TSB account worth keeping?

Norscbu

Stanley_St wrote: »

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

You need to have opened the RS before that date to get 5%

tightasagnats

Is TSB current account dropping to 2% OR 3%?


Thanks!

adindas

tightasagnats wrote: »

Is TSB current account dropping to 2% OR 3%?


Thanks!

3% and the maximum balance to earn that interest is £1,500

markwilkinson

Keeping mine until May as I still have the 5% regular saver until then. 3% is pretty competitive, albeit on only £1.5k. Will re asses in May but I suspect, if it's still 3%, I will keep it on. It may well be that a 2% regular saver might attractive by then too.

HornetSaver

As things stand I treat TSB as one of two proper current accounts due to the contactless bonus. Once that ends I'll convert it into a zero maintenance account (£500 in each month, £503.75 out each month, login every month as I believe that's one of the T&Cs, but even if not to check that all has gone smoothly).

For me, TSB remains an attractive sleeper account due to lack of DD requirement. I wouldn't open a brand new account for 3% with a very low cap, but given that I currently have one I see no reason to get rid of it.

Side note. The other account that currently falls into that category is Tesco, and I have two of those. The last time I switched from Tesco they sent me a flurry of clubcard vouchers which amounted to between 10% and 20% off per shop on a certain amount - that amount being in the ballpark of what I generally spend anyway. Whether that was coincidence, or whether it had anything to do with the fact that I used the card at Sainsburys a few times before switching the account to M&S Bank is an open-ended question. But until I convince myself that it was a coincidence, I can't see myself switching from anywhere else for the time being.

adindas

Unless you have less than £500+ to be put into that account, and you have maxed out all of the instant saving which earn 3%+, TBH I can not understand why people would want to close this account.

- It does not do any harm.
- Many people have two of them, you could just transfer monthly £500 using SO one to each other. No monthly additional work is need.

System

adindas wrote: »

Unless you have less than £500+ to be put into that account, and you have maxed out all of the instant saving which earn 3%+, TBH I can not understand why people would want to close this account.

- It does not do any harm.
- Many people have two of them, you could just transfer monthly £500 using SO one to each other. No monthly additional work is need.

Simplicity - for some people the 3% on £1500 won't be worth the hassle.

mt99

The interest you get on £1,500 at 3% is £45 a year however I can put the £1,500 into my NS&I income bonds and get 1% the difference is really £30. for me it's not worth the hassle of having to transfer £500 each month in and out of your account in order to earn an extra £30 interest

Eco_Miser

mt99 wrote: »

The interest you get on £1,500 at 3% is £45 a year however I can put the £1,500 into my NS&I income bonds and get 1% the difference is really £30. for me it's not worth the hassle of having to transfer £500 each month in and out of your account in order to earn an extra £30 interest

Where's the hassle in setting up two standing orders? Compared to transferring the money and closing the account.

I understand that for anyone who's not got the account already, it may not be worth opening, but for those who have it I believe it's still worthwhile.
I'm keeping my two.

darkidoe

For MSErs willing to go further to milk returns, TSB Platinum Purchases card does 1% cashback as well.