Top Bank Accounts Discussion Area

TheGame21

Just a quick question on the TSB account and the 5% interest. Is this paid monthly or annually? Is it best to keep at least £2000 in there the whole time?

grumbler

http://www.tsb.co.uk/current-accounts/classic-plus-account/
The second paragraph from the top.

If you don't keep £2K you obviously get the interest only on the amount you keep. This is regardless of the interest being paid monthly or yearly, as in both cases it's calculated daily.

TheGame21

grumbler wrote: »

http://www.tsb.co.uk/current-accounts/classic-plus-account/
The second paragraph from the top.

If you don't keep £2K you obviously get the interest only on the amount you keep. This is regardless of the interest being paid monthly or yearly, as in both cases it's calculated daily.

It says just pay in £500 a month. Is it best to keep £2000 in at all times to get the best out of the account?

Robbieh

enthusiasticsaver wrote: »

For anyone who is in the process of switching to First Direct there is a delay in the welcome email going out to start the switch process. Just got off the phone to them and they are working on applications made on 11th January so a week ago. Mine made on 12th so hopefully will initiate tomorrow. Just trying to avoid the Santander 123 fee on my existing current account which is due on 29th Monthly.

I just got accepted for a FD switch this morning. I had to phone to get the tele. Banking sorted in order to get access to int. banking. I explained that I had asked to switch an account and was put through to that dept. Very helpful lady said how busy they were, and to help get me get sorted quicker she said she'd post the forms to me as emails were taking more time to process. That's what I call good service! :T

Robbieh

TheGame21 wrote: »

It says just pay in £500 a month. Is it best to keep £2000 in at all times to get the best out of the account?

Hi, that's what I do, 2000 stays in and 500 goes in and out in 5mins.

YorkshireBoy

TheGame21 wrote: »

It says just pay in £500 a month. Is it best to keep £2000 in at all times to get the best out of the account?

If interest is calculated daily on each days closing balance, it follows that to "get the best out of the account" you need to have a £2,000 closing balance each day...doesn't it?

TheGame21

Robbieh wrote: »

Hi, that's what I do, 2000 stays in and 500 goes in and out in 5mins.

Thanks, will do that as well.

TheGame21

YorkshireBoy wrote: »

If interest is calculated daily on each days closing balance, it follows that to "get the best out of the account" you need to have a £2,000 closing balance each day...doesn't it?

Thanks, I blame a long day:o

badger09

@ Robbieh & TheGame21

You also need to skim off the interest, as you won't earn anything on the balance above £2000.

Don't forget the TSB Monthly Saver £25 to £250 per month also @ 5%:)

Robbieh

badger09 wrote: »

@ Robbieh & TheGame21

You also need to skim off the interest, as you won't earn anything on the balance above £2000.

Don't forget the TSB Monthly Saver £25 to £250 per month also @ 5%:)

Yep, thanks, all my accounts interest goes towards my TSB RS. then I just top it up to 250.:beer: