TSB Monthly Saver rate to drop

JarkayColt

If the rate is likely to drop at the end of the month, is it worth new customers jumping on now considering it is fixed? I was thinking of using the Classic Plus account for savings, and drip feeding my current ISA (with another provider) into the 5% Regular Saver. All I would be concerned about is then eventually having it dumped into a low interest product and not being able to open another worthwhile Regular Saver. What usually happens with the money on maturation? Can you roll it straight back into another Regular Saver (avoiding the easy saver) or would you have to transfer it to a higher interest easy-access ISA first and drip feed it back in? I'm new to regular savers, but I'm still considering the Classic Plus account anyway the 5% Regular Saver would be a bonus.

teddysmum

I've now had at lest 4 TSB staff admitting that the rate is falling for the saver (even though one had the date wrong). However,no one has stated the new rate. (Lloyds only dropped theirs by 1% , but people on here have been told the rate will be 2% or 2% lower).


As long as you open the saver account by June 30th, the 5% is guaranteed for a year from the opening date. On maturity you have to take another suitable product.)

Newly_retired

Mine doesn't end till July 12, so I can't open a new one yet. Tried online today.

ctdctd

Mine ends on June 30th :eek:

I wonder if it will let me open the new one on the same day!

castle96

1/9/15 for me, so 30/8/16 I assume.
No doubt the rate willhave fallen by then. duh!

Eco_Miser

JarkayColt wrote: »

If the rate is likely to drop at the end of the month, is it worth new customers jumping on now considering it is fixed?

Yes!

JarkayColt wrote: »

I was thinking of using the Classic Plus account for savings, and drip feeding my current ISA (with another provider) into the 5% Regular Saver. All I would be concerned about is then eventually having it dumped into a low interest product and not being able to open another worthwhile Regular Saver. What usually happens with the money on maturation?

It is always dumped into an instant access low interest product (sometimes not as low as normal) - but that's a year in the future, there will be some higher interest option available somewhere.

JarkayColt wrote: »

Can you roll it straight back into another Regular Saver (avoiding the easy saver)

No.

JarkayColt wrote: »

or would you have to transfer it to a higher interest easy-access ISA first and drip feed it back in?

No, drip feed it from any easy access account, such as a higher interest current account. Avoid cash ISAs unless you've got good reason to use one.

JarkayColt wrote: »

I'm new to regular savers, but I'm still considering the Classic Plus account anyway the 5% Regular Saver would be a bonus.

Act now before rates drop.

wmb194

The rate on the Monthly Saver on TSB's website has this morning changed to 2%.

Kim_13

Oh well, it was good while it lasted.

Just a side issue to get the most out of my 5% one before it expires; has anyone made a 13th payment into it?

Changed my SO to the 1st a while ago and tomorrow is the 12th payment. Could I do another in August before it expires on the 20 something? I looked for the T and C's online and could only find a summary sheet which didn't say either way.

I haven't quite had the maximum each month so could simply top up to the 3k with the 13th payment if there's a 3k limit.

Thanks

Frogletina

My monthly saver ends today - I think this is the maturity date for a lot of people.

Oh well, I shall top up my Santander 123 account back to the maximum and put the balance into my Yorkshire bank account where it will get 2% which is the best I can get at the moment.

EarthBoy

Kim_13 wrote: »

I haven't quite had the maximum each month so could simply top up to the 3k with the 13th payment if there's a 3k limit.

You can't do that because there's a monthly limit of £250. You aren't allowed to top up if you've paid in less than that some months, -there's only First Direct that allows you to do that, so far as I know.