TSB Classic Plus Account Interest Question

Eddie442

I'm thinking of getting a TSB Classic Plus Account (just for the interest, am not switching to it). I just wanted to check how the interest works, as I've read different things and it's not clear.


1. Do I get
(a) 5% interest only if the balance is below £2000, or
(b) 5% interest only on "the first £2k" of the balance?
eg. If I have £2001 in there, do I get interest on all but £1, or will I get no interest at all that month?


2. The interest is calculated daily and paid on the 1st of the month. Assuming the answer to question 1 is (a), then if I only have £2001 in there for a day, do I only lost 1 day's interest? Or is it based on what's in there on the first of the month? Or neither?


Any help appreciated from holders of this account - I can't find it written definitively anywhere.

eskbanker

It's (b) as per Ts & Cs

Credit interest Calculated daily from when you open or upgrade to a Classic Plus account (or if that day is not a working day, the next working day).
Payable
• on the first working day of each month
• on the first £2,000 in your account.

laidbackgjr

You will get interest only on 2000 regardless of how much is in the account, so holding more doesn't lose you interest.

castle96

You will get interest only on 2000 regardless of how much is in the account, so holding more doesn't lose you interest.
(except on the balance over £2000 obviously)