TSB 5% Savings acc

djpailo

Just opened one up today, the Standing order (SO) is set for 30th Dec. On the 31st Dec, should I change the date of the SO to the 1st by amending it from the current account page and then leave it like that, to maximize my interest?

planteria

im not sure it would.. as the interest will be calculated daily:think:

grumbler

planteria wrote: »

im not sure it would..

Surely it would - if the monthly limit is per a calendar month (I am not sure).

as the interest will be calculated daily:think:

Exactly.

planteria

ahh, i see.. so maximising the contributions within the month, maximising the interest by increasing the days with more funds in the account. fair enough.

i tend to just think that picking a day in the month that works out well practically, and benefitting from the £3k little lump you save, knowing there is a slice of interest on top, is how to use it. pushing the boundaries makes little difference.

djpailo

I read a post here of someone suggesting to do that but I can't find it and therefore can't ask if it worked or is allowed.

grumbler

Typically, the T&C were written by some idiot:

idiot wrote:

You can only pay money into the Account by your Standing Order
...
You can pay money into the Account in branch, or by transferring money from another account with us or another bank

If it's from another bank, how can they know if it's a SO or not?

TSB wrote:

...you can only pay in once a month...
...
If the standing order is less than £25 or more than £250 we will return it to the account it was paid from

This implies that the payment will be returned if it's not allowed, but surely they could have made it more clear instead of implying.

Archi_Bald

grumbler wrote: »

If it's from another bank, how can they know if it's a SO or not?

This question came up once before in the context of Lloyds (who use the same system logic as TSB do). The official Lloyds Rep on here said all banks send information that states whether a payment is FP or SO.

grumbler

I don't buy this, but even if it's true, what about paying "money into the Account in branch"?
And, regardless, SO is a stupid requirement anyway, especially if money can be paid from other bank(s).

molerat

The only SO on my monthly saver is the first one that came from TSB. All the others coming from Santander show as FPI.

Once the SO is paid in amend to an earlier date so you get 13 deposits instead of 12. The rules state 1 per calendar month and not 12 in a year.

jennifernil

Yes you can bring the SO forward in the second month, I have done that with both the TSB and the Lloyds Monthly savers.

This meant I had 13 payments into the account, and a little more interest from Lloyds this year.

TSB one has not been in a year yet.