Regular Savings Accounts: The Best Currently Available List!

Steve_xx

colsten wrote: »

Are you sure you looked at the TSB T&Cs?

I think 10_66 was stating that he/she couldn't see in the terms that the deposit was required to come from an existing Lloyds/TSB account?

Rich2808

Steve_xx wrote: »

I think 10_66 was stating that he/she couldn't see in the terms that the deposit was required to come from an existing Lloyds/TSB account?

2.1 is clear - it can come from any source except a TSB savings account. So an SO from another bank account is fine.

Steve_xx

Rich2808 wrote: »

2.1 is clear - it can come from any source except a TSB savings account. So an SO from another bank account is fine.

Yes, that's how I read it to be.

10_66

colsten wrote: »

Are you sure you looked at the TSB T&Cs?

Yes thanks, I did look at their T&Cs, as I said in my post, I couldn't see that the standing orders had to come from their current accounts.


Thanks Steve_xx and Rich2808 for confirming.

wheelz

I'm interested in this TSB monthly saver as well. I understand you have to have a current account to be able to open a monthly saver. And you need to pay in £500 every month into the current account. As soon as you are over £2000 there is no interest anymore, that's how I understand it so you need to keep that at £2000. Although they want you to move £500 into the account, you could take amounts out again once it has reached the £2000. Am i understanding all this correctly? Was it easy to open the current account, I'm assuming once that has been opened it's easy to open the monthly saver account.

Steve_xx

wheelz wrote: »

I'm interested in this TSB monthly saver as well. I understand you have to have a current account to be able to open a monthly saver. And you need to pay in £500 every month into the current account. As soon as you are over £2000 there is no interest anymore, that's how I understand it so you need to keep that at £2000. Although they want you to move £500 into the account, you could take amounts out again once it has reached the £2000. Am i understanding all this correctly? Was it easy to open the current account, I'm assuming once that has been opened it's easy to open the monthly saver account.

Yes you need a TSB current account in order to have their Regular Saver account.
Your statement regarding interest on balances over £2000 needs clarification. If you have an amount in excess of £2000 in the account then you will certainly continue to earn interest on upto £2000, but you won't earn any interest on the excess balance that's over £2000.

TomJ

wheelz wrote: »

I'm interested in this TSB monthly saver as well. I understand you have to have a current account to be able to open a monthly saver. And you need to pay in £500 every month into the current account. As soon as you are over £2000 there is no interest anymore, that's how I understand it so you need to keep that at £2000. Although they want you to move £500 into the account, you could take amounts out again once it has reached the £2000. Am i understanding all this correctly? Was it easy to open the current account, I'm assuming once that has been opened it's easy to open the monthly saver account.

Spot on, as long as by "no interest anymore" you mean "no interest on the portion of the balance over £2000".

It was very simple for me to open the current account in branch and simpler to then open the Monthly Saver online.

wheelz

Thanks. I happened to go into a TSB this week to ask if there was a bank in the town I've started working recently that has an indoor cash machine for non-members/customers. I came away with interesting thoughts about their current and savings account and a nice brochure. I was quite impressed.:T I'm not normally convinced by sales pitches. I have already opened the Nationwide 5% regular saver and was interested to hear I could have more 5% interest accounts. :cool: It's a strange world having put my savings into ISAs for years. I'm going to move some of that ISA money into those new 5% savings accounts.

wheelz

Forgot to ask. I don't need to make it my main current account the new TSB current account? As long as I move £500 into the account every month they are happy? Does that also need to be a standing order?

Steve_xx

wheelz wrote: »

Forgot to ask. I don't need to make it my main current account the new TSB current account? As long as I move £500 into the account every month they are happy? Does that also need to be a standing order?

It doesn't need to be your main account.

The £500 monthly deposit does not need to be in the form of a Standing Order, it can simply be transferred in and out within seconds, if that's what you want to do.

There is a further trick/benefit with this TSB current account. For all 'contactless' payments you make each month you get 5% back upto a maximum of £5. So effectively you spend £100 a month using the 'contactless' facility, and you get £5 refunded back into your account. Note that I said 'contactless' payments.

This £5 monthly rebate will continue until Decemebr of this year, I believe. After that, who knows!