TSB Monthly Saver

Newly_retired

I'm pretty sure my first payment came from another non TSB account, by faster payment, then subsequent months it went through on Standing order.

timmy963

I phoned TSB at my work and the lady I spoke to checked to see if this would be an issue. She came back and said I won't get any interest for the first month/payment because I did a transfer and not a standing order. However I will get the interest on future standing order payments which I will pay on the 1st of April onwards each month.

I really don't see why it should be an issue to do transfers instead of standing orders on any monthly saver account from any bank as long as regular money is going in. Looks like they all made up a pointless and strict rule that seems to only exist to catch people out so they don't have to pay up.

Anyway, all is good now and thank you all for the replies.

Now I'm going to apply for Santander's Regular Saver that came out a couple of days ago which pays 5%. However for some stupid reason you can only apply on phone or in branch by appointment even though it can only be managed online (RAGE:mad:). I set off to work a bit early so I could use Santander's phone to apply for it, only for an old lady to get to the phone corner in branch before me. Needless to say I got to work very early.

ScarletBea

I just don't understand why you don't transfer from your TSB Current Account into the Monthly Saver.
You have to put £500 into the current account anyway, it's easier to then set up the £250 transfer into the regular saver.
(that's what I do)

molerat

If funds come from an external source do they actually know if it is a SO, mine just show up as FP.

colsten

molerat wrote: »

If funds come from an external source do they actually know if it is a SO, mine just show up as FP.

Apparently they do. There was a similar debate around the Lloyds Monthly Saver, and the Lloyds Rep who used to post on MSE said they can see whether it is an SO, even if the money comes from an external bank.

timmy963

ScarletBea wrote: »

I just don't understand why you don't transfer from your TSB Current Account into the Monthly Saver.
You have to put £500 into the current account anyway, it's easier to then set up the £250 transfer into the regular saver.
(that's what I do)

That's what I'm doing.

My money is going in this order:

_________________________________£200
Wages → Santander 123 account 3.00% → Regular Saver 5.00%
________________↓ £500______ £250
________TSB Classic Plus 5.00% → Monthly Saver 5.00%
________________↓ £any excess
________TSB 2 yr fixed ISA 1.80%
________________↑ £22,000 when matures
________ Santander 2 yr ISA 2.00%(matures in may)

diamonds

That ISA portfolio is shocking, Halifax 4% HTB ISA even without the goverment bonus (which may benefit you more if you have not bought or ever intend too), are you tied into 2 years payments to them ? If so reduce them to minimum and get looking about, £5 Month Halifax Reward A/C for a 750£ pay in and 2 DD, transfer £500 out via a non LBG account then back into the TSB a few days later (I used to do it via a relative RBS now set up a Tesco Current A/C for April onwards) with 2 DD for the £5/£5/5%.


You have all your eggs in one LBG basket, maximise to magnify


The Santander charge on 123 is better served by a free Tesco 3% current account if you choose 4% HTB ISA over 5% ISA unless you gain on 123 DD cashback, but even then 4% HTB if you intend to buy or transfer later to LISA and a £3 monthly RBS Reward with 3% back on household DD's which with or without a Santander balance may work out better?

timmy963

I'm really not interested in any other account that requires direct debits as it just makes everything even more of a pain to manage and set up. It's bad enough really having money split between 3 banks let alone 6.

The 2yr TSB ISA was appealing to me because you can keep paying in and it has one of the best ISA rates (outside of the HTB ISAs). I'm only really using this account when all my other higher interest ones are maxed out.

I've got £20K in my 123 account, £2K in TSB classic, £3K in TSB 2 yr ISA and £22K in Santander 2 yr ISA that matures soon. I'll probably look into opening two of those Tesco current accounts and put £3K in each when my ISA matures.

colsten

diamonds wrote: »

That ISA portfolio is shocking, Halifax 4% HTB ISA even without the goverment bonus (which may benefit you more if you have not bought or ever intend too),

As per the other thread in which you encourage people to apply for an HTB ISA under false pretences: the HTB ISA is only available to genuine prospective first time buyers.

diamonds

colsten wrote: »

As per the other thread in which you encourage people to apply for an HTB ISA under false pretences: the HTB ISA is only available to genuine prospective first time buyers.

The government bonus is, the 4% is from Halifax.