TSB Classic Plus tips

wallofbeans

Ok so I'm going to open the TSB Classic Plus account and put in 2k straight away.

I already have a Santander 123 account with 20k in it and two direct debits coming out.

I have kept my standard HSBC account that my pay goes into each month. I work freelance so it changes quite often. I send at least £500 to the Santander each month.

How should I set up the TSB to work best? I need to bounce £500 into it each month. I am thinking that on payday I'll send £500 from the HSBC to the TSB and then from TSB to Santander.

What is the interest on amounts over 20k with Santander 123? It's zero on my HSBC and zero above the 2k on TSB so if it has something than that's the best place for it to go..?

Thanks!

grimsalve

wallofbeans wrote: »

Ok so I'm going to open the TSB Classic Plus account and put in 2k straight away.

Double check and make sure you and your account are set to "paperless"

wallofbeans wrote: »

How should I set up the TSB to work best? I need to bounce £500 into it each month. I am thinking that on payday I'll send £500 from the HSBC to the TSB and then from TSB to Santander.

Yes, just set up some standing orders to move £500 from HSBC -> TSB -> Santander every month (I've set mine up so there's a couple of days gap between each SO just in case).

wallofbeans wrote: »

What is the interest on amounts over 20k with Santander 123?

Zero

gt94sss2

wallofbeans wrote: »

How should I set up the TSB to work best? I need to bounce £500 into it each month. I am thinking that on payday I'll send £500 from the HSBC to the TSB and then from TSB to Santander.

That will work.

What is the interest on amounts over 20k with Santander 123?

Its 0% above £20k. There are other current accounts paying 3% though including BOS and Tesco. Nationwide also pays more for a year and Lloyds (if you have to direct debits with them)

Regards
Sunil

wallofbeans

gt94sss2 wrote: »

Its 0% above £20k. There are other current accounts paying 3% though including BOS and Tesco. Nationwide also pays more for a year and Lloyds (if you have to direct debits with them)

I didn't know about other 3% current accounts. Maybe I should send it to end up in one of those then?

I was thinking maybe an ISA but another 3% current account might be a better idea..?

Archi_Bald

see your other thread: https://forums.moneysavingexpert.com/discussion/5198844

badger09

wallofbeans wrote: »

I didn't know about other 3% current accounts. Maybe I should send it to end up in one of those then?

I was thinking maybe an ISA but another 3% current account might be a better idea..?

A 5% (for a year) Nationwide Flexdirect, or 4% Lloyds Club current account would be even better;)

Also, have you looked at regular savers?

MrRee_2

Remember if you're married you can open THREE 1-2-3 Accounts and have £20k in each!

Max on Premium Bonds.

Max NISA's - Virgin Money at 1.7%

TSB Classic Plus Accounts - £2k in each

Lloyds paying 4% on £5k

It's a pain, but the only way to get anything approaching a decent return.

wallofbeans

badger09 wrote: »

A 5% (for a year) Nationwide Flexdirect, or 4% Lloyds Club current account would be even better;)

Also, have you looked at regular savers?

What does the Lloyds need from me? I'm worried about my freelance work going slow and not having as much as I have currently coming in and that causing a problem.. but maybe daft...

Regular savers? I also worry that savings accounts will tie up my money too much and that if work goes away, I might need it. Hopefully not but maybe...

wallofbeans

MrRee wrote: »

Remember if you're married you can open THREE 1-2-3 Accounts and have £20k in each!

Max on Premium Bonds.

Max NISA's - Virgin Money at 1.7%

TSB Classic Plus Accounts - £2k in each

Lloyds paying 4% on £5k

It's a pain, but the only way to get anything approaching a decent return.

Does my money get tied up and become hard to access if needed with Premium Bonds?

Virgin Money NISA sounds good.. better than the Post Office ISA at 1.5%... what's the difference?

MrRee_2

You can find all the answers with a simple google on NS&I and Virgin Money NISA ....

wallofbeans

I've now got a TSB account. It seems as if everything is good to go but an email from them has confused me. It says "Internet Banking. You should receive your user ID in the post within the next seven days."

But I've already created a username and password and logged into the account and changed everything to paperless. What's the user ID for?

I can't get the 5% until I've gone paperless and "registered for internet banking" but haven't I done that already?