TSB Classic Plus Questions

dont_use_vistaprint

Hi

I opened a classic plus in December 2018 with a deposit of £1500.

Each month on the 1st £1000, goes in, £250 is moved into a Monthly saver, and £750 is transferred back out.

Questions

1) Each month the current account gets interest credited. £6.24, £5.64, £6.04 etc. Why is it different some months, why not always exactly £6.24 ?

2) For August and September its dropped to £3.78 why is this ?

3) Think linked saver has built up from £0-£2,500 - but shows no interest all, why is this ?

4) Are there any similar accounts other than Nationwide to do the above with, without having the hassle of switching main account and all transactions etc

Thanks

schiff

1) For some reason there aren't 31 days in every month When there aren't you get less interest. Logically.

2) The interest rate fell from 5% to 3%.

You don't seem to be keeping on top of things, do you.

eskbanker

dont_use_vistaprint wrote: »

I opened a classic plus in December 2018 with a deposit of £1500.

Each month on the 1st £1000, goes in, £250 is moved into a Monthly saver, and £750 is transferred back out.

Questions

1) Each month the current account gets interest credited. £6.24, £5.64, £6.04 etc. Why is it different some months, why not always exactly £6.24 ? Variable number of days in the interest-earning period, which runs from the second working day of one month to the first working day of the following month.

2) For August and September its dropped to £3.78 why is this ? Annual interest rate dropped from 5% to 3% on 2 July.

3) Think linked saver has built up from £0-£2,500 - but shows no interest all, why is this ? https://www.tsb.co.uk/savings/monthly-saver/ says "Interest is paid on maturity."

4) Are there any similar accounts other than Nationwide to do the above with, without having the hassle of switching main account and all transactions etc Plenty of other regular savers available: https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

See answers inline above....

dont_use_vistaprint

schiff wrote: »

1) You don't seem to be keeping on top of things, do you.

Not at all ! :-(

TBH I dont like the way these companies force us to participate in this switching circus. Why cant they just reward loyalty and the fact we freely choose to give them our hard earned money to use


I am sure there is a gap somewhere if not done already for a company to just do all this for you....

schiff

dont_use_vistaprint wrote: »

Not at all ! :-(

TBH I dont like the way these companies force us to participate in this switching circus. Why cant they just reward loyalty and the fact we freely choose to give them our hard earned money to use


I am sure there is a gap somewhere if not done already for a company to just do all this for you....

They just don't so you/we just have to accept it. As with all businesses they are competitive and show that by aiming to steal customers from other banks, and with that you are into the 'switching circus'.

Most of us have made lots of money by switching and are clearly prepared to go through the routines as it's worth it. That's what MSE is all about

dcs34

What is interest if not rewarding loyalty?