TSBClassic Plus Account December 2014

musicman100

Hi,

If you had an account then and was getting interest ( 3% on 5000 which then changed at end of November to 5% on 2000)
check the interest you received. I have 3 accounts with them and 2 accounts they paid no interest the third they paid the wrong interest.

I know this because i have just received a letter saying they owe me the interest!! The trouble is on the 2 accounts where they paid me no interest they give me the amount they forgot to give me on the third account but they still owe me the interest for the 2 other accounts. What a mess.

Account 1 interest should be 6.66 ( net) they paid me 4.99

Account 2 - no interest should be 6.66

Account 3 - no interest should be 6.66

letters refunding me 2.41 on account 2 and 3 !!!

So check what amount of interest you received in December 2014 on the money you had in November.

I might not be the only one affected. I checked my wife and her account was fine but i just want to let you know.

YorkshireBoy

musicman100 wrote: »

If you had an account then and was getting interest ( 3% on 5000 which then changed at end of November to 5% on 2000)

Not sure that's correct. I thought their account paying 3% on £5K was the Enhance account? The rate on this account was cut to 1.5% on 4th November 2014, but it hadn't been available to new customers since they launched Classic Plus earlier that year (in late March?) paying 5% on £2K.


I can't remember if you could hold both simultaneously, as I never had Enhance...just Lloyds Vantage. My first accounts with TSB were the Plus accounts obtained in March 2014.

musicman100

Yes that is correct it was cut to 1.5% in November that is why I charged to the new account paying 5%

I double checked with old moneysaving articles and the interest I was getting on the accounts. Which works out as 3% on 5000 and then I was able to change accounts to the new 5% on 2000.

fifeken

Classic Plus was paying 5% on £2,000 at the end of 2014. I had one fully funded then and it paid £6 interest on 1st December. TSB would already have deducted tax that far back.

It looks a bit lower than some months, but November is a shorter month and the first looks like it was at the weekend, making November pay out bigger (£7.08)

The numbers don't seem to agree with the OP so maybe more clarification is required.

youngretired

Interest on the Enhance accounts changed on the 4th November to 1.5% so depending on when you changed the accounts to the Classic Plus accounts you obviously got 1.5% on £5000 and then the remaining period at 5% on £2000 so interest pro rata, as you indicate end of November.

Also you were only allowed 2 sole Classic Plus accounts and 2 Joints so was 1 of your original Enhances a joint?

musicman100

no I manage to get 3 accounts as did my wife none were joint. So we had ( and still have ) 3 accounts each!! but i dont think we could have a joint account because we already had 3 each.

chelostar

I opened my TSB account 2 weeks ago. Easy to open and the card and all details arrived quickly. I was able to transfer funds into the account on the same day that the account opened. All information to access online account was sent promptly, along with the account number.

I now need to check that I receive all that I should when my statement cuts on 1 September. Two direct debits have been set up for September, so my £5 should reflect on 1 October statement cut.

Caution: Be aware that the statements are calendar monthly and run from 1st of month to first of next month. Take this into account when setting up DD and going for £5 cash back for using debit card 20 times. Double caution: I am finding that it takes longer for transactions to show up on this account than it does on my HSBC account. If you want £5 cash back for debit card usage, you really need to ensure that you allow 3 WORKING DAYS for transactions to show in the statement, before the cut off of 1st of month. Otherwise you will not receive the £5.

Tip: I purchase a lot of train tickets on line. Even if I am booking several at once, I do them as individual transactions to build up my 20 debit card usage. I've started using even for small transactions which I would normally pay cash for (as long as retailer doesn't charge you the 25p!)

I shall report back once my account has been running for a month or so.

fifeken

chelostar wrote: »

I opened my TSB account 2 weeks ago. <snip>

All very good and informative, but doesn't appear to address the OP's query ref interest paid at the end of 2014.