For those who have a TSB Classic Plus Account

soulsaver

dont_use_vistaprint wrote: »

That's very misleading replies / advice ., you need to fund £500 per account per month. If you over fund you earn 0% on the difference so are effectively losing interest so you do need to transfer £500 out each month, so for 3 accounts that's 6 DD or Standing orders - it doesn't really matter what they are called, you set them up on your accounts the same and the end result is the same - 6 scheduled transactions per month across at least 4 different bank accounts for £18 a month.

IMO the real account is a poor product in comparison to others on the market but Iv'e only had it a month. If you dont mind doing a ton of admin and making your finances a mess for a few pounds of interest then it seems to work. They also take ages to supply activation codes for the account when set up so you can transfer money in but not out.

3 TSB Classic Plus acs - A,B&C with £1500 in each.

TSB, contrary to what you said, DO allow funding by internal transfers, so:
£500 pm by SO (not DD) all on the same day A>B>C>A
= funding requirement satisfied.

= 3 acs (not 4), 3 transactions (not 6), all still have £1500 and no admin effort after setting up the SOs at the start.

The c£6 pm interest taking the acs over £1500 can be skimmed off at your volition/leisure.

As I post this, there's 12 'thanks' on eskbanker's post.. Doesn't that tell you something?

RG2015

jimjames wrote: »

Maybe my confusing terminology. I fill reg savers and keep very little cash as the majority of my money is invested. Any surplus is in the TSB and other current accounts. I have no need for more cash than can be stored in those and reg savers and the lowest rate I get is 3%

Thank you and I now understand your point. It has given me food for thought as from your perspective 3% is a low return whilst for others it is quite high.

moneyfoolish

KTF wrote: »

I have two of the accounts. Each have £1500 in them, a standing order transfers £500 between them each month then I log in once a month to skim off the interest.

Exactly. Couldn't be easier! In fact, I don't transfer money between my 2 TSB accounts but have £500 standing orders from my main Santander 1-2-3 current account to each TSB account and a £500 standing order on the same day from each of the TSB accounts to return the money back to my Santander account. Once the 4 standing orders were set up there is nothing else to do other than move the interest on the TSB accounts to wherever you want once a month.

societys_child

dont_use_vistaprint wrote: »

That's very misleading replies / advice

There's only one poster in this thread giving misleading advice. HINT: I'm answering them now . . .

you need to fund £500 per account per month. If you over fund you earn 0% on the difference so are effectively losing interest so you do need to transfer £500 out each month, so for 3 accounts that's 6 DD or Standing orders - it doesn't really matter what they are called, you set them up on your accounts the same and the end result is the same - 6 scheduled transactions per month across at least 4 different bank accounts for £18 a month.

I have 4 of these with NO direct debits or standing orders involved. Sorry, you're talking nonsense.


Edit: Just thinking, I might start using vistaprint . .

binaryuniverse

I have £1500 at all times in my account. On rent day, the rent comes out and and the equivalent amount, from another account, goes in. On the 1st, I log in and move the interest elsewhere.

I can't imagine why that's at all difficult. As for poor product, do tell me where else I can get 5%, bar linked regular savers, and a Nationwide offer I've already used up.

Katiehound

binaryuniverse wrote: »

I can't imagine why that's at all difficult. As for poor product, do tell me where else I can get 5%, bar linked regular savers, and a Nationwide offer I've already used up.

Yes, we'd all like to know that!!then we could jump on the bandwagon.

If the complaint was about the IT problems, fair enough, but not about the 5% interest!
How difficult is it to transfer £500 in & out per month and then skim off the interest?

Zero_Sum

aj23 wrote: »

You don't need DDs for TSB Classic Plus. Just £500 min. pay in monthly.

For the interest you dont, but you do for the introductary cashback

jimjames

dont_use_vistaprint wrote: »

That's very misleading replies / advice ., you need to fund £500 per account per month. 6 scheduled transactions per month across at least 4 different bank accounts for £18 a month.

Others have been far more polite but you've typed nonsense and appear to have no idea how this works.

£18 pm is £216 per year. That's on £4500. To get £216 on an average cash ISA or savings account at 0.5% you'd need £45,000 so it might not be worth your while but for many other people who want to maximise their interest it will be very useful.

fifeken

dont_use_vistaprint wrote: »

That's very misleading replies / advice .

No it wasn't.

You were on here last night so have had a chance to read most of the replies. Why don't you do the decent thing - acknowledge you screwed up magnificently and apologise for your errors?

I'm the same as some others. Two accounts each with one standing order (to the other one) and one monthly log on to skim off the interest, currently to a Post Office Saver.

jjmmww1

I use mine just for savings for that 5% rate