TSB Monthly Saver

Dagadog

I'm confused by the qualifying balance for interest on the monthly saver. I'm doing the 5% current account loophole thing already so have a Classic Plus account, but still have some surplus cash (a few thousand) which isn't earning much.

Can I use this cash to open the account, and then pay in a monthly amount by standing order to get 5% on the full balance, or do I have to start it with the first regular payment?

Archi_Bald

Dagadog wrote: »

Can I use this cash to open the account, and then pay in a monthly amount by standing order to get 5% on the full balance, or do I have to start it with the first regular payment?

The maximum you can pay in is £250 a month, for 12 months only.
http://www.tsb.co.uk/savings/monthly-saver/monthly-saver-summary-box.pdf

joeblags

didn't even know this existed! just opened one my self thanks to this thread set up a SO from my tsb for £250 from the 17th then every 4 weeks. should go nicely with the 5% on the 2k in there aswell.

YorkshireBoy

joeblags wrote: »

set up a SO from my tsb for £250 from the 17th then every 4 weeks.

Won't that mean you breach condition 1.3 (next March)?

molerat

YorkshireBoy wrote: »

Won't that mean you breach condition 1.3 (next March)?

I set mine up for 17th August and it took the first payment immediately. I then set up one from my Santander account for 1st and cancelled the one from TSB. 13 payments in the year and not risking breaking the rules.