When does TSB Interest get paid?

weebit

Hi,

I've recently opened a TSB Plus Account (the one with 5% interest etc) but I've not had any interest paid this month. Does anyone know when interest is paid?

I opened the account mid-November, and have had interest paid in previous months on 1st Dec and 4th Jan, but nothing in February. I've constantly kept my account with a positive balance and have fulfilled all the other criteria as far as I'm aware, so I can't see a reason why they would withhold the interest from me. I have also received £5 in contactless cashback this month.

Any ideas, or would it mean I have to phone them?

bobobski

I'd phone them - mine comes out at the very end of the first working day of the month.

mrssjs

You need to be signed up for paperless correspondence and pay in £500 per month.

Anthorn

Looking back over my transactions for this month interest (net) was paid on 01 Feb and 5% Cashback was paid on 18 Feb.

weebit

mrssjs wrote: »

You need to be signed up for paperless correspondence and pay in £500 per month.

This is the culprit. Due to how the dates fell over Christmas, It meant I didn't pay in the minimum £500 in January. I got paid 23rd December, then again on 1st February, therefore no payments in January! grr... if only I got paid a day earlier this wouldn't have happened. oh well.. I'll keep an eye on it in the future!

beefturnmail

weebit wrote: »

This is the culprit. Due to how the dates fell over Christmas, It meant I didn't pay in the minimum £500 in January. I got paid 23rd December, then again on 1st February, therefore no payments in January! grr... if only I got paid a day earlier this wouldn't have happened. oh well.. I'll keep an eye on it in the future!

Presuming you have another account and £500 spare, set up two standing orders to cycle £500 around and you will never have this problem.

weebit

I don't think I'll have this problem again, but I'l certainly keep an eye on it. I do another another current account, so could just set up a £500 swap between the 2 of them as a back-up.