Tsb plus account 5%
typistretired
Posts: 2,099 Forumite
The financial pages of the newspapers have been reporting that TSB have launched the above account but I have been unable to find it on their site. Has anyone been able to find on TSB website this current account with TSB which pays 5% on balances up to £2,000 as long as you pay in £500
"Look after your pennies and your pounds will look after themselves"
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http://www.yourmoney.com/your-money/news/2333686/tsb-launches-new-current-account-paying-5
Available from the end of march0 -
Looks like I'll be applying to open a TSB account come the end of the month :beer:
(I'll want to read and digest the official TSB terms & conditions first though)0 -
Wonder if it's possible to 'convert' any Enhance accounts across to this new product!
Would be good.0 -
What does that mean? Being able to open two accounts is a "loophole"?Andrew Hagger of Moneycomms.co.uk said the new account contains a "loophole" which could set "alarm bells ringing" at the bank.
"TSB could see an influx of consumers opening two TSB Plus accounts and earning 5% on a combined £4,000 balance, viewing it as an alternative to poor paying instant access savings accounts," he said.0 -
What does that mean? Being able to open two accounts is a "loophole"?
The draft T&Cs the paper has seen allows you to have multiple accounts and all receive the 5% interest on the first £2k so its a "loophole" because you can invest a lot more than £2k and get 5% interest on it all by having multiple accounts.
Nationwide FlexDirect allows you to have up to 4 or 5 accounts (cant remember off hand) but states the 5% interest is only paid on one (though initially they didnt enforce this)0 -
Oh well,I only opened 3 Enhance accounts the other day - still haven't used them yet.
Will just open 2 more Plus accounts I hope/expect - seems like a very good offer from TSB
Wonder if the new 'Club Lloyds' accounts will be similar.
Regards
Sunil0 -
But why two though? Why not five accounts? Ten?InsideInsurance wrote: »The draft T&Cs the paper has seen allows you to have multiple accounts and all receive the 5% interest on the first £2k so its a "loophole" because you can invest a lot more than £2k and get 5% interest on it all by having multiple accounts.
What I mean is, is there a limit to the number of TSB Plus accounts that can be had per person regardless of whether the 5% interest applies?0 -
But why two though? Why not five accounts? Ten?
What I mean is, is there a limit to the number of TSB Plus accounts that can be had per person regardless of whether the 5% interest applies?
Potentially, there is for Nationwide's FlexDirect
Until the T&Cs are made public for the TSB Plus anything at the moment is pretty much just speculation. There is no press releases on their own site etc yet0 -
I'd open two of these accounts but unless you can do this purely online, as we don't have any branches in our area I think that this won't be possible
Hopefully the Lloyds Club account will be similar.0 -
There's one now...InsideInsurance wrote: »There is no press releases on their own site etc yet
http://www.abouttsb.co.uk/press_and_media/news_releases/12_03_2014_5_per_cent_interest_from_the_bank_acount_thats_not_like_other_bank_accounts.html
...but it doesn't say any more than we've learned already.0
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