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Trying hard...
FunLovinCriminal
Posts: 491 Forumite
Hi all
After some advice as my maths is not as good as you experts.
For a while all my savings were in a TSB Classic Plus Account - I think paying 1.5% interest up to £1500. I had over £2500 and was not earning interest on the other £1000. As I have my mortgage with Virgin Money and Current Account with Bank of Scotland, I opened two regular savings accounts drip feeding the extra in to them - max £250 in each account. The BoS is paying 0.20% interest annually - but its better than nothing. Not sure about the EiSA with Virgin.
I am now sitting with £1000 in my TSB account.
Am I better now building the TSB back up to £1500? Or am I being daft?
After some advice as my maths is not as good as you experts.
For a while all my savings were in a TSB Classic Plus Account - I think paying 1.5% interest up to £1500. I had over £2500 and was not earning interest on the other £1000. As I have my mortgage with Virgin Money and Current Account with Bank of Scotland, I opened two regular savings accounts drip feeding the extra in to them - max £250 in each account. The BoS is paying 0.20% interest annually - but its better than nothing. Not sure about the EiSA with Virgin.
I am now sitting with £1000 in my TSB account.
Am I better now building the TSB back up to £1500? Or am I being daft?
Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 50
Mortgage: Current - £97k
Mission: MF by 50
0
Comments
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The interest on the TSB account will reduce to zero.
https://www.moneysavingexpert.com/news/2020/09/tsb-to-scrap-classic-plus-current-account-interest/
Had you considered opening a Virgin current account? Interest of 2.02% on up to £1000.
https://uk.virginmoney.com/current-accounts/pca?ds_rl=1277573&gclid=EAIaIQobChMIkLWZ0YOn7AIVQbTtCh3r2gSTEAAYASAAEgJ_HvD_BwE&gclsrc=aw.ds
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