What to do with TSB Classic Plus Accounts now rates are to drop to 0%

stevec59

I have 2 TSB Classic Plus Accounts that have the intrest rate due to drop to 0% in a few days, question is, what do I do with the money? TSB Classic Plus Accounts don't require direct debits, so that is really good, I did think about switching to another bank ones the Bribes come back, but I think they all need DD's? OK I could open them and find some £1 per month DD's and then close them again, seems a lot of messing around. I guess the other option is to transfer the money to an easy access saving account, the rates at the moment are really bad and since I only have £1.5 k in each, I'm not going to get a lot of interest.
If I went for a current account switch, would I need DD'd in place before I did the switch?
Many Thanks,
steve

YorkshireBoy

stevec59 said:

I have 2 TSB Classic Plus Accounts that have the intrest rate due to drop to 0% in a few days, question is, what do I do with the money? You put it where it will generate the highest return.TSB Classic Plus Accounts don't require direct debits, so that is really good, I did think about switching to another bank ones the Bribes come back, but I think they all need DD's? Incorrect.OK I could open them and find some £1 per month DD's and then close them again, seems a lot of messing around. I guess the other option is to transfer the money to an easy access saving account, the rates at the moment are really bad and since I only have £1.5 k in each, I'm not going to get a lot of interest. You weren't getting a lot before.
If I went for a current account switch, would I need DD'd in place before I did the switch? Yes and no, depending on the specific T&Cs.
Many Thanks,
steve

.............

RG2015

Virgin Money current account, 2% on up to £1,000 plus a case of wine switching bonus and a linked 0.50% savings account and no DDs required!

Alexland

RG2015 said:

Virgin Money current account, 2% on up to £1,000 plus a case of wine switching bonus and a linked 0.50% savings account and no DDs required!

To get the switch wine offer you need to transfer two DDs?

RG2015

Alexland said:

RG2015 said:

Virgin Money current account, 2% on up to £1,000 plus a case of wine switching bonus and a linked 0.50% savings account and no DDs required!

To get the switch wine offer you need to transfer two DDs?

My mistake. I opened the account before the wine offer and had forgotten this required DDs.

Even without the switching offer though, the 2% makes it a good replacement for the TSB Classic Plus account.

Alexland

RG2015 said:

Even without the switching offer though, the 2% makes it a good replacement for the TSB Classic Plus account.

 Yup, and the Virgin Money Home Buying Coach App gives access to their 1.75% regular saver

kuepper

Alexland said:

RG2015 said:

Even without the switching offer though, the 2% makes it a good replacement for the TSB Classic Plus account.

 Yup, and the Virgin Money Home Buying Coach App gives access to their 1.75% regular saver

Is that open to everyone/ with a Virgin account,how come it's not in best buy tables?

MDMD

kuepper said:

Alexland said:

RG2015 said:

Even without the switching offer though, the 2% makes it a good replacement for the TSB Classic Plus account.

 Yup, and the Virgin Money Home Buying Coach App gives access to their 1.75% regular saver

Is that open to everyone/ with a Virgin account,how come it's not in best buy tables?

It was listed on this thread a couple of weeks ago

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p1

Alexland

You don't even need the current account just some ambition to buy some property maybe...

WilkinsonM

You could just leave them be but open the 1% regular saver at £125 per month then leave for a year and see what thing she look like in a year?

Descrabled

TSB regular saver better to use:

£250 each month for five months, then £100, followed by £25 for final 6 months. This gives slightly better annual interest of about £11.50.  If you stick to a flat £125 each month you only make £8 and change.

I know this is only about the cost of a coffee (if they reopen). This is Moneysaving, however.