TSB Interest Changes

Ballard

I've just calculated it manually assuming the full £2,000 and (after 20% tax) should have received £6.43 & £6.86 in October & November.

Yorkshire_Pud

mrchrisbrogan wrote: »

Does anyone know for sure how it is calculated? Working days, days etc etc?

TSB do;)

Just multiply 22p a day net interest on £2000 by the variable number of calendar days that TSB use so that they can pay interest on the second working day of each month and then from that day to the next interest payment day (which is the second working day of the next month) :cool:

GingerFurball_2

TSB's month runs from the 2nd working day of the month to the first working day of the following month.

chris_m

bigadaj wrote: »

You pessimist, it could mean they are increasing it!

Hehe, by sheer coincidence I received a letter from them today with altered T&Cs, one part being the notification that they won't be knocking tax off soon - so, from April 6th, those of use that can't get the interest gross yet will be getting an increase

OK, I Knew about that already but the timing was good

colsten

chris_m wrote: »

from April 6th, those of use that can't get the interest gross yet will be getting an increase

which we might have to declare to the HMRC. Just because banks pay you without deducting tax doesn't necessarily mean you don't have to pay any. Your savings interest is only tax free if it is less than £1,000 a year for a BR tax payer, and less than £500 a year for a HR tax payer.

chris_m

colsten wrote: »

which we might have to declare to the HMRC. Just because banks pay you without deducting tax doesn't necessarily mean you don't have to pay any. Your savings interest is only tax free if it is less than £1,000 a year for a BR tax payer, and less than £500 a year for a HR tax payer.

That is indeed true and, IIRC (it's already gone for the recycling collection tomorrow), the letter said that. I imagine that all customers will be getting the same letter anyway so I didn't see much point in repeating it.

colsten

Why repeat the parts of the letter that are potentially good news whilst leaving out those parts that are potentially bads news.

ceredigion

mrchrisbrogan wrote: »

Does anyone know for sure how it is calculated? Working days, days etc etc?

Yes thanks, right down to time of day.

Kernel_Sanders

chris_m wrote: »

That is indeed true

Actually it's not for many, it depends on your age.

Kernel_Sanders

Yorkshire_Pud wrote: »

TSB do;)

But you don't.

Yorkshire_Pud wrote: »

Just multiply 22p a day net interest on £2000

That would pay over £80 p.a. wheras the maximum payable on the account at basic rate is £78.24. They won't give you a full 5% if you keep £2000 in!