TSB Classic Plus - not paying interest on second account

badger09

ceredigion wrote: »

Some of you have big mouths, and need to button it.

Would you mind explaining this remark?:(

Judging by the number of 'thanks' - I appear to have missed something.

JustAnotherSaver

Well they had a look & they didn't have paperless statements turned on (& correspondence).

Regards what some of you are saying about this cut off time & the second account etc....


Are you saying there was a cut off to open a second (solo) account, or a cut off to open a second (solo) account that would earn the interest?

Since there's a big difference between the two.

Anthorn wrote: »

If as you say the £1000 has been put in and taken out it's not likely to earn very much interest if at all. You have to leave the money in there for it to earn interest.

Absolute nonsense & just plain bad advice which others may take as truth.

Take mine for example....

£2,000 in each account. I cycle £1k throughout. Dip it in one, take it out, dip it in the other & take it out.

Interest gets paid each & every month.

The £1k doesn't even stay in the account for 15 seconds!

JustAnotherSaver

badger09 wrote: »

Would you mind explaining this remark?:(

Judging by the number of 'thanks' - I appear to have missed something.

If i have understood his/her remark properly (judging by who the members were who thanked his/her post) then i don't think you have anything to worry about. I would say that it is actually directed at me & this whole thread being created.

But with the interest not being earned, i can't find out in private so needed to ask.

EarthBoy

JustAnotherSaver wrote: »

Regards what some of you are saying about this cut off time & the second account etc....


Are you saying there was a cut off to open a second (solo) account, or a cut off to open a second (solo) account that would earn the interest?

Since there's a big difference between the two.

The Classic Plus account pays interest, that's the main point of it. Without interest it's just the same as the plain old Classic account. If your account is Classic Plus then you should expect to receive interest on it, providing that you keep to the conditions of the account. If it's just a Classic account then you won't get any interest because none is payable.

There was a cut-off date for opening a second sole Classic Plus account. The condition is now, and has been for nearly two years, that: "The Classic Plus Account is restricted to one account in your sole name, and another Plus account in joint names"

If you've managed to get a second sole Classic Plus account after the cut-off date then you're lucky, and many people on here will be wanting to know how you managed it and trying to do the same. TSB should either pay you interest on it or advise you that's it's been opened by mistake/due to a technical error online etc., and downgrade it to an ordinary Classic account.

Anthorn

JustAnotherSaver wrote: »

Absolute nonsense & just plain bad advice which others may take as truth.

Take mine for example....

£2,000 in each account. I cycle £1k throughout. Dip it in one, take it out, dip it in the other & take it out.

Interest gets paid each & every month.

The £1k doesn't even stay in the account for 15 seconds!

You know, I've been doing it wrong all these years. I always thought money had to be left in an account for it to earn interest and it was the average balance that earned the interest.

Just goes to show eh

JustAnotherSaver

Anthorn wrote: »

You know, I've been doing it wrong all these years. I always thought money had to be left in an account for it to earn interest and it was the average balance that earned the interest.

Just goes to show eh

Nice try at being a wiseguy

Of course money needs to be left in an account to earn interest.

However the money you put in the account to hit the interest criteria (some have £500 per month, some £1000, some £1500 etc) does not have to stay in the account. It can simply be dipped in & whipped out as quick as you like.

But then you'll have known that anyway. You just wanted to be a wiseguy eh

JustAnotherSaver

EarthBoy wrote: »

The Classic Plus account pays interest, that's the main point of it. Without interest it's just the same as the plain old Classic account. If your account is Classic Plus then you should expect to receive interest on it, providing that you keep to the conditions of the account. If it's just a Classic account then you won't get any interest because none is payable.

There was a cut-off date for opening a second sole Classic Plus account. The condition is now, and has been for nearly two years, that: "The Classic Plus Account is restricted to one account in your sole name, and another Plus account in joint names"

If you've managed to get a second sole Classic Plus account after the cut-off date then you're lucky, and many people on here will be wanting to know how you managed it and trying to do the same. TSB should either pay you interest on it or advise you that's it's been opened by mistake/due to a technical error online etc., and downgrade it to an ordinary Classic account.

Well in that case we are good

guestman

JustAnotherSaver wrote: »

. It can simply be dipped in & whipped out as quick as you like.

im with you on this one

Ballard

Anthorn wrote: »

You know, I've been doing it wrong all these years. I always thought money had to be left in an account for it to earn interest and it was the average balance that earned the interest.

Just goes to show eh

It's not the average balance but the actual daily balance that earns interest.

bigadaj

JustAnotherSaver wrote: »

Nice try at being a wiseguy

Of course money needs to be left in an account to earn interest.

However the money you put in the account to hit the interest criteria (some have £500 per month, some £1000, some £1500 etc) does not have to stay in the account. It can simply be dipped in & whipped out as quick as you like.

But then you'll have known that anyway. You just wanted to be a wiseguy eh

Yes, but there are frequent queries here on that exact point, people honestly think you can bounce money in and out with zero balance, or put money in at the end of the year and get the full interest.