transfer from TSB Classic Plus to Monthly Saver

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I have a TSB Classic Plus account and have also set up a TSB Monthly Saver account.


When creating the monthly saver I didn't set up an amount to save or where from.


The account is now created but I can't find a way of setting up regular transfer/saving from my Classic Plus account.


Anyone know how I do this?

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  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    In the Classic Plus account, set up a standing order to the Monthly Saver as though it were an external account, i.e. give the sort code and account number, rather than picking from a dropdown.
    Eco Miser
    Saving money for well over half a century
  • UKSBD
    UKSBD Posts: 799 Forumite
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    Eco_Miser wrote: »
    In the Classic Plus account, set up a standing order to the Monthly Saver as though it were an external account, i.e. give the sort code and account number, rather than picking from a dropdown.


    Thanks,
    I checked my email just after posting and had an automated one from TSB saying the same thing.
    All done now and payment has been added.
  • teddysmum
    teddysmum Posts: 9,475 Forumite
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    I have been looking into opening a couple of paired TSB current/saver accounts (for husband and self) and have a question about the T&Cs.


    They say that the first payment must be received within 30 days of opening the account and that the 5% rate is guaranteed for 1 year from the opening date.


    1) Do you not have to make the first payment at the time of opening ?


    2) Also, if the above is not the case, am I correct in assuming that if you leave payment up to (eg) day 20 , you lose 20 days off the interest (as it's payable from opening day/month for exactly 365 days) ?
  • colsten
    colsten Posts: 17,597 Forumite
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    teddysmum wrote: »
    1) Do you not have to make the first payment at the time of opening ?
    You said they say that the first payment must be received within 30 days of opening the account - doesn't that answer your question?

    teddysmum wrote: »
    2) Also, if the above is not the case, am I correct in assuming that if you leave payment up to (eg) day 20 , you lose 20 days off the interest (as it's payable from opening day/month for exactly 365 days) ?
    For any day where your account balance is zero at the end of the day (when interest for the day gets calculated), you get zero interest.
  • molerat
    molerat Posts: 32,038 Forumite
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    If you open one now, or a bit closer to the end of the month, you can add the first payment straight away and another payment on the 1st May and the following 11 months making 13 payments in all just to squeeze that little bit extra interest.
  • teddysmum
    teddysmum Posts: 9,475 Forumite
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    You said they say that the first payment must be received within 30 days of opening the account - doesn't that answer your question?

    I was thinking it may refer to a first payment by standing order, as opposed to an opening payment, possibly in cash.

    For any day where your account balance is zero at the end of the day (when interest for the day gets calculated), you get zero interest.

    Delaying a first payment to day 20,without an opening deposit would mean losing 20 days' interest, but if one was required, then 30 days could refer to the minimum time between payments.
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