TSB 5% Classic Account

2015newstart

After the advice from some lovely members I've ditched my Isa and opened a Classic Plus Account. Thinking I could have only one in my name and a joint, I opened the second one and was going to go into brach to get hubby added next week. Have just called the customer services and apparently you can hold 2 in a sole name...whooo hoooo! Happy days, that'll be 2 accounts in my name and whtn we hit the 4k between them will open two in hubbies name and then a joint. That means could have 10k at 5%......hmmmm got the accounts sorted, just need to find the 10k now!

YorkshireBoy

Officially you can only have one sole account.


Unofficially, you can have more (and even more than you're going to have) .

jimjames

If I had the option I'd open the accounts now and split funds between them, at least you then have them available if the rules change.

Gram_Parsons

2015newstart wrote: »

After the advice from some lovely members I've ditched my Isa and opened a Classic Account.

Are you 100 percent sure it's the Classic Plus you've opened? That's the one with the good rate but you're now only supposed to have one sole and one joint.

Biggles

2015newstart wrote: »

After the advice from some lovely members I've ditched my Isa and opened a Classic Account.

Ditching ISAs is always a step to be taken after much thought. The tax exemption lasts indefinitely but the TSB 5% offer might be gone next month.

ceredigion

YorkshireBoy wrote: »

Officially you can only have one sole account.


Unofficially, you can have more (and even more than you're going to have) .

Now you know your not supposed to say things like that.
In fact you've chastised others for similar.

Eco_Miser

Biggles wrote: »

Ditching ISAs is always a step to be taken after much thought. The tax exemption lasts indefinitely but the TSB 5% offer might be gone next month.

The tax exemption might be gone next month too. A new parliament can change anything.

More seriously, with an annual allowance of £15k, the OP and many other savers can get all their savings into an ISA in the time it takes to open an account, should cash ISAs ever again be advantageous to them. With the proposed £1000 tax-free interest, that looks unlikely.

jimjames

Biggles wrote: »

Ditching ISAs is always a step to be taken after much thought. The tax exemption lasts indefinitely but the TSB 5% offer might be gone next month.

Much thought?

For most people it probably takes few seconds to realise that 5% taxed is way more than 1% tax free. Obviously if you have £50k in ISAs that's different but the average is £7k and most people have under £2000 savings.

Herbalus

Considering the OP said in her opening post that she needs to find £10k to fill 5 x Classic Plus accounts, I think her ISA balance is small enough that she won't have a problem resubscribing the whole amount if desired.

2015newstart

They're definitely both classic accounts and I've the cash cards, pins and internet banking letters all to confirm. I appreciate ditching the isa isn't always the best option.

My circumstances are currently less than £1700 in my old one that i started saving before xmas. I figured with the new £15k per year I could stick it in the classic account until the rates pick up and will be well within this larger limited even in 18months time.

I called the customer services and confirmed definitely allowed two accounts and both will pay the 5% as long as both paperless and £500 being credited in and out.

anoncol

Classic accounts do NOT have 5% interest.

Classic Plus do.

See here http://www.tsb.co.uk/current-accounts/