TSB bank account question(s)

Toomuchdebt

Well 2 questions actually-I currently have one TSB account, the one that gives 5% interest. I don't have much in there at the moment but hope to start saving in the New Year. I use Barclays as my main account. However Barclays doesn't tell me what transactions are pending and TSB does which I find very useful. Is there anything stopping me from having 2 TSB accounts?
Secondly, if I open a second TSB account,should I keep Barclays open as all my money goes in there, and just transfer across to TSB to satisfy the condition that money goes through the account to get the 5% and then transfer it to the 2nd TSb account that I am going to use?
Or should I close the Barclays account?
Or are there any other accounts that will show a list of pending transactions the way TSB does(with the name of the shop, the amount and whether it was chip and pin or not)?

Currently my accounts are as follows
Barclays-money going in, spending
TSB-money transferred in and then out again leaving a little behind each time-hoping to save for house move here
Santander-direct debits-money transferred across from Barclays
Nationwide-only open for child maintenance from ex husband as he refuses to pay into any other account

I am not able to get the Halifax account that gives you £100 for switching-I tried and was refused.

grumbler

Toomuchdebt wrote: »

... However Barclays doesn't tell me what transactions are pending

Does it not show you that the available balance is smaller?

Is there anything stopping me from having 2 TSB accounts?

No. [STRIKE]Even if it's Classic Plus, currently you can have 2 sole (plus 2 joint):[/STRIKE]
If it's Classic Plus, the second account can be joint only: TSB Classic Plus
However, you can open, say, a simple Classic account.

Secondly, if I open a second TSB account,should I keep Barclays open as all my money goes in there, and just transfer across to TSB to satisfy the condition that money goes through the account to get the 5% and then transfer it to the 2nd TSb account that I am going to use?
Or should I close the Barclays account?

It's up to you. IMO it's worth switching for £100-£150 bonus instead of simply closing it.

Also, IIRC, internal transfers don't qualify for getting 5% interest.

Toomuchdebt

grumbler wrote: »

Does it not show you that the available balance is smaller?

No. Currently you can have 2 sole (plus 2 joint): TSB Classic Plus
It's up to you. IMO it's worth switching for £100-£150 bonus instead of simply closing it.

Also, IIRC, internal transfers don't count in TSB for getting 5% interest.

Thank you.
Barclays shows the difference between available and current balance, but TSB shows the individual transactions waiting to be processed as well, which Barclays doesn't.

I am not eligible for any switching accounts-was declined the Halifax one, and don't have £1000 in a lump sum to do the Yorkshire/Clydesdale one as I get money weekly.Are there any others? I can do the minimum £1000 into the account monthly, just not in one go.
I could do a transfer out of TSB to Santander or Nationwide and back in to the second TSB account?

grumbler

Toomuchdebt wrote: »

I am not eligible for any switching accounts-was declined the Halifax one, and don't have £1000 in a lump sum to do the Yorkshire/Clydesdale one as I get money weekly.

If you don't have any savings, then there is no point in funding the second TSB account as this is required only for 5% interest rate. If you do have savings, £1000 doesn't has to be salary.

I was wrong above that you could have 2 sole "Plus" accounts. It's one sole plus one joint: "Customers are limited to one Classic Plus account".

Toomuchdebt

Thanks Grumbler

colsten

grumbler wrote: »

Also, IIRC, internal transfers don't qualify for getting 5% interest.

They do at TSB.

grumbler

I relied on MSE:

MSE wrote:

The interest's paid provided you pay in £500 each month. The £500 must come from an external source, ie, via cash, cheque or transfer from any other provider other than TSB.

colsten

grumbler wrote: »

I was wrong above that you could have 2 sole "Plus" accounts. It's one sole plus one joint: "Customers are limited to one Classic Plus account".

Some existing customers can still get 2 sole ones until end of Jan 2015: https://forums.moneysavingexpert.com/discussion/comment/66703728#Comment_66703728

grumbler

Yes, MSE article also says this:

How many accounts can I open?

If you opened a TSB Classic Plus account before 13 October 2014, you can open four accounts - two single and two joint. You'll have until end of January 2015 to open the remaining accounts. If you open this account after 13 October you can only open a maximum of two - one single and one joint. See TSB Classic Plus news story for more details.

colsten

grumbler wrote: »

I relied on MSE:

There is nothing in the T&Cs that says the money has to come from a non-TSB source and plenty of people doing an internal swap always get their monthly interest.

This begs the question whether the MSE article I linked to is correct regarding 2 sole accounts.....but several people have reported, on the main TSB Plus thread, that they very recently opened a 2nd sole account.

Toomuchdebt

I opened mine on Sep 29th.However it wouldn't let me open a second account.