TSB classic plus account interest

modelreject

Hi,

I have been looking to open a few bank accounts to try and earn as much interest as I can over the coming year/s.

This account has 5% interest rate, http://www.moneysupermarket.com/current-accounts/details/?productCode=CUR_TSB_CLASSIC_PLUS_FOR_SAVINGS_CHANNEL_TIER1&index=1&count=1&selectedProductId=CUR_TSB_CLASSIC_PLUS_FOR_SAVINGS_CHANNEL_TIER1&gid=CUR_INTEREST&page=

What I would like to know is, it states that I need to deposit £500 per month, but can I deposit £2000 straight away and start earning interest on that straight away?

Also, it doesn't state that I can close the account after 1 year I've when I have earned the max amount of interest. Is there a penalty?

Thanks
MR

jimjames

modelreject wrote: »

What I would like to know is, it states that I need to deposit £500 per month, but can I deposit £2000 straight away and start earning interest on that straight away?

Worth checking the T&Cs but no reason why you can't put £2000 in immediately.

modelreject wrote: »

Also, it doesn't state that I can close the account after 1 year I've when I have earned the max amount of interest. Is there a penalty?

Any reason why you think you want to close the account after 12 months? It's a current account, you can close when you want but I can't see why you'd want to unless they cut the rate.

It's probably a good idea to read around the forum to find out how current accounts work. This forum may be more use if it's interest you are looking for
http://forums.moneysavingexpert.com/forumdisplay.php?f=17

Dan83

When I opened my account, I put £2000 in straight away, that £2000 also covered the 1st month payment, so no need to pay anything else in till the 2nd month.

You can close the account any time with out penalty.

modelreject

Thanks! Query about closing was indeed if they cut the interest rate.

Doctor_Duke

I've got two Classic Plus accounts both sole don't ask how? Put the £2000 in and you will be fine then just circulate the £500 every month. Don't forget also there is another £5 for cashback on £100 contactless spend per month until the end of the year. The third option is the 5% regular saver you can deposit a maximum of £250 a month for 12 months. Interest is paid at the end of the 12 month period.

Arrowdc8

Has anyone any idea why the tsb Contactless card won't work to pay my sse electricity bill of £19 at the post office. I want to do this to maximise the tsb cash back.