which omits the Bank of Scotland Vantage, of which you can have up to three at up to £5K each, paying 3%)

jimjames

dllive wrote: »

I have 2 TSB Classic pus accounts currently paying 4%. DOes anyone know how many Classic Plus accounts I can have? Or are there any other possible options?
Thanks

TSB actually pays 5% gross on the account.

Other options? If you don't need the money immediately then you could look into an investment ISA rather than cash. Obviously not appropriate if you need access to the money in the next 5 years.

10_66

Tesco have a current account (you are allowed two of them) that pays 3% on balances up to £3k. You need to pay in £750 per month to avoid the £5 charge, but you can rotate this internally between the two accounts if you want to.

dllive

Thanks guys - useful comments here. I especially liked the link: http://www.moneysavingexpert.com/savings/savings-loophole?_ga=1.186412203.366739247.1366572642

Unfortuantely I cant have a joint account (I presume Id need to give them someone elses details) otherwise Id make the most of it.

Also, are you sure I can have 3 Bank of Scotland Vantage accounts? I can see no mention of this on their website.

Steve_xx

dllive wrote: »

Also, are you sure I can have 3 Bank of Scotland Vantage accounts? I can see no mention of this on their website.

Yes, you can.

10_66

dllive wrote: »

...are you sure I can have 3 Bank of Scotland Vantage accounts? I can see no mention of this on their website.

Just to confirm what Steve_xx said. You can have 3 BOS Vantage accounts. I have 3.

eskbanker

dllive wrote: »

Also, are you sure I can have 3 Bank of Scotland Vantage accounts? I can see no mention of this on their website.

Just to endorse what others have posted, it's at http://www.bankofscotland.co.uk/bankaccounts/pdf/classic-vantage-conditions.pdf:

Vantage.
Vantage gives you the benefit of credit interest on your current account if you comply with the Vantage conditions.
You can have a maximum of three accounts with Vantage.

dllive

Great -thank you guys - very helpful as always!