TSB Current Account

YorkshireBoy

JWalker1995 wrote: »

Hi All,

I'm looking into setting up a 'savings loop' so I've started by opening one of the TSB accounts and putting 2k in there. I've set up a SO from my main account on the day I get paid to put £500 in the TSB account. I'm then going to move £400 back to my main account, and leave £100 per month to use on contactless payments. I was wondering, how long does the money need to stay in the TSB?

If this was your salary/income/benefits/pension, how long would you expect to be prevented from spending it/sending it somewhere else?

If I set the SO on my main account to happen on the 18th, could I set the SO on the TSB to be on the 19th, or does it need a few days in the account?

As above, there's no restriction. You're over-thinking this. But if it concerns you so much, transfer the money out from TSB before replenishing it from your main account.

JWalker1995

So on the same day I can put the money in/out, cool thanks very much

YorkshireBoy

JWalker1995 wrote: »

So on the same day I can put the money in/out, cool thanks very much

You have to credit £500 each month. What you do with it afterwards is your own business. However, crediting £500 a month isn't the only qualifying criteria for your 5% AER interest. There's something else you need to do as well, which you've no doubt got in hand being as you're up and running with the account?

JWalker1995

I think you just have to go paperless and register for online, which I'll do when my paperwork arrives in the week

TSB dont support faster payments so the money will take 3 days to go through, will this matter?

colsten

JWalker1995 wrote: »

TSB dont support faster payments so the money will take 3 days to go through

that's nonsense

JWalker1995

are you sure? there not on the faster payments website?

colsten

I certainly am as I have been a TSB customer ever since they split from Lloyds in September 2013 and I have made countless FPs from and to TSB since then.

TSB currently use a copy of the Lloyds Banking Group system which has been supporting FPs from day one.

Aside from that, you should check the TSB website rather than a 3rd party one.

Eco_Miser

JWalker1995 wrote: »

I've started by opening one of the TSB accounts and putting 2k in there. I've set up a SO from my main account on the day I get paid to put £500 in the TSB account. I'm then going to move £400 back to my main account, and leave £100 per month to use on contactless payments.

Personally, I leave another £250 in, which quickly moves by SO to the TSB Monthly Saver.

JWalker1995 wrote: »

I was wondering, how long does the money need to stay in the TSB?

No time at all.

EarthBoy

I confirm what colsten says, TSB certainly DO support faster payments. I make faster payments in and out of my TSB account regularly.