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TSB Classic Plus query

lyle1993
lyle1993 Posts: 97 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Budgeting & bank accounts
I have just opened a TSB Classic Plus Account, mainly for the ridiculously good interest! When it says you have to pay in £500 a month, would it work if I transferred £500 from the account I get my wages paid into (satisfying the criteria of the £500 a month) and then transferred the £500 straight back out again?
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Comments

  • bsms1147
    bsms1147 Posts: 2,277 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Most certainly that would work for the funding requirement. Most certainly.
  • lyle1993
    lyle1993 Posts: 97 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    bsms1147 wrote: »
    Most certainly that would work for the funding requirement. Most certainly.
    thank you!
  • compbren
    compbren Posts: 140 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    When does interest get paid? I've not received mine yet. Is it because it's the weekend? I've deposited £500 over the last month.
    House Deposit: £28,000 and still saving!
  • badger09
    badger09 Posts: 11,643 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    compbren wrote: »
    When does interest get paid? I've not received mine yet. Is it because it's the weekend? I've deposited £500 over the last month.

    Have you read this? And met all the T&C for interest? It tells you all you need to know :)

    http://www.tsb.co.uk/current-accounts/classic-plus-account/classic-plus-account-terms-and-conditions.pdf
  • Dobbibill
    Dobbibill Posts: 4,195 Ambassador
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Name Dropper
    compbren wrote: »
    When does interest get paid? I've not received mine yet. Is it because it's the weekend? I've deposited £500 over the last month.

    It is because it's the weekend, yes, provided you have met all the other criteria, as shown in the link from badger09, such as registering paperless etc.
    If all these requirements have been met then you will see the interest credit by Tuesday 4th (although it will be dated Monday 3rd)
    I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • GTR_King
    GTR_King Posts: 1,995 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    that will work as I do that & still get the interest
  • compbren
    compbren Posts: 140 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Dobbibill wrote: »
    It is because it's the weekend, yes, provided you have met all the other criteria, as shown in the link from badger09, such as registering paperless etc.
    If all these requirements have been met then you will see the interest credit by Tuesday 4th (although it will be dated Monday 3rd)

    Thanks. Yes I've met all the requirements as I've had the account a couple of months and have received interest previously, just confused with it being the weekend.
    House Deposit: £28,000 and still saving!
  • katejo
    katejo Posts: 4,295 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 2 August 2015 at 8:00PM
    compbren wrote: »
    When does interest get paid? I've not received mine yet. Is it because it's the weekend? I've deposited £500 over the last month.

    Mine has been paid on the 1st so far (opened account in April). Except when the 1st is at the weekend.
  • sheramber
    sheramber Posts: 22,997 Forumite
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Just checked mine and August interest not yet added.

    This is a bank holiday weekend in Scotland so that is probably why it is delayed.
  • Ed-1
    Ed-1 Posts: 3,970 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    sheramber wrote: »
    Just checked mine and August interest not yet added.

    This is a bank holiday weekend in Scotland so that is probably why it is delayed.

    That's not the reason. Interest is paid on the 2nd working day of the month which is tomorrow.
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