Question regarding TSB Easy Saver

bobs99

Hi All,

I have been with TSB for 4 or 5 years and foolishly never looked into using a savings account which makes me interest so have simply had my money in a eSavings Account.

I have enough saved that I want to earn interest and so have opened a Monthly Saver (which caps at 250 a month) and am looking at also opening an Easy Saver account for the rest - which I believe I should transfer the rest of my savings into from my eSaver account.

Is this correct? Am I right in thinking the Easy Saver is far better than simply having a eSaver account? Why does the eSaver even exist? Sorry for the silly questions but I feel like im missing something here! Is there a catch or problem to this? From what I can see there are no disadvantages to the Easy Saver and only the advantage of earning interest?

Any advice would be greatly appreciated!

EDIT: Oddly I have found on the site that Easy Saver is 1.00% and Esaving is 1.10% interest

Which indicates that the Easy Saver actually earns less than the eSavings account! Odd! Perhaps the Easy Saver is the best place for my money for the next 12 months as I will earn a bonus but then after I should transfer it back to the eSavings account which has a slight bonus over the Easy Saver.

Very confused as my ESaver doesnt indicate having a interest rate wheras my Easy Saver does!

grumbler

bobs99 wrote: »

Is this correct? Am I right in thinking the Easy Saver is far better than simply having a eSaver account?

Not really: http://www.tsb.co.uk/savings/instant-access/

eSavings

• 1.10% Gross/AER variable
• Includes a fixed introductory bonus of 0.90% for the first 12 months

Easy Saver

• 1.00% Gross/AER variable
• *includes a fixed introductory bonus of 0.80% for the first 12 months

How big is the amount? Do you have their Classic Plus current account paying 5% on [STRIKE]£5K[/STRIKE] £2k?

bobs99

Hey thank you! Its a small amount but worthwhile and I already have the classic plus bonus. (Although I thought it capped on 2k not 5k, am I looking at the wrong thing?)

On my online banking my eSaver only indicates that I get Interest rate: 0.2% Gross

I figure its because im past my 12 month introductory period. So for the next year I should use their Easy Saver option.

Any advice as to what to do after 12 months or after that time am I lost in terms of using TSB to save my money?

colsten

You aren't limited to TSB. Check other banks.
https://forums.moneysavingexpert.com/discussion/5374614

bobs99 wrote: »

I thought it capped on 2k not 5k,

you are correct.

planteria

so you were actually earning interest already, but didn't realise, is that right bobs99?

i have Classic Plus, eSavings and Monthly Saver accounts.. the first and latter bagging 5%, which is the kind of rate you need to make it worthwhile.

SnowTiger

planteria wrote: »

i have Classic Plus, eSavings and Monthly Saver accounts.. the first and latter bagging 5%, which is the kind of rate you need to make it worthwhile.

If you're willing to go outside the TSB ego system you could easily get a better return than 1% on any extra cash you have.

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

planteria

eco/ego?;)
i am very much outside both ST.. only really moved to TSB for the deal, and added the RegSaver as there is nowhere else to transfer on to, for now..
only have a few pounds in the sSavings. there aren't many better instant access Saving Accounts around though. will have a chunk i can stash in January, so will be looking for the best rate i can find.

G_M

bobs99 wrote: »

On my online banking my eSaver only indicates that I get Interest rate: 0.2% Gross

I figure its because im past my 12 month introductory period. So for the next year I should use their Easy Saver option.

so you have a eSavings account that has passed its 12 month anniversary?

Close it. Open a new eSavings account and transfer the money in. Benefit from another 12 month bonus. At the end of the next 12 months, repeat.

Or shop around and go to another bank.

smudge2006

Don't close it.

If it's gone past the 12 month anniversary, you can click on "view renewal options" under the account title and renew at 1.1% with no hassle.

colsten

Renew / open an account that pays 1.1%? Why?

PeacefulWaters

colsten wrote: »

Renew / open an account that pays 1.1%? Why?

Because it's convenient.

One log in only for everything.

A fine way to make Britain's banks more profitable.