TSB account worth keeping?

Stanley_St

Kim_13 wrote: »

I will be keeping the account but it won't be full all the time as it has been previously. No sense closing the account when they may increase the rate or have a better Regular Saver offering in the future.

2% is the current regular saver rate but those who opened their accounts on 29th June or before have 5% until the account matures.

Useful information that I wasn't aware of. I have just opened this account to get the 5% interest.

Lunalaws

Exactly what I was pondering. As my earnings have just tipped me over the £750 requirement I was thinking of switching to Halifax for the £100 bribe and £3 monthly in-credit bonus then opening a new TSB account to deposit £500 monthly and still use the contactless feature which earns me roughly £3 a month (if still eligible) and a linked TSB 5% Regular Saver for auto-sweeps from both.

What does everyone else think? I don't want too many accounts to deal with.

Also I want to see what new offers may arise in 2017.
I have been offered Nationwide account as I have my Help to Buy ISA with them.

6022tivo

I get £60 back a year with my TSB Contactless payments through my Phone/Card.

Eco_Miser

Lunalaws wrote: »

As my earnings have just tipped me over the £750 requirement

The £750 requirement has nothing to do with earnings.
I meet £5250 monthly requirement (over 6 accounts) with no earnings - just cycle the money between accounts.

Lunalaws wrote: »

I don't want too many accounts to deal with.

It's quite easy using internet banking and faster payments each month, even easier setting up standing orders and letting it all happen automatically.

Lunalaws wrote: »

I have been offered Nationwide account as I have my Help to Buy ISA with them.

at 5% for both the Fledirect current account and Flexclusive Regular Saver, you'd need a good reason to not have them.

TheShape

Stanley_St wrote: »

Useful information that I wasn't aware of. I have just opened this account to get the 5% interest.

The interest on the Classic Plus current account reduces to 3% from 3rd January and the Monthly Saver currently pays 2%.

Dird

Sure, but with £500 less in there. TSB is my day-to-day card.
Lloyds balance is going to be dropping right down come Jan 8th though

Prudence1

I'll be keeping mine. I can't see the point in closing it (unless you have no other 'sacrificial accounts' for switching).

[Deleted User]

kingrulzuk wrote: »

Good morning all

it’s Boxing Day and I have nothing to do today so I thought I will check my bank accounts.

Most of you know that from 4th of Jan the rate will drop to 3% for £1500, every month I was nicely earning just under £8 but now I will earn under £4 so I’m thinking is it worth keeping the account?
My sole purpose of TSB account was to earn interest but now I feel it’s just waste of time.

Is there someone who feels the same? What have you done with your money?

Thank you,
King

Certainly my [+ wife] TSB Plus accounts are next on the chopping board. Only used for stooze funds and as the attached TSB reg savers are next to mature for 0% BT cards requiring repayment... I will have no further use for them


Other than emergency fund I prefer to invest/op mort


Cheers

TheShape

jeepjunkie wrote: »

Certainly my [+ wife] TSB Plus accounts are next on the chopping board. Only used for stooze funds and as the attached TSB reg savers are next to mature for 0% BT cards requiring repayment... I will have no further use for them


Other than emergency fund I prefer to invest/op mort


Cheers

Your mortgage rate higher than 3%?

[Deleted User]

TheShape wrote: »

Your mortgage rate higher than 3%?

Remember the only reason I have these accounts [and loads of others] is to house stoozing funds which has been a real financial boost


But for my own money... 3% on £1500 will make no appreciable difference to my mort and the tax relief boost for pension conts is way excess of these accounts

No disrespect but I'd rather have simpler financial affairs than chase pennies. Having mopped up every bonus/switch deal/CC offer a welcome break is needed


Besides still got £30k+ of stooze funds in some decent accounts atm though not for long


Cheers