TSB classic plus £500 per month

Stuart81

Hi can someone confirm what they mean by £500 a calendar month funding.

Is that just put £500 in any time of the month or is it for example I put £500 in on 5th of month I must put it in again by 5th August.

Many thanks

kingrulzuk

Stuart81 wrote: »

Hi can someone confirm what they mean by £500 a calendar month funding.

Is that just put £500 in any time of the month or is it for example I put £500 in on 5th of month I must put it in again by 5th August.

Many thanks

Any day of the month and can take out on the same day

YorkshireBoy

Avoid the end of the month. For example, taking the month just gone, anything paid in from Saturday 30th July is dated Monday 1st August...meaning you'll lose the interest for July.

There are 2 definitions of month, for these high interest current accounts.

Calendar (used by most) - any time from the 1st to 31st.

Statement/Billing Period (Santander) - you must credit between your statement dates, ie between the 6th of one month to the 5th of the following month.

Stuart81

That's great cheers. I'll just faster payment £500 in then log into the tab and faster payment it back out again.

lstar337

Stuart81 wrote: »

That's great cheers. I'll just faster payment £500 in then log into the tab and faster payment it back out again.

That's what I do, no problems in 3 months so far.

LXdaddy

None of the current accounts with a funding requirement insist that the funding happens on a particular date in the period. In fact the funding doesn't all have to go in on a single day.


Someone who is paid weekly for example could deposit £125 each Wednesday and they would meet the requirement for £50 during the month.

givememoney

I have been looking at this. Till I read this it never occurred to me there might be problems towards the end of the month.

Actually I was wondering being a pensioner if my pension payments count as it just mentions salary. My combined pensions, one from work and state pension do add up to more than £500 but one is paid on the last friday of the month.

The state pension comes every 4 weeks so that of course changes over time.

Any thoughts anyone?

badger09

givememoney wrote: »

I have been looking at this. Till I read this it never occurred to me there might be problems towards the end of the month.

Actually I was wondering being a pensioner if my pension payments count as it just mentions salary. My combined pensions, one from work and state pension do add up to more than £500 but one is paid on the last friday of the month.

The state pension comes every 4 weeks so that of course changes over time.

Any thoughts anyone?

Yes, of course your pension payments count:).

Just ensure that £500 goes in every month. You can jot down both pension due dates on a calendar if that helps to spot any potential problems.

My husband could occasionally have problem with his main account which needs £1500 pm. His main pension is paid on 2nd of the month, but if that's a weekend or bank holiday, it is paid early so sometimes falls in the previous month. When this is going to happen, he simply makes a manual transfer in the following month.

Anthorn

givememoney wrote: »

I have been looking at this. Till I read this it never occurred to me there might be problems towards the end of the month.

Actually I was wondering being a pensioner if my pension payments count as it just mentions salary. My combined pensions, one from work and state pension do add up to more than £500 but one is paid on the last friday of the month.

The state pension comes every 4 weeks so that of course changes over time.

Any thoughts anyone?

My pension counts. For example my state pension and Savings Credit combined is £321.80 per fortnight multiplied by 26 and divided by 12 is £697.2333 per month which is above the £500 required.

givememoney

Sorry I know I sound a !!!!.

If I move my current account to TSB from Barclays I still have 2 small savings accounts with them will anything alter or will they just remain the same

Thanks

datlex

I have £200 which goes back and forth each week between TSB and Barclays. It meets the requirement of both (£500 TSB and £800 Barclays)