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VERY thick question

Tea&Biscuits
Tea&Biscuits Posts: 54 Forumite
in Savings & investments
Opened a TSB classic account with a view to putting £2k in there to get the 5% rate and also opening the reg saver. I know it says for the classic account the 5% interest is paid monthly, but if I put £2k (and leave it) in there straight away, how much interest will be added that very first month?
«1

Comments

  • bigfreddiel
    bigfreddiel Posts: 4,263 Forumite
    About £6

    fj
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    About £6 more than in all to those current accounts that pay no interest at all.
    bigfreddiel wrote: »
    About £6

    fj

    Tea&Biscuits, can I ask why you asked your question in the first instance?
  • Tea&Biscuits
    Tea&Biscuits Posts: 54 Forumite
    Sorry, I was trying to work out how long it would take to generate the maximum amount of interest.

    I got rather confused!

    Thank You for the help
  • Broken_Biscuits
    Broken_Biscuits Posts: 356 Forumite
    If you have literally just opened it and put the Max in, you will get about £2 in the first interest payment in the first few days of January because you would have had the account 1/3 of the month. Is that what you meant?
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Tea&Bisbuits - - - - - basic rule to remember is that 5% AER is more than most other accounts will pay you . Why are you hesitating?

    I leave it to you to find the forum posts about the 6% accounts.
  • jimjames
    jimjames Posts: 18,796 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    To avoid any confusion, it's 5% per year paid monthly. It's not 5% per month.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • ColdIron
    ColdIron Posts: 9,959 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Don't forget to use the contactless card for an extra fiver a month
  • Maximum_Saving
    Maximum_Saving Posts: 183 Forumite
    I also have a TSB Classic Account. At the start of January I will have the £6.00 of interest. I am passing £250 a month into the TSB Monthly Saver. I won't see the interest until one year after it began.

    This money came from my First Direct Regular Saver that ended in November 2015.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Maximum_Saving wrote: »

    This money came from my First Direct Regular Saver that ended in November 2015.
    You could have started a new FD Regular Saver straight away.
  • badger09
    badger09 Posts: 11,642 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    colsten wrote: »
    You could have started a new FD Regular Saver straight away.

    Perhaps Maximum Saving did just that, and continues to save £300 per month in FD, but also saves £250 per month in their new TSB Monthly Saver from the funds built up in their matured FD Regular Saver;):T
This discussion has been closed.
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