TSB monthly saver

FreddieFrugal

Does TSB count 'months' for deposits as calendar months, or anniversary months from the date of account opening?

I opened one for me and one for OH yesterday, so if next month I could start payments on 1st of each month, I'd get more use out of the 5% interest period. (I know it's only a couple days interest - but waste not want not!)

YorkshireBoy

Your question is answered in condition 1.3 of the Monthly Saver T&Cs.

FreddieFrugal

YorkshireBoy wrote: »

Your question is answered in condition 1.3 of the Monthly Saver T&Cs.

Indeed, thanks.

For anyone who wondered its calendar months.

Kernel_Sanders

You should have opened it on 30 September because you have effectively lost the opportunity to gain 11 months extra interest on £250. That's at least £10.

SeduLOUs

Kernel_Sanders wrote: »

You should have opened it on 30 September because you have effectively lost 11 months interest on £250.

Thanks. About to open one of these, but will wait until 31st. If I'm understanding correctly I can deposit £250 on 31/10/15, then another £250 on 01/11/15 (and on 1st of every month thereafter), earning 5% interest up to and including 30/10/16?

So it's basically like opening the account with £500 instead of £250 (minus 1 day of interest)?

Edit: Seems from terms you can only put money in via standing order. Can I set up a standing order for 31st, then change it to 1st? If not, and the payments are always a month apart, then I'm failing to understand what difference it makes what date you actually open the account?

YorkshireBoy

SeduLOUs wrote: »

Thanks. About to open one of these, but will wait until 31st. If I'm understanding correctly I can deposit £250 on 31/10/15, then another £250 on 01/11/15 (and on 1st of every month thereafter), earning 5% interest up to and including 30/10/16?

I suspect your cunning plan may fail. Maybe take a look at a 2015 calendar?

YorkshireBoy

SeduLOUs wrote: »

Edit: Seems from terms you can only put money in via standing order. Can I set up a standing order for 31st, then change it to 1st? If not, and the payments are always a month apart, then I'm failing to understand what difference it makes what date you actually open the account?

Missed your edit first time around. Some banks require 3 working days notice to set up/amend a standing order, so you'd possibly need to set 2 up and cancel the first as soon as it's been sent. But try to avoid weekends.

Kernel_Sanders

Sedulous is spot on, YB. I've done it myself on 30 June so now have £1250 in it. They might even let you subscribe a thirteenth time on 1.10.16

YorkshireBoy

Kernel_Sanders wrote: »

They might even let you subscribe a thirteenth time on 1.10.16

Maybe take a look at a 2016 Calendar?

SeduLOUs

YorkshireBoy wrote: »

Missed your edit first time around. Some banks require 3 working days notice to set up/amend a standing order, so you'd possibly need to set 2 up and cancel the first as soon as it's been sent. But try to avoid weekends.

I can't set the standing order up in advance as I won't know the account number until I apply and activate the account. I believe the first deposit/standing order is set up as part of the application process.

I guess if I open it on 30/11, and then pull the standing order back as early as possible, i.e. to 5th or so, there is a little more to be made, as long as TSB allow you to amend the SO date. BUT, the summary box actually states the gross amount of interest earned on £250 deposited per month, so I suspect that manoeuvring dates around won't make a difference anyway?

YorkshireBoy

SeduLOUs wrote: »

BUT, the summary box actually states the gross amount of interest earned on £250 deposited per month, so I suspect that manoeuvring dates around won't make a difference anyway?

If they quote a figure it can only be for illustration purposes...unless they change the figure each day/month. This is because the final interest will be different by up to 3 days worth or so depending on which month you open the account (interest accrues daily, and months and Leap Years have different numbers of days).

Of course you'd have to hope they still had the account available at the end of November...you'll be kicking yourself if they don't!