TSB monthly saver

YorkshireBoy

Kernel_Sanders wrote: »

I'm almost certain that when I opened it, they prohibited it from the Classic Plus too. Has that changed since June?

No, it's never been the case. But why would they? They launched the account so customers didn't move their cash out of the institution on payday!

Many of those on here will be in the minority in needing many accounts for several 10s of £K, in addition to £1-2K more per month. But the fact remains that for a great many others (many of whom won't even be able to save £250 a month long term*) the TSB set up can't be beaten anywhere else.


* Yes I know that withdrawals are penalty free, but that's yet another 'plus' for the account and set up.

Archi_Bald

YorkshireBoy wrote: »

Sedulous may be confusing the account with the Club Lloyds Monthly Saver where, from memory (it was almost exactly a year ago for me...note to self - start another tomorrow!), you can set up the SO at the end of the application?

It's possible of course that TSB have updated their application process in the last few months - my info is based on how it worked in July. I haven't seen them make any changes to their online banking since then.

djpailo

Regarding the saver, can you open it at any time after you have the current account or is there like a given period upon opening the TSB current account that you must open it to get the 6%?

Kernel_Sanders

YorkshireBoy wrote: »

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!

Not as much as I did. Opened it on 30 June, interest leapt to 5% the very next day. So, through trying to maximize my gain, I'm only getting 2%

djpailo wrote: »

Regarding the saver, can you open it at any time after you have the current account or is there like a given period upon opening the TSB current account that you must open it to get the 6%?

OMG it's now 6%?! :mad:

Archi_Bald

Kernel_Sanders wrote: »

I'm almost certain that when I opened it, they prohibited it from the Classic Plus too. Has that changed since June?

The only thing they 'prohibit' is that you "Make a transfer" from your Classic Plus to your Monthly Saver. You have to "Make a payment" and set up an SO if you wish to automatically feed your Monthly Saver from your Classic Plus, or any other TSB current accounts.

Kernel_Sanders

Archi_Bald wrote: »

The only thing they 'prohibit' is that you "Make a transfer" from your Classic Plus to your Monthly Saver. .

Ah, yes, that will be it. I must have assumed that the term 'transfer' encompassed both FPs and SOs.

badger09

Westie983 wrote: »

I fund mine by Lloyds to use up one of my 2 DD needed for my interest.

YorkshireBoy wrote: »

Sorry? You're pulling (or think you're pulling) the TSB Monthly Saver funds from Lloyds by DD? Or have I misunderstood?

Like YB, I think you might be confused here:cool:

badger09

djpailo wrote: »

Regarding the saver, can you open it at any time after you have the current account or is there like a given period upon opening the TSB current account that you must open it to get the 6%?

You can open it as soon as your TSB Classic Plus current account is up and running. But the interest rate is 5%, not 6%;)

Kernel_Sanders wrote: »

Not as much as I did. Opened it on 30 June, interest leapt to 5% the very next day. So, through trying to maximize my gain, I'm only getting 2%
OMG it's now 6%?! :mad:

Ooops.

It has never been 6%;)

SeduLOUs

Archi_Bald wrote: »

Nope, not at TSB it isn't.

You have to set up the SO yourself after the account has been opened. Your feeding account can be a TSB or a non-TSB account. In both cases, you need to "Make a payment" rather than "Make a transfer".

I wasn't confused I was only guessing re when the standing order is set up. When I click to 'apply' it says minimum £25 required, or something along those lines, which made me assume that the first deposit or SO must be made as part of the application to prevent people jut having dormant accounts. I didn't click any further as I wanted to wait for my current account to be fully functional before I do the next bit.

Kernel_Sanders

badger09 wrote: »

Ooops.

It has never been 6%;)

I know, hence the smiley.