Tsb monthly saver

Salimo

If I move my bank account before the end of the one year term, will I get any interest from my monthly saver? 

soulsaver

Open a second TSB c/a to be certain... takes a couple of minutes.

colsten

According to the T&Cs, you need a TSB current account to operate their monthly saver, although they don't say this in so many words. One issue to consider is how you would withdraw your saver balance if you didn't have a current account any longer. 

Follow advise already given by soulsaver, or keep your current account. May I ask why you want to move your existing account?

BTW, I believe you can also close your TSB Monthly Saver at any time, without loss of interest. So you could close the saver first, move the balance into your current account, and then close / switch your current account. 

Salimo

Thanks - I know I can just close the monthly saver but my question is would I get any interest? T&C state interest is paid at the end of the year, which could indicate I might not get any if I close it before then, but there is no mention of early closure in T&C. I’d like to move to the Nationwide Flex account which will pay 5% for a year, so would probably still be worth it even if I didn’t get the 6 months interest. 

ColdIron

Interest is calculated daily and will be paid on closure

ColdIron

There's no reason to leave it open and wait for the full term to have the interest paid. Close it and get the interest now

colsten

Salimo said:

Thanks - I know I can just close the monthly saver but my question is would I get any interest? T&C state interest is paid at the end of the year, which could indicate I might not get any if I close it before then, but there is no mention of early closure in T&C. I’d like to move to the Nationwide Flex account which will pay 5% for a year, so would probably still be worth it even if I didn’t get the 6 months interest. 

As above, you get interest up to the day of closure.

But you don't need to close anything to get a FlexDirect. You also don't get anything now for switching as Nationwide have paused their Referral scheme for now. So all you need to do it open the FlexDirect, load it up, and then comply with the terms to get your 5%.