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  • FIRST POST
    • Red-Squirrel
    • By Red-Squirrel 5th Jan 19, 11:10 AM
    • 4,039Posts
    • 10,827Thanks
    Red-Squirrel
    New saver advice!
    • #1
    • 5th Jan 19, 11:10 AM
    New saver advice! 5th Jan 19 at 11:10 AM
    So for the first time since I've been a homeowner I'm in a position to save again! I'm hoping the lovely experts on this board can give me some suggestions as to the best easy access places to keep a small but hopefully growing pot of money. I have around 500 a month that I can save from my salary.

    I currently have the following pots/accounts:

    400 in a Natwest current account earning no interest as far as I know (this is a 'spare' current account, no DDs or other use apart from me paying in and out of it.

    550 in a co-op savings account earning 0.59%

    100 in Starling

    760 in Monzo

    My main current account is with the Co-op but I have just opened a HSBC one for the bonus and the switch should go through in the next week or so. I will then open the regular 5% savings account and put the full 250 in there every month.


    I'm stuck as what to do with the little bit of money I already have and the other 250 I want to save each month. I could do with easy access as it will be a mixture of emergency fund and pots for things like vet bills, holidays, home improvements etc. One pot is for travel plans that are more than a year away so I could conceivably put some in a longer term product.


    Any ideas? Thanks in advance!
    Last edited by Red-Squirrel; 05-01-2019 at 11:14 AM.
Page 2
    • YorkshireBoy
    • By YorkshireBoy 6th Jan 19, 12:59 PM
    • 30,419 Posts
    • 18,319 Thanks
    YorkshireBoy
    Looking at the T&Cs, the interest isn't dependent on doing a switch as some are, so I'm wondering if I can meet the requirements by transferring the same 500 out to my spare NatWest account and then back in again 24 hours later? Do banks accept this or are they funny about it?

    That would be an acceptable level of admin for me as it would still leave me with one 'main' current account for salary and bills.
    Originally posted by Red-Squirrel
    It seems I've answered your question before you asked it. See above. We have several TSB Plus accounts and I can tell you they are fully automated, including both funding and interest extraction. Just log in once per month (in our case the 4th) to check all is OK.
    • YorkshireBoy
    • By YorkshireBoy 6th Jan 19, 1:00 PM
    • 30,419 Posts
    • 18,319 Thanks
    YorkshireBoy
    I think this is the way forward then, if TSB are ok with the 500 I pay in being the same 500 I just took out!
    Originally posted by Red-Squirrel
    I don't think they mark the notes!
    • Red-Squirrel
    • By Red-Squirrel 6th Jan 19, 1:02 PM
    • 4,039 Posts
    • 10,827 Thanks
    Red-Squirrel
    I don't think they mark the notes!
    Originally posted by YorkshireBoy


    Good point, I'm overthinking it!
    • Red-Squirrel
    • By Red-Squirrel 6th Jan 19, 1:38 PM
    • 4,039 Posts
    • 10,827 Thanks
    Red-Squirrel
    I know I always say it, but you may wish to google "TSB service issues" before deciding to do business with them....
    Originally posted by Tammer
    Oh dear should have paid more attention to this!

    Application process has a glitch on step 5 of 6 and won't let me complete the application, nobody on the phone seems to know what to do about it!
    • TreasureHunter
    • By TreasureHunter 6th Jan 19, 9:57 PM
    • 5 Posts
    • 1 Thanks
    TreasureHunter
    TSB is a bank I've been considering too, but I have to admit the stories of repeated IT problems have made me somewhat wary.
    • bradqwer
    • By bradqwer 6th Jan 19, 10:31 PM
    • 82 Posts
    • 56 Thanks
    bradqwer
    TSB is a bank I've been considering too, but I have to admit the stories of repeated IT problems have made me somewhat wary.
    Originally posted by TreasureHunter
    been with them 10+ years only ever known 2 issues with IT in that time I would ignore the scaremongers for every 1 story there are 100s happy ofc things happen but its not a regular thing
    'Save 1,100 in 2019' #81

