TSB Activation Code/Interest

MandeepDhesi

No worries KGriff,

I didn't bother with the £100 incentive, just seems too much of a hassle. I hope they don't stop the 5% scheme any time soon though haha (you don't need direct debits for that one).

You are probably best starting two accounts (you and your wife), set up a standing order for £500 between the two so you meet the t+c's to earn 5% on the £2k.

No worries mate.

KGriff

MandeepDhesi,

Yes I have a small amount of investment money coming our way at the end of July, so I plan to open a TSB account myself then. I reckon the banks though will eventually pull the plug on these current accounts, once they reach the required customer levels. I guess it will then all switch back to higher interest rates on cash ISA's, savings accounts and regular savers... I am happy to chase the rates these days... Every little helps.

Mind you, all the banks, I notice, have increased their current account charges if people go overdrawn. I guess that's how the banks can afford these cash-back accounts.

Aswell as the usual standing orders to fund the TSB account I've told my wife to run the account for one or two little things too each month, so that the bank can see she is using it normally.

I had a letter from one bank myself recently saying my bank debit card was due for renewal, but as I hadn't used it for sometime they were not going to send me another card, unless I went to a cashpoint and printed a mini statement or made a cash withdrawal.

I went straight out and took some cash out the ATM till and then walked durectly into the bank and paid it straight back in... My thoughts were, the banks will get wise to these things eventually ... I guess that's why they have introduced clauses like direct debits etc.

I reckon the direct debits will apply on the TSB accounts next... And I'm all out of direct debits, as they are in use for other accounts.. I need to find a way for the wife and me to create some more DD'S somehow... Just in case !

A Donation to charity perhaps? .. I am happy to do that, although I don't like giving my details to charities, as then they all come running and knocking at the door. I'm sure there must be an answer on this forum to help solve things in that area.

Anyhow thanks again.

MandeepDhesi

I checked my balance today online and I earnt £3.65 (monthly interest) on £2015.

Why is this lower than expected? I can only assume that it is due to the interest being deducted via tax ?

Crag30

I had my activation code, debit card, and pin, all arrive in the same post.
So much for protecting us against fraud

numbers123

MandeepDhesi wrote: »

I checked my balance today online and I earnt £3.65 (monthly interest) on £2015.

Why is this lower than expected? I can only assume that it is due to the interest being deducted via tax ?

From your OP, I'm inferring that you didn't have £2000+ in the account for a full month. £3.65 would be the interest on £2000 for 17 days, after tax.

MandeepDhesi

Good point, I started the account into the second/third week of June. Thanks for the reply, makes sense.

MandeepDhesi

Also as I am a student/low earner, would I be taxed on any interest?

On the moneysavingexpert page it says that sometimes it is required to register/pop in branch to tell them I am untaxable.

Cheers.

saintalan

KGriff wrote: »

.. I need to find a way for the wife and me to create some more DD'S somehow... Just in case ! ...

If you feel you might need this, set yourselves up with Tesco Internet Savers preferably 2 each. They allow you to create DDs from your other bank accounts.

Alan

ceredigion

MandeepDhesi wrote: »

Also as I am a student/low earner, would I be taxed on any interest?

On the moneysavingexpert page it says that sometimes it is required to register/pop in branch to tell them I am untaxable.

Cheers.

You need to fill in a R85
http://www.tsb.co.uk/savings/easy-saver/easy-saver-summary-box.pdf

RebekahR

Tsb classic plus opened here - on 12 days I got 80p for my opening £500. Only 80p?! I don't pay tax as I am a stay at home mum - as was on my opening application - so can't be that.
Surely 5% of £500 is £25 and 12 days worth is £10 interest? So why only 80p?

I think i'm missing something here ...