TSB: Yay or nay?

Diddums · 22 Jun 2018 at 13:19

Got a bit of extra cash lying around, TSB's screwup recently ruined my confidence in them but this did give them a kick up the arse to offer their customers 5% interest, and I've had an untouched TSB account for a while now, so what we thinking, shove my cash in there or is it a bit of a risk?

I haven't really been following much of their news lately so have no idea what's going on.

Anyone here use them?

(PS, I'm not looking for alternative options for the cash, I have a bit of a portfolio already and this cash already has a purpose, but that purpose only comes to fruition in September)

dowie · 22 Jun 2018 at 13:22

I wouldn't bother using them day to day and personally think they deserve to fail. But if you're going to dump a few grand in there and use it as a savings rather than a current account then why not... it is guaranteed by the UK Government after all.

Delvis · 22 Jun 2018 at 13:25

Yeah they're fine, had one balls up as you know other than that had no issues in 18 years.

5% is probably based on criteria of paperless banking etc so just read the qualifying needs

Everyone here will moan about them obviously , if it's serious investment then upto

NickXX · 22 Jun 2018 at 13:44

Your savings are guaranteed by the FSCS up to £85,000. Assuming they’re less than that, they would be safe.

5% is a great rate, I would go for it.

Firestar_3x · 22 Jun 2018 at 13:46

5% upto £1,500 no interest after that amount?

Diddums · 22 Jun 2018 at 13:47

Delvis said:
Yeah they're fine, had one balls up as you know other than that had no issues in 18 years.

5% is probably based on criteria of paperless banking etc so just read the qualifying needs

Everyone here will moan about them obviously , if it's serious investment then upto

This is a good point, I just had a quick peek and they require a monthly payment of £500 in to the account to get the 5% interest, which rules that one out as it's a one off. Ah well

Street · 22 Jun 2018 at 13:50

I still use them to keep £1,500 in. I won't get that sort of interest anywhere else so it's cutting my nose off to spite my face if I move my cash out.

Diddums said:
This is a good point, I just had a quick peek and they require a monthly payment of £500 in to the account to get the 5% interest, which rules that one out as it's a one off. Ah well

Just cycle £500 in and out on a standing order.

Diddums · 22 Jun 2018 at 13:52

Street said:
I still use them to keep £1,500 in. I won't get that sort of interest anywhere else so it's cutting my nose off to spite my face if I move my cash out.

Just cycle £500 in and out on a standing order.

Not worth the effort tbh, I just need somewhere to shove the cash until September and thought I could get the 5% interest as I was doing it anyway. Thanks though

silvagti · 22 Jun 2018 at 14:03

Firestar_3x said:
5% upto £1,500 no interest after that amount?

Guess it's £75 per year but I'm not sure if it's worth the effort of setting up the account reall. Plus they'll probably drop the interest rate soon enough anyway. Seems like a quick bribe to stop customers leaving after their recent issues.

RobDogDog · 22 Jun 2018 at 14:34

I set one up a few months back. I never touch it. Daisy chained it with a Nationwide to get interest there as well. It will work out as a little bit extra at the end of the year which is always nice.

413x · 22 Jun 2018 at 15:02

Sounds like not worth it for hassle on 1500

ultralaser · 22 Jun 2018 at 18:08

As others have said it's 5% on only £1,500 so that's £75 per year. Personally I'm not sure that spending a crap load of time opening the account and sorting rotating 500 in and out is worth it.....

BUDFORCE · 22 Jun 2018 at 18:17

ultralaser said:
As others have said it's 5% on only £1,500 so that's £75 per year. Personally I'm not sure that spending a crap load of time opening the account and sorting rotating 500 in and out is worth it.....

Yea agree they are loads of accounts that offer these types of perks but they all involve some form of agg, personally don't think it's worth it and what happens generally is some **** up will happen meaning you have to go in to branch to sort it out blah blah.

Exactly what happened to me with my TSB ISA, I couldn't take money out remotely because I didn't have a current account with them so had to drive 15 miles on a Saturday to a branch. Rubbish.

Hades · 22 Jun 2018 at 21:21

Delvis said:
Yeah they're fine, had one balls up as you know other than that had no issues in 18 years.

It was a different bank. Different management. Different computer systems.

Street · 22 Jun 2018 at 22:05

ultralaser said:
As others have said it's 5% on only £1,500 so that's £75 per year. Personally I'm not sure that spending a crap load of time opening the account and sorting rotating 500 in and out is worth it.....

It takes about 10 minutes of your time for a free £75 a year, that's worth it in my book!

RobDogDog · 22 Jun 2018 at 22:20

Street said:
It takes about 10 minutes of your time for a free £75 a year, that's worth it in my book!

This. The effort is really not that much. Accounts and standing orders are easy and quick to setup online.

Pawnless Endgame · 22 Jun 2018 at 23:00

"We want you to say yes."

Delvis · 22 Jun 2018 at 23:08

Hades said:
It was a different bank. Different management. Different computer systems.

I've still had no issues other than the one balls up, which they owned up to.

Terrible obviously, but still owened up.

D3K · 22 Jun 2018 at 23:28

The original rate was for the first year only. I don't know what this new rate is for, but I doubt it will extend beyond a year.

I opened an account for the ~£60 interest in the first year so worth the 10 mins (as previously said). Unlikely to have any legs in it tho.

rubberduck · 22 Jun 2018 at 23:55

Invest in pyramid scheme.