TSB 5%

Skeeter · 7 Sep 2014 at 23:14

So far I can't see any reason not to open a TSB Current Account Plus and use it as a savings account? Unless I am missing something in the Ts and Cs you don't need to move anything to them, and just need to put £500 a month in. Why can't I just drop £2k in and transfer £500 through it each month and enjoy the 5%?

Skeeter · 7 Sep 2014 at 23:21

Whitewater said:
They may stop paying 5% on balances over a certain amount. Nationwide do

It's a 2k limit. But considering my savings are earning bugger all, getting 5% on 2k of it is better than a kick in the teeth.

If there's more like this about you could split your savings up and spread them around a load of current accounts, and get much more than all savings accounts are offering?

Skeeter · 7 Sep 2014 at 23:27

It's 5% on the first 2k and 0% on anything above that. So you would put 2k in and then just transfer £500 in and back out again each month to meet the requirements.

Skeeter · 7 Sep 2014 at 23:35

My Santander savings account is getting something depressing like 1.3% pre tax. But that's still better than the 0.5% my Halifax ISA offers.

Savings are a complete waste of time at the moment. The thing I'm most looking forward to about owning a house is having somewhere to put my savings that's actually appreciating.

Skeeter · 7 Sep 2014 at 23:50

Yeah property is the best savings account, but for those without a house it seems you can hop money about in these sort of things.

Does anyone know of any others?

Skeeter · 7 Sep 2014 at 23:51

Simon said:
I'm talking about current accounts not savings. You can be making £60 a year from Halifax without the need for any capital. Simply moving your money.

Why don't you get an isa?

Officially a 5% current account would be taxed anyway so that could drop to 3%

Because taxed savings are still ahead of most ISAs. I've already got a Halifax reward account for the £5 a month.

Skeeter · 7 Sep 2014 at 23:55

Simon said:
You get the £60 a year for doing nothing idea though yeah ?

Yep, already got a Reward Account. And 0% CCs with the balance in savings. Might do this TSB thing too. Basically it's hard work to even make a small amount of savings earn anything at the moment.

Skeeter · 8 Sep 2014 at 00:02

Yeah as xs2man says, move the money around all the accounts that need it paid in to meet the criteria, and then put back in your current account or savings or wherever it's needed.

Skeeter · 8 Sep 2014 at 00:03

Stoozing?

Skeeter · 8 Sep 2014 at 00:07

Seems I already do it, sort of. Have been for a few years. Take out a 0% CC and put the money on it in savings somewhere. Less profitable now that savings rates are duff, and I don't have a mortgage, but I've been rolling through 0% CCs for a while purely to use the balance as savings.

Skeeter · 8 Sep 2014 at 08:31

I wonder if TSBs T&Cs allow multiple accounts in the same name to get the 5%?

Skeeter · 8 Sep 2014 at 21:27

Jokester said:
If you've got that much cash sitting around in a bank account, you would be better investing it somewhere, even peer to peer will give you better returns.

Is that aimed at me, or the Guy with half a billion spread across eleventy billion accounts?

The 123 account is good, but you'd still better off sticking 2k in a TSB account.

Primary aim is overpayments on a mortgage tho, massive savings to be had there. Just need someone to build houses near me!

Skeeter · 16 Sep 2014 at 18:34

P2P lending isn't covered by the FSCS, so while you may be able to insure against the individuals your money is lent to not repaying, if the actaul P2P company goes bust your screwed.