2x TSB accounts, different interest amounts?

Fingerbobs

Just curious as to whether anyone else with multiple TSB Classic Plus accounts has ever received slightly different amounts of interest on each one?

It's happened to me this month for the first time in five years of holding two accounts. At no point has the balance in either account dropped below £1500, so I'm puzzled as to how one has received £3.53, while the other received £3.66 this month.

Sea_Shell

I had that too this month. I keep all accounts maxed out for the full month, so very odd. I've not queried it for a few pence though.

Just checked, £3.53 on the joint account and £3.65 on the soles.

Be interested to see if it's widespread.

colsten

I have seen some £3.53 and some £3.65, all sole accounts. There is not much of a pattern - the £3.53 ones were opened in March 2014, the others Sept 2013 and June 2016. All accounts are always funded with £1,500.

The only discernable difference between the accounts is that the £3.53 ones used to get their monthly deposit from an external account, whilst all the £3.65 ones have been funded with internal transfers. The £3.53 ones were changed to internal funding from the first of October. I can't see why this would affect the interest but it's the only difference we can detect.

EDIT: we are not planning to query the small differences.

garfield33

Yes I've had this in the past, and my balance never went below the maximum interesting earning amount, never worked out why though it was only 1p difference for me.
There are a few other comments on this thread too: https://forums.moneysavingexpert.com/discussion/5629333/two-tsb-accounts-different-interest

garfield33

I can't post links but there I started thread called "Two TSB accounts - different interest" in Savings and Investments in April 2017, and it seemed that a few people were getting 1p difference then - never really go to the bottom of it...

Edit - I thought my first reply had been blocked but I can now see it has appeared anyway... apologies for the duplication!

dreaming

12p is about right for 1 day's interest, which explains why there can be a monthly discrepancy dependent on whether it is 30 or 31 days. Not sure about the 2 accounts if the balance on both has remained constant at £1500 all month. There wasn't a direct debit going out on one which dipped it slightly under for a day?

Sea_Shell

I do move the £1500 out of the joint and then circulate back into all 3 accounts at £500 each, then internal transfer back to joint, all within a few minutes. So by close of business all still has £1500.

I've done this for ages, and the interest has always been identical, in any given month, across all 3 accounts!

Why would this month differ?

fifeken

Two accounts, both with £3.65 this month. I've seen 1p difference in the past and always attributed it to rounding.

billn

Two accounts, both with £3.65 this month. Did notice that 20SmthngSver mentioned on another thread that they got £3.69 inerest for September?

Brewer20

I got £3.66 on both accounts I hold.

colsten

dreaming wrote: »

12p is about right for 1 day's interest, which explains why there can be a monthly discrepancy dependent on whether it is 30 or 31 days. Not sure about the 2 accounts if the balance on both has remained constant at £1500 all month. There wasn't a direct debit going out on one which dipped it slightly under for a day?

The accounts I was talking about don't have any DDs. The only transactions on all the accounts are the monthly £500 deposits and corresponding withdrawals.