TSB Monthly Saver

Kim_13

Hi,

I'm looking to start a new savings pot and had a few questions about the TSB Monthly Saver. I already have a TSB Classic Plus so that part is taken care of.

From what I read on their website, they say that you can vary your SO but that you can't replace/make up payments later. I want to retain the option to vary the amount I save each month so I just wanted to check with existing customers that I am free to do this? Can I in effect make up payments in another month as long as I didn't pay in more than the £250, e.g. I want to save £100+ so would £80 in one month and £150 in the next be allowed?

Is a credit search required? I only got my Classic Plus in December/January and applied for another current account recently, so I'm wanting to hold off on searches for a bit.

Has anyone applied online for this account and had to go into the branch in order for it to be completed? It's out of my way so if that was likely then I'd leave the application until I know I'll be near a branch (I can get 3% from an existing current account in the meantime.)

Also, just wanting to check that I haven't missed anything re: a minimum Classic Plus period before being able to open this account.

Thanks

LittleVoice

Kim_13 wrote: »

Hi,

I'm looking to start a new savings pot and had a few questions about the TSB Monthly Saver. I already have a TSB Classic Plus so that part is taken care of.

From what I read on their website, they say that you can vary your SO but that you can't replace/make up payments later. I want to retain the option to vary the amount I save each month so I just wanted to check with existing customers that I am free to do this? Can I in effect make up payments in another month as long as I didn't pay in more than the £250, e.g. I want to save £100+ so would £80 in one month and £150 in the next be allowed? Yes - don't make more than one payment in each month and for no more than £250. Just make sure your SO is not right at the end of a month where a bank holiday or other non-bank working day prevents your SO going out until the beginning of the next month as then you would have to make sure the next payment was delayed to the following month.

Is a credit search required? No - you are letting them have your money, they are not giving you a loan. I only got my Classic Plus in December/January and applied for another current account recently, so I'm wanting to hold off on searches for a bit.

Has anyone applied online for this account and had to go into the branch in order for it to be completed? It's out of my way so if that was likely then I'd leave the application until I know I'll be near a branch (I can get 3% from an existing current account in the meantime.) I completed everything online.

Also, just wanting to check that I haven't missed anything re: a minimum Classic Plus period before being able to open this account. I think you have understood the terms - and there isn't a minimum period for having held the current account.

Thanks

...................

Kim_13

Thanks for your help.

One final question (sorry!) Is a month still defined as the 1st - 28th/30th/31st, as it is for the Classic Plus? Just wanting to make sure I wouldn't have a problem if say the 1st was a weekend and the SO went on the 3rd in one month and the 1st in the next?

YorkshireBoy

Kim_13 wrote: »

One final question (sorry!) Is a month still defined as the 1st - 28th/30th/31st, as it is for the Classic Plus? Just wanting to make sure I wouldn't have a problem if say the 1st was a weekend and the SO went on the 3rd in one month and the 1st in the next?

http://www.tsb.co.uk/savings/monthly-saver/monthly-saver-terms-and-conditions.pdf


Answered in condition 1.3

crumpetman

Is it possible to have more than one monthly saver? I have two TSB Classic Plus current accounts.

molerat

1.2 You can only have one Account in either your sole name or held jointly.

darkidoe

Kim_13 wrote: »

Thanks for your help.

One final question (sorry!) Is a month still defined as the 1st - 28th/30th/31st, as it is for the Classic Plus? Just wanting to make sure I wouldn't have a problem if say the 1st was a weekend and the SO went on the 3rd in one month and the 1st in the next?

Just set up a SO for the same day of each month. It may vary a few days if the SO day falls on a weekend or PH but it should go through fine!

EarthBoy

Just don't set up your standing order for near the end of the month, otherwise it might not get paid until the following month.

Most banks (not all, but most) don't pay standing orders at weekends and bank holidays; they delay the payment until the next working day. So, if your standing order was due out on Saturday 30th, for example, it wouldn't get paid until Monday 1st, which would take it into the following month.

Midland45

Having looked through the T&Cs for the TSB Monthly Saver, can anyone confirm that the monthly standing order doesn't need to be set up with TSB to fund the Monthly Saver. All it states is a monthly Standing Order must be set up, unlike First Direct's Monthly Saver where they set up your SO from your FD currecnt Account. I was hoping to avoid having to set up a SO into my TSB Classic Plus and then also an SO to my Monthly Saver.

colsten

If something isn't required by the T&Cs, it's a pretty good indicator that it isn't required.

So you are able to set up the SO for the TSB Monthly Saver on any account.

Whatever you decide to do, you need a new SO for the Monthly Saver. So you could, for instance, increase your monthly payment into your TSB Plus to £750, only transfer out £500, and use the remaining £250 for the SO into your Monthly Saver.

bsms1147

Midland45 wrote: »

Having looked through the T&Cs for the TSB Monthly Saver, can anyone confirm that the monthly standing order doesn't need to be set up with TSB to fund the Monthly Saver. All it states is a monthly Standing Order must be set up, unlike First Direct's Monthly Saver where they set up your SO from your FD currecnt Account. I was hoping to avoid having to set up a SO into my TSB Classic Plus and then also an SO to my Monthly Saver.

My Standing Order comes straight from my Santander account.