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TSB and the £500 rule
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Jemsnation
Posts: 473 Forumite
For TSB you have to pay in £500 to be eligible for the 3% interest. I'm about to move abroad indefinitely so my salary will no longer be paid into that account. Am I OK to set up a direct debit from another account to get round this? I think I know the answer but want to check.
Also, at the risk of asking a stupid question, I'm guessing if your balance is £3000, you will still get the interest every month but only ever on the first £1500? I feel like this is a sense question but just want to be sure!
Thanks in advance!
Also, at the risk of asking a stupid question, I'm guessing if your balance is £3000, you will still get the interest every month but only ever on the first £1500? I feel like this is a sense question but just want to be sure!
Thanks in advance!
Opinion Panel £50 Lightspeed: £40 Pigsback: £303 Valued Opinions: £365 Media Transfer: £32 Juicy Brains- £30 American Consumer Opinion: £16 Freebie Networks: £220 Cashback Sites: £1503.87 Competitions: £200 Total Cash Value: £2759.87 Last updated: April 2023
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For TSB you have to pay in £500 to be eligible for the 3% interest. I'm about to move abroad indefinitely so my salary will no longer be paid into that account. Am I OK to set up a direct debit from another account to get round this? I think I know the answer but want to check.
Also, at the risk of asking a stupid question, I'm guessing if your balance is £3000, you will still get the interest every month but only ever on the first £1500? I feel like this is a sense question but just want to be sure!
Thanks in advance!
You are correct for all of your assumptions.0 -
The answer is no. You'd need a standing order.For TSB you have to pay in £500 to be eligible for the 3% interest. I'm about to move abroad indefinitely so my salary will no longer be paid into that account. Am I OK to set up a direct debit from another account to get round this? I think I know the answer but want to check.
Yes you would.Also, at the risk of asking a stupid question, I'm guessing if your balance is £3000, you will still get the interest every month but only ever on the first £1500? I feel like this is a sense question but just want to be sure!
Thanks in advance!
But a word of warning. In order to receive the interest you must be registered for internet banking. If you do not use internet banking for an extended period (check the T&Cs) they will (and have, according to reports on here) de-register you!0 -
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Thank you for your responses. When I said DD I did in fact mean SO.Opinion Panel £50 Lightspeed: £40 Pigsback: £303 Valued Opinions: £365 Media Transfer: £32 Juicy Brains- £30 American Consumer Opinion: £16 Freebie Networks: £220 Cashback Sites: £1503.87 Competitions: £200 Total Cash Value: £2759.87 Last updated: April 20230
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