TSB Classic Plus deposit query...

scottishgirl87

I have just successfully opened a TSB Classic Plus account and have accessed it online. I'm looking to transfer my money into it and was wondering can I transfer £2000 or should I transfer less than this to take into account room for interest?

Fruit_and_Nut_Case

scottishgirl87 wrote: »

I have just successfully opened a TSB Classic Plus account and have accessed it online. I'm looking to transfer my money into it and was wondering can I transfer £2000 or should I transfer less than this to take into account room for interest?

The interest is only about £6 per month so it doesn't really matter much. You can transfer it out as soon as you like.

Deneb

Well, you won't get interest on £2000 unless you put £2000 in the account. You can transfer the interest out to another interest paying account every month after it has been paid.

scottishgirl87

Thanks both, will transfer the full £2000

Westie983

Dont forget the account needs to be funded with £500 each month to get the interest on the 2000.00 so I transfer in the £500 on payday then transfer it back out as I don't get interest over the 2k balance then when the interest is added at the end of the my month, I transfer that out as well and the cycle continues....

its not just the case of transferring in 2k and then taking the interest off each month as you need to fund the account to get the interest, and be paperless for statements and correspondsance so make sure both of these are paperless as you won't get the 5% if one of these are not paperless, I found this out the first month that I opened the account as I only had paperless statements as this was arranged by customer services and I thought it was done and never logged in to check as I transact on the account using the mobile banking app, and to go into preferences you need to be logged into the IB on a computer....

YorkshireBoy

Westie983 wrote: »

I transfer in the £500 on payday then transfer it back out as I don't get interest over the 2k balance then when the interest is added at the end of the my month, I transfer that out as well and the cycle continues....

You could cut your admin time by a third if you made your transfers on the day interest is paid, and transferred out first before back in, ie:


£506.50 out
£500 in