TSB Classic Plus

dd95

been shopping around for new current account as my current nationwide pays 0% interest.

The TSB classic pays 3% interest per month provided £500 paid each month. Does this mean, provided my salary gets paid into this every month i can et the 3% monthly?

Also is the interest usually calculated month start or month end?

thanks!

Mat_Lock

You don't have to have salary paid in. Just £500 in to benefit. I have £1500 in savings in there, I then transfer in £500 from my Starling current account and then take £500 back out 5 minutes later and back in to my Starling account.

dd95

hi mat,

i just meant will my salary being paid in qualify me for the 3%? do you know when the interest is paid as i tend to transfer out money to my savings as soon as my salary is paid in (;last friday of every month)

Zero_Sum

Doesnt need to be salary. Just slosh £500 from one account to other.. yes salary will count. The bank would probably prefer it to be salary as then you're using it correctly rather than taking the mick somewhat like many of us on here do.
Interest is paid on 2nd of month.

For me I just keep the max £1500 in it & click the 3% interest

dd95

thanks zero

i currently have a standing order of 200 pm into HTB ISA and 200 into normal savings acc, plus around 450pm of direct debits, will i need to inform all of these providers and my employer or will the switch service do this?

Zero_Sum

If you're using the switch service they should do it all for you.
However if there's no bonus for switching then id just open the new one without switching & just use as a glorified savings account. Its always worth having a few spare accounts for either switching bonuses or for IT failures etc

dd95

that true zero but i don't have 500 to put in each moth and they give 50 for switching!

it's definitely worth it i think as im getting around £40 per month with the 3% interest compared to nothing now!

if they do it all for you that definitely takes the stress out of switching!

Zero_Sum

dd95 wrote: »

that true zero but i don't have 500 to put in each moth and they give 50 for switching!

it's definitely worth it i think as im getting around £40 per month with the 3% interest compared to nothing now!

if they do it all for you that definitely takes the stress out of switching!

No, you get a max of £3.75 a month

dd95

i thought it was 3% up to 1500? so 3% of 1250 is £37.50 or am i being really dull here? :')

Zero_Sum

dd95 wrote: »

i thought it was 3% up to 1500? so 3% of 1250 is £37.50 or am i being really dull here? :')

Its 3% annually. So you have to divide your figure by 12

dd95

ahh that makes sense!