How many TSB Classic Plus accounts can I still open?

YorkshireBoy

kteara wrote: »

Won't this in fact be beneficial in my case?

I've already given my opinion. Ask your parents to read this thread, and my post above, and see what they say.

kteara

YorkshireBoy wrote: »

I've already given my opinion. Ask your parents to read this thread, and my post above, and see what they say.

Ok I'll just stick to sole accounts then. I don't know what other accounts to open. There aren't any out there that beat the ones I currently have: Nationwide flex direct and TSB Classic Plus.

The LLoyds account gives 4% on 5,000 which isn't amazing and I'm not happy with considering you are able to get 5% for 2,000 with TSB. and the Santander 123 account requires a very large amount (20k) in order for me to reap the most benefit.

I am only able to save 500 per month.

colsten

kteara wrote: »

Ok I'll just stick to sole accounts then. I don't know what other accounts to open. There aren't any out there that beat the ones I currently have: Nationwide flex direct and TSB Classic Plus.

lots of accounts out there. You can stick £50.5K into current accounts at 3,4 and 5%, and £950 in total each month into 4 and 6% regular savers. If you are busting these limits as a 20 year old, you need to look into investing (and may be you need to look into investing and pensions for part of your money, anyway - - it is never a good idea to have all your eggs in the same basket).

kteara wrote: »

The LLoyds account gives 4% on 5,000 which isn't amazing

4% is amazing when the base rate has been 0.5% for years, and when inflation is below 2%

kteara wrote: »

and I'm not happy with considering you are able to get 5% for 2,000 with TSB.

obviously 5% is slightly more amazing than 4% but once you have maxed the TSB limit (and the Nationwide limit, and the 6% Regular Savers) you will/should be very happy with 4%, shouldn't you.

kteara wrote: »

and the Santander 123 account requires a very large amount (20k) in order for me to reap the most benefit.

you get the maximum interest in a 123 as soon as you have £3K in the account.

kteara wrote: »

I am only able to save 500 per month.

Now you are saying! If saving £500 a month is you objctive, is ideal for £300 into FD RS and £200 into HSBC RS. Review after 12 months and cycle your money through the then best interest paying current accounts. If you are unable to get the FD and/or HSBC accounts due to them being choosey with applicants, use TSB Plus and Nationwide FlexDirect for starters, and migrate to BOS Vantage / Santander / Lloyds Plus as and when you have extra funds.

You might also want to consider paying, say £100 a month (or more), into a pension, particularly if your employer offers a pension scheme.

kteara

Investing & a Pension is definitely the routes I want to take from now onwards however, I am really worried about the amount of tax I have to pay on a pension. This makes me reconsider if its a good option for me over paying into an ISA instead. I don't like having to pay tax on an pension once I receive it and have it taxed again/taken away once I am dead.

How should I go about investing in stocks and shares? My current part time job at Waitrose has a final salary pension scheme so I'm lost as to what to do here in that sense. I won't be at this job for very long either.

Archi_Bald

Sounds as if you need a lot of information you currently don't have.

There is a pensions board to ask questions about pensions: http://forums.moneysavingexpert.com/forumdisplay.php?f=19

Investments (pensions or other): start by reading through the recommended reading: https://forums.moneysavingexpert.com/discussion/5043692

martingirl

Hi
Opened my TSB C Plus account in November and have obeyed the rules for the£500 in/out. Have full £2K in the account. No interest paid yesterday or today. Called into bank today to ask about it and was told it would be later today - not there!

Any comments..?
Ta

inspireme247

martingirl wrote: »

Hi
Opened my TSB C Plus account in November and have obeyed the rules for the£500 in/out. Have full £2K in the account. No interest paid yesterday or today. Called into bank today to ask about it and was told it would be later today - not there!

Any comments..?
Ta

Still haven't got mine yet, it'll probably be in tomorrow or Monday. If otherwise, investigate.

Ed-1

martingirl wrote: »

Hi
Opened my TSB C Plus account in November and have obeyed the rules for the£500 in/out. Have full £2K in the account. No interest paid yesterday or today. Called into bank today to ask about it and was told it would be later today - not there!

Any comments..?
Ta

It's paid just after midnight at the end of the first working day of the month. The first working day of January in any year is the 2nd so it will be paid just after midnight tonight. Check tomorrow morning and it'll be there.

martingirl

Well, this is slightly bugging me. Checking on TSB site just now (time now 00:19 on 3rd Jan) shows no activity whatsoever.
I shall check in, in the morning to see.
MTgirl

Fruit_and_Nut_Case

martingirl wrote: »

Well, this is slightly bugging me. Checking on TSB site just now (time now 00:19 on 3rd Jan) shows no activity whatsoever.
I shall check in, in the morning to see.
MTgirl

Mine is showing now (3 Jan) but dated for 2 Jan.