The £1,000 emergency fund challenge.

Dobbibill

It would work for you Patman and you don't even need to leave it in there overnight. Once it hits the account that will trigger the interest, it can be moved out within a minute. Don't forget to opt for paperless statements and correspondence to meet the T&Cs.

patman99

Just spent 30 minutes looking through their T&C's and all looks water-tight, so have signed-up online.

Now it is just a case of sit tight and wait for all the cards and online banking stuff to arrive.

5erge

patman99 wrote: »

Good advice there 5erge.
That £500 per month thing, would the following work?.

I open a TSB account and tx my EF to it (just over £1k).
I then recieve my monthly salary into my main account at another Bank and then do a £600 tx to TSB, wait 24 hours and do another £600 tx back (I need to pay my bills after all).

If this does, then I may well go for it as 5% interest is not to be sniffed at.

Evene if I find myself out of work, I have a small amount of cash in another Bank that I could transfer in/out enough times to reach the £500 needed to get the 5% interest, so would be covered.

Anyway, managed to get in a Saturday morning this week so that's 4 hours at time and a half. This may well either just help to make up the hours I booked off for 2 funerals (hopefully both will be paid as compassionate leave) or be paid on top of my normal 160 hours a month.

Right, am now off to investigate the TSB account.

I transfer £500 in and out on the same day, the same £500 is also bounced in and out of my wife's TSB account. Even thought it 's a current account I treat it like a mini savings account, not like I can really get 5% elsewhere with minimum effort


Des

MitziB

The TSB account that has been recommended looks perfect except in very small print at the top of the online application form it says applications will be credit-checked with a credit reference agency. This makes it a total none-starter for those of us on DMPs (for instance) or with poor credit history. I know from personal experience that I only qualify for basic accounts at other banks!


Will be very interested to see if you are accepted, Patman, as I recall you mentioning you are on a DMP too yourself. It's very sad for me really as I have the necessary funds to transfer in and out of the TSB account each month.

nextyeartina

Same here MitziBi. I've been with my bank for 13 years and wanted to open a Rewards account with them. I got refused because I'm on a dmp


Tina x

patman99

I didn't notice that. Will have to see if I get an email tomorrow stating that I am not eligable due to being on a DMP. Mind you, the DMP only took affect this month. Prior to tha I was on a TPP so might be accepted.

Anyway, have got a few items up on fleabay at the moment as having a clear-out for both my f-in-l and my mum. These sales won't benefit me personnally, but will give me some feedback more recent than 2014, so should help me with my own stuff when I list it later this month as it shows I'm still active.

patman99

Looks like TSB have accepted my application. Have got part of my online access code via email and another email contained my sort code and account number.

Looks like I'm on the way to 5% interest.

MitziB

patman99 wrote: »

Looks like TSB have accepted my application. Have got part of my online access code via email and another email contained my sort code and account number.

Looks like I'm on the way to 5% interest.

Well done, Patman (have been trying to insert a 'have a beer' smiley but for some reason my smilies don't work!)


I'm green with envy about your TSB account!


P.S. Just sorted the smiley problem. Seems my default setting was Enhanced Interface--Full WYSIWYG Editing (which I assumed would do everything I wanted). Just switched to what I imagined was less choice of functions by selecting Standard Editor mode and lo and behold the smilies were enabled!

Here's your belated beer, patman:beer:

mossy

Morning all

Just popped some more money into the Emergency fund and I'm now over the half way point...yay!

Dobbibill

#45 popping in with an update

usual Standing Order went over so now at £900 so at 90%....almost there

Patman, fab news about your TSB account, it will soon add up every month

Dobbi