Do TSB Monthly Saver T&Cs overide cooling off regs?

Kernel_Sanders

On Tuesday I decided to look into the TSB Monthly Saver, which is advertised on the TSB online banking site. The info there stated it could only be funded from an external account, but failed to say how this could be started without knowing the new a/c number. The only other route was a link saying 'Apply', so I expected to find this info there, perhaps alongside an application form. As soon as I clicked it, it came up with 'Your Monthly Saver Account No. is XXXXXXXX, Sort Code xx-xx-xx'; another account had been added to the console with a nil balance! So, I now have a 2% fixed a/c, but they increased the rate to 5% the following day; the new rate is only for a/cs opened from 1 July. I was wondering what advantage the cooling-off period gives me, given that there are instant penalty-free withdrawals available anyway. If it puts me back to a position where I never had the account, would it overide these T&Cs: ( the reason I ask is that 4.2 isn't under the cooling off section' and possibly doesn't apply).

4.2
If the Account is closed early, you will not be able to open another Account before the first anniversary of opening the first Account.
5.Cooling off
5.1
If you are not happy with your choice of account or
service, you can cancel it within 30 days of opening the account or taking
the service. We will then help you to move to another account we offer or will return your money to you with any interest you have earned.

mollycat

"The info there stated it could only be funded from an external account,"

Are you sure that is right OP; I have set up a SO from my TSB Plus account thinking that was fine?

Kernel_Sanders

I've looked again and it actually says
2.2Your Standing Order cannot be set up from another savings account with us.
I must have considered my current a/c to be a savings a/c at the time; after all, it's earning my top rate!