TSB Classic Plus (5% AER) good idea for small savers?

kissinger

I have a small amount of savings (i.e., less than the £2000 limit TSB impose for collecting interest) and I thought that rather than keep them in my very low interest rate Natwest account, it would be a good idea to put them in a TSB current plus account where they would get around 4% interest each year, so I opened one of these accounts with TSB. The account is free to open and I can't see any potential drawbacks.

What do you guys think?

colsten

Lots of people do that.

Just make sure you keep meeting all the pre-reqs for interest payment.

joe134

kissinger wrote: »

I have a small amount of savings (i.e., less than the £2000 limit TSB impose for collecting interest) and I thought that rather than keep them in my very low interest rate Natwest account, it would be a good idea to put them in a TSB current plus account where they would get around 4% interest each year, so I opened one of these accounts with TSB. The account is free to open and I can't see any potential drawbacks.

What do you guys think?

fine. pity limit wasn't higher.I have them, but, just as a savings a/c

DCFC79

kissinger wrote: »

I have a small amount of savings (i.e., less than the £2000 limit TSB impose for collecting interest) and I thought that rather than keep them in my very low interest rate Natwest account, it would be a good idea to put them in a TSB current plus account where they would get around 4% interest each year, so I opened one of these accounts with TSB. The account is free to open and I can't see any potential drawbacks.

What do you guys think?

Yes do it, I do the same.

kissinger

Thanks guys. That's what I thought. Just wanted to check I wasn't missing anything.

It would be nice if the limit was higher, but oh well.

JKSandy

Do it.


Just remember to go paperless and transfer £500 each month (you can transfer it straight back out)

inspireme247

kissinger wrote: »

It would be nice if the limit was higher, but oh well.

You can try open another account, worked for some people + me.

Doc_N

The potential drawback is an actual one - the customer service, which is worse than anything even Santander in its worst days managed.

That plus security issues which will waste hours of your time if they decide they don't like a transaction for some reason.

And a complaints department that takes the view that TSB has a God-given right to do as it pleases - the customer is ALWAYS wrong. :rotfl:

colsten

Sounds as if you are having a bad day with TSB. Their CS is no worse (or better) than anyone else's, and their security is tried and tested as it's basically the same as Lloyds (/ LloydsTSB), BOS and Halifax have been using for years.

Both my partner and I have had several TSB accounts for years (Enhances, Pluses) and never had cause for complaint. Their current accounts are fantastic savings accounts.

GTR_King

TSB Customer service is brilliant and was very quick to set up A/C Pin took a little while to come but all good. Id say go for it... But keep A/C under £2000 and put £500 in each month and you should be fine

mozzy10

Try and get 2 accounts set up. I have 2 of these and it was no trouble to open a second account.