So Confused?? TSB Classic Plus Account

Pesto2606

Hi Guys

Hoping you can clarify something for me. Today I decided I would go and sign up for TSB Classic Plus account.

After that I wanted to find out between what dates the £500 needed to be paid, so searched this forum for an answer. On doing so I can see loads of recent posts about the DD requirement being changed. Some say two and some say three.

I'm baffled now. MSE main site has always advised no DD requirmeents and at no point during the sign up did it mentioned this requirement, not even in my T&C's which I saved (copied below)


Classic Plus account
A Classic Plus account gives you the benefit of credit interest if you comply with the following conditions:

Eligibility Conditions
Each month you must:
• pay at least £500 into your account
• be registered for Internet Banking, paperless statements and paperless correspondence.

So I guess my obvious question is do I need to set up a DD's?? Because conflicting information on the forum says I do. If It helps.... I havent switched, I've just opened this as an additional account

Secondly, Does anyone know when the £500 needs to be paid? Is there a specific time of the month?

Thanks in Advance

cfp28342

DDs are only required if you are going for a switching bonus. I have no DDs and get the interest each month without problems.

I don't know exactly when the £500 needs to be paid but to play it safe I always wait until after my interest for the previous month has been credited. The interest shows in your account on the second working day of the month - so weekends and bank holidays can impact on when the interest is paid.

lazer-zxr

Does anyone know what the 5% interest is applied to. Is it an avrage balance in the account upto £2k, or a balance on a particular day of the month?

SuperAllyB

£500 can be paid in anytime in the calendar month up until the last working day. Even though a faster payment on a weekend will show up instantly online, they don't count for meeting the conditions.

Pesto2606

cfp28342 wrote: »

DDs are only required if you are going for a switching bonus. I have no DDs and get the interest each month without problems.

I don't know exactly when the £500 needs to be paid but to play it safe I always wait until after my interest for the previous month has been credited. The interest shows in your account on the second working day of the month - so weekends and bank holidays can impact on when the interest is paid.

SuperAllyB wrote: »

£500 can be paid in anytime in the calendar month up until the last working day. Even though a faster payment on a weekend will show up instantly online, they don't count for meeting the conditions.

Thank you both, So I think I should be safe putting it in on the 22nd of each month then and transferring it back on the next day. Most Appreciated guys!

Good to know about the DD requirement, panicked then I'd just bulldozed through with the application. Thank you

anna42hmr

lazer-zxr wrote: »

Does anyone know what the 5% interest is applied to. Is it an avrage balance in the account upto £2k, or a balance on a particular day of the month?

neither it is accrued and calculated on a daily basis and added once a month.

Ed-1

lazer-zxr wrote: »

Does anyone know what the 5% interest is applied to. Is it an avrage balance in the account upto £2k, or a balance on a particular day of the month?

As with all banks, interest is calculated daily on the balance in the account at a certain cut-off time. With TSB this cut-off time is midnight each day. The interest accumulated each day is then applied to the account monthly.

lazer-zxr

Thanks Anna and Ed.

stringer_bell

sorry to hijack thread, you have to pay £500 in a month. I funded the account when it opened earlier this month, when is the next £500 due. From one month from opening, or from 1st of the month?

Yorkshire_Pud

stringer_bell wrote: »

sorry to hijack thread, you have to pay £500 in a month. I funded the account when it opened earlier this month, when is the next £500 due. From one month from opening, or from 1st of the month?

Any day you choose as long as its within each calendar month.