tsb classic plus minimum funding criteria

beefturnmail

In order to earn 5% on the tsb classic plus I need to pay in £500 per month. I can open two accounts, therefore I think that in order to satisfy this criteria I could just bounce £500 back and forth between the two.... Can't find anything in the t&c to contradict this, can anyone correct me?

bsms1147

That will work

Fruit_and_Nut_Case

There's a long-running thread where this and more is discussed in all its murky details.

Gram_Parsons

Remember to set everything to paperless on both accounts. My elderley mother went in branch to open her second account but they didn't do that for her. Also she gets the interest gross, the jammy cow!

Dobbibill

And register for internet banking, I copied this from their website

'All we ask is that you pay in a minimum of £500 a month, register for Internet Banking, paperless statements and paperless correspondence.'

Good luck

DB

SevenOfNine

Yep, works just fine for me exactly like that. I just leave them bouncing the £500 back & forth, (I get tax free interest as well).

I did set up a DD in each to cream off the interest every month into a Tesco savings a/c, no point in leaving over 2K in them (& just in case they ever introduced the usual 2 DD thing I'd be halfway ready).

beefturnmail

Thanks all. All set up now with 2 accounts each for the wife and I. Means my 'average' savings interest is once again beating my mortgage interest (by 0.07% - it dipped under briefly when my Santander Major ISA paying 4.1% matured, but back up again now)