    50/1100
    • Red-Squirrel
    • By Red-Squirrel 7th Jan 19, 4:16 PM
    • 4,039 Posts
    • 10,827 Thanks
    Red-Squirrel
    TSB is a bank I've been considering too, but I have to admit the stories of repeated IT problems have made me somewhat wary.
    Originally posted by TreasureHunter

    There was an IT glitch in the online application process so I couldn't complete it online, but I've been to a branch today and the staff found my partial application and finished it there and then for me, can't fault the branch staff, but as I normally manage everything online I suppose I'll have to see how that goes!
    • Mnd
    • By Mnd 7th Jan 19, 5:07 PM
    • 927 Posts
    • 1,204 Thanks
    Mnd
    Conditions of TSB are fairly easy, but hopefully the branch staff sorted for you.

    As I recall

    1)500 transferred in every month..you can take out same day
    2) account to be paperless statements etc
    3) you need to log in once a month to your statement

    This is how I understand it, sorry if there's anything wrong
    • Red-Squirrel
    • By Red-Squirrel 7th Jan 19, 5:39 PM
    • 4,039 Posts
    • 10,827 Thanks
    Red-Squirrel
    Conditions of TSB are fairly easy, but hopefully the branch staff sorted for you.

    As I recall

    1)500 transferred in every month..you can take out same day
    2) account to be paperless statements etc
    3) you need to log in once a month to your statement

    This is how I understand it, sorry if there's anything wrong
    Originally posted by Mnd
    Yep, all sorted, with 1501 in there now earning its keep!
    • Mnd
    • By Mnd 7th Jan 19, 6:12 PM
    • 927 Posts
    • 1,204 Thanks
    Mnd
    That's a pound too much!
    • Red-Squirrel
    • By Red-Squirrel 8th Jan 19, 7:57 AM
    • 4,039 Posts
    • 10,827 Thanks
    Red-Squirrel
    That's a pound too much!
    Originally posted by Mnd


    T&Cs say interest is paid up to 1501 so I'm not wasting a penny!
    • EachPenny
    • By EachPenny 8th Jan 19, 12:50 PM
    • 9,699 Posts
    • 27,051 Thanks
    EachPenny
    T&Cs say interest is paid up to 1501 so I'm not wasting a penny!
    Originally posted by Red-Squirrel
    Before you cause a stampede of people paying an extra pound into their Classic Plus account... where did you read the 1501 figure?

    Notwithstanding the glitch you had with the online application process, most of the time it seems TSB's online banking is working for most people. But it is very annoying/frustrating for those who are having problems.

    But as you are only intending to use the account for savings it is unlikely you'll have any major issues... and if something does go wrong, the branch staff are usually very helpful... as you've already discovered.
    "In the future, everyone will be rich for 15 minutes"
    • Alexland
    • By Alexland 8th Jan 19, 1:23 PM
    • 4,212 Posts
    • 3,531 Thanks
    Alexland
    Before you cause a stampede of people paying an extra pound into their Classic Plus account... where did you read the 1501 figure?
    Originally posted by EachPenny
    Yeah their IT is crummy enough without the 'pound depositing herd' causing a denial of service network traffic overload. Even the suggestion would cause their IT support engineers to reach for the emergency overtime forms and HR department to recruit a few hundred more complaint handlers who can now apparently be seen from space.

    Alex
    • fiestaman87
    • By fiestaman87 10th Jan 19, 5:30 PM
    • 44 Posts
    • 49 Thanks
    fiestaman87
    Reading this thread I'm now debating opening one (or more) of these TSB Classic Plus accounts but I'm just trying to get my head round something.

    The only reason to have this would be to just have 1500 of your savings earning 5% interest (which you can then cream off and put elsewhere) and thats it. Any other savings you have over 1,500 would need to be held elsewhere.

    Am I right?
    Total Savings: HSBC 2000, Marcus 1001.91, Virgin Money 1000.19 - Total 4002.10
    Total Debt: Barclaycard (0% APR) 2,550.00, Santander CC (0% APR) 4,100.99, Santander Loan (3% - for car) 4,291.85, Mortgage 51,073.00 (1.5% APR) - Total 62,017.30
    • 18cc
    • By 18cc 10th Jan 19, 6:22 PM
    • 985 Posts
    • 686 Thanks
    18cc
    Yes I would definitely listen to Yorkshire boy and each penny they are usually very reliable
    • EachPenny
    • By EachPenny 10th Jan 19, 10:06 PM
    • 9,699 Posts
    • 27,051 Thanks
    EachPenny
    Reading this thread I'm now debating opening one (or more) of these TSB Classic Plus accounts but I'm just trying to get my head round something.

