TSB Classic Plus Current Account

robotrobo

robotrobo wrote: »

opened 2 each yesterday & we open the other 2 joint account on tuesday in the bank,;)

we completed opening our 6 new accounts with the very helpful lady banker at our local tsb, it was about 1 hour to complete for the 2 visits. i am far from a boffin on the pc , so was very pleased with all the help & good advice given to us.
We have opened 4+ 2 joint accounts & £500 going around the accounts at 4 day intervals , eventually returning to the first account , my wife also declared she was a non tax payer.
To-day i am depositing the full £12000 in the first account & then distribute 2k to each of the accounts, so all in all everything as gone smoothly so far

YorkshireBoy

robotrobo wrote: »

the very helpful lady banker

She wasn't all that helpful! She either suggested something that would lose you money or, if it was your idea to set up the SOs 4 days apart, failed to advise you that you'd lose out by doing so...

We have opened 4+ 2 joint accounts & £500 going around the accounts at 4 day intervals , eventually returning to the first account

So account 1 will be sitting with only £1,500 in it for 20 days each month, meaning you'll be losing £500 x 4.89% / 365 x 20 x 12 = £16.07 gross per year.

If you're happy giving money away stay as you are. However, if you'd rather have the £16.07 in your pocket then change the SO dates so all the money moves on the same day.

How will you withdraw the circa £45 total interest each month?