TSB current accounts

rhylbloke

Hi, regarding the TSB 5% accounts ; back in 2014 my wife and I visited our local TSB and the manager did the paperwork for us to open some new current accounts (5% on the first £3,000 at the time ) we ended up with four accounts in total - two in my wife's name and one in my name plus one in both our names - with regular monthly £500 transfers between them, to satisfy the requirements of the minimum amount of money needing to be paid in each month. ( I have to say I thought this seemed a bit dodgy at the time, but the manager was very matter of fact about it all ) Anyway, it was my wife's sister and her husband who put us onto this, as they had opened accounts there a few months before. Sadly, my brother in law died last year, so this multiple accounts scenario no longer applies to her, but she is insisting that they had ( and we could have ) two accounts each in our individual names and two joint accounts - ie. another two accounts, so we're missing out on a possible £12 per month interest on £3,000, instead of the paltry interest that £3,000 gets in a savings account. If this is the case, I don't know why we didn't have the accounts set up this way five years ago, but she is adamant this is correct. I don't really want to embarrass myself by going in and asking if we can open another two accounts if this is total nonsense. Does anyone know if this is correct ?
Thanks

crumpetman

From memory you could have two accounts in your own name and one joint account. But then, it doesn't really matter what the rules were in 2014 only what the rules are now.

The rules now are for one account in sole name and one account in joint names, 5% interest upto balances of £1500. For people who have two sole accounts already, the second sole account could get closed/converted to a different account at any time if TSB choose to do so.

rhylbloke

Thanks very much for that. Best to keep a low profile then.:)

datz

crumpetman wrote: »

The rules now are for one account in sole name and one account in joint names, 5% interest upto balances of £1500. For people who have two sole accounts already, the second sole account could get closed/converted to a different account at any time if TSB choose to do so.

The irony here being that not only does the "new" TSB online platform allow you to open up multiple Plus accounts, but it does so with each under its own independent 'profile' - incidentally each profile can also have a regular saver.

TSB's ineptitude never ceases to amaze...

PRAISETHESUN

datz wrote: »

The irony here being that not only does the "new" TSB online platform allow you to open up multiple Plus accounts, but it does so with each under its own independent 'profile' - incidentally each profile can also have a regular saver.

TSB's ineptitude never ceases to amaze...

It's probably best to keep a low profile and not bring attention to it, but I agree with your comments here. The online system does let you open up multiple accounts, and according to their T&Cs, TSB has to give 60 days notice if they want to close/convert the accounts so there is technically nothing stopping you opening up multiple of them and just waiting until if/when they are noticed and then downgraded.

As dumb as the system is, it did managed to recognise and merge two of my internet banking profiles together so they appear under the same login, but not smart enough to realise they were both Classic Plus accounts and that one should be closed... go figure!