    The only reason to have this would be to just have 1500 of your savings earning 5% interest (which you can then cream off and put elsewhere) and thats it. Any other savings you have over 1,500 would need to be held elsewhere.
    Originally posted by fiestaman87
    Well you could use it as a current account, but probably best not to until their IT problems are behind them.

    It is also useful to hold as a second current account (if you don't have a spare one already) in case your main bank has IT troubles at some point in the future.

    And the other benefit is having an eligible current account with TSB allows you to open a monthly saver paying 2% interest on up to 250 deposited per month for a year. Not the best interest rate, but easy to open if you already have a current account with TSB, and instant access to your money if you need to withdraw it.
    "In the future, everyone will be rich for 15 minutes"
    • pioruns
    • By pioruns 10th Jan 19, 10:36 PM
    • 5 Posts
    • 1 Thanks
    pioruns
    As a main current account you have a point. But as a savings account it wouldn't (and doesn't) bother me.
    Originally posted by YorkshireBoy

    What's wrong with TSB? It's been my main account of choice for last 10 years.
    • kangoora
    • By kangoora 11th Jan 19, 6:19 AM
    • 619 Posts
    • 441 Thanks
    kangoora
    Between my wife and I we have 4 TSB accounts, I don't think you can have 2 sole name accounts any more but you used to be able to.

    We have simple standing orders set up to transfer the 500 to these and our other current account 'savings' accounts'.

    We actually transfer the maximum needed for one of our others so on the 2nd of the month 1250 goes on a merry little trip from our main current account taking in the sights from TSB, Lloyds, Tesco, First Direct* & Nationwide ending up back in Santander (occasionally stopping to shed some pounds into 5% regular savers along the way) refreshed from its little holiday .

    * Transferred to get a new account bonus, going to do this again soon for another bonus when I get around to it.

    On the IT issues, we never had any with our TSB accounts - their website is definitely slower than other banks but not drastically slower or unusable.
    • Zero Sum
    • By Zero Sum 11th Jan 19, 8:25 AM
    • 662 Posts
    • 519 Thanks
    Zero Sum
    Dont forget Nationwide have a similar account paying 5% upto 2500 (but only for a year) but does have a linked reg saver also paying 5%
    • fiestaman87
    • By fiestaman87 12th Jan 19, 4:32 PM
    • 44 Posts
    • 49 Thanks
    fiestaman87
    Well you could use it as a current account, but probably best not to until their IT problems are behind them.

    It is also useful to hold as a second current account (if you don't have a spare one already) in case your main bank has IT troubles at some point in the future.

    And the other benefit is having an eligible current account with TSB allows you to open a monthly saver paying 2% interest on up to 250 deposited per month for a year. Not the best interest rate, but easy to open if you already have a current account with TSB, and instant access to your money if you need to withdraw it.
    Originally posted by EachPenny
    EachPenny,

    Thanks for the tips and advice.

    I am opening a TSB Classic account but I won't be using it as a main current account for the following reasons:

    * I have an HSBC Advance current account which I switched last year (and got 150 for the trouble) and I'm expecting another 50 in a couple of months. Also this account has a 5% linked saver of which I'm paying in the max 250 per month.

    * I have 2 other current accounts besides the one above, a Starling account solely for use abroad and a Santander Zero dormant account with a small amount as I still have other products with them.

    * I have a Virgin Money Regular Saver (3%) which I'm paying in the max 250 each month.

    I will be studying with interest your posts in future (not in a creepy way though) as you do seem to know your stuff.
    Total Savings: HSBC 2000, Marcus 1001.91, Virgin Money 1000.19 - Total 4002.10
    Total Debt: Barclaycard (0% APR) 2,550.00, Santander CC (0% APR) 4,100.99, Santander Loan (3% - for car) 4,291.85, Mortgage 51,073.00 (1.5% APR) - Total 62,017.30
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