Do you have an account with TSB?

[Sue]

I'm thinking of opening a current account with TSB.

Wondering how people have found their customer service as I've read mixed reviews.

[Otta]

I thought they stopped existing years ago (when they merged with Lloyds).

[Sue]

http://www.tsb.co.uk/current-accounts/

They're paying 5% interest on one current account, and 5% cashback on contactless payments.

Not quite as simple as that, but a very good deal.

[Louisa]

TSB and Lloyds de-merged as part of a government settlement following the sell off of public assets in the bank. TSB is now a seperate entity from Lloyds entirely.

Louisa.

[Loz]

Sue,

Don't know about TSB, but I jumped to First Direct a few years ago and have been very happy since.

Also, I have an account with MetroBank and they are very friendly and open until late. Unfortunately, their nearest branch to ED is central London.

[uncleglen]

there's a metrobank in croydon town centre

[Salsaboy]

And one in Bromley.

[Sue]

It's the 5% I would be joining for!

I'm already with First Direct and will keep that account on, though I think their service has deteriorated in the last couple of years.

However it's still a lot better than other banks I've had occasional dealings with.There's a TSB in Peckham, but the account is an online one.

I just don't want the hassle of poor customer service. Maybe no news is good news!

[Earl Aelfheah]

I joined for the 5% as well. It's good and I've not had any issues with them (mind you I do everything online, so don't know what their customer service is like as such).

[Sue]

Thanks rahrahrah.

I think I'll go for it. I don't anticipate doing anything with the account that would actually need me to try out their customer service (famous last words) so touch wood all will be well.

[dbboy]

Great service at the Peckham branch, staff are really helpful and you are treated as an individual, not as just another account holder.

[ed_pete]

"Get 5% AER current account interest on balances up to ?2,000 plus 5% cashback on your first ?100 of contactless payments every month.

To earn interest (which is paid monthly) just pay in a minimum of ?500 a month and register for Internet Banking, Paperless Statements and Paperless Correspondence. No interest is paid on your balance over ?2,000."

So, currently max gross interest of ?160 per year (?100 + 12 x ?5) or about ?13 a month. I imagine this is a teaser offer to get people to open accounts that is likely to be withdrawn as some not-to-distant point in the future.

Not saying that you shouldn't go for it just being clear on the benefits for the wider audience.

[Sue]

As far as I can see, you keep ?2,000 in there permanently as you would a savings account.

You then transfer ?500 in a month by standing order, and have another standing order to transfer it back again.

Once a month you check your balance and put anything over the two grand somewhere interest-earning.

A slight hassle but not much of one.

I make 5% of two grand ?100 (gross) a year.

Then that's plus anything else you make on the other stuff.

If the interest rate becomes no longer competitive, I would move the money out, but at present it is excellent compared to the paltry rates elsewhere.

ETA: First Direct reduced the interest rate on their Regular Saver, but it's still a reasonable deal although because you're paying in monthly obviously only the first of the payments make the full interest as the last of the payments will only have been in there for a month or so by the year end.

ETA: These amounts may seem relatively small to some EDers, however as a pensioner they seem worth while to me :)

And I'm not a risk taker where my savings are concerned.

ETA: Thanks, dbboy

[sallyfran]

Hi Sue

Be aware that all of the time you have even a penny more than ?2000 in your account you get no interest whatsoever on any of the balance. So you have to watch it very closely to check that it doesn't get above that sum. I was caught out by this for some time - it is very much in the small print.

[Sue]

sallyfran Wrote:

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> Hi Sue

> Be aware that all of the time you have even a

> penny more than ?2000 in your account you get no

> interest whatsoever on any of the balance. So you

> have to watch it very closely to check that it

> doesn't get above that sum. I was caught out by

> this for some time - it is very much in the small

> print.

Thanks for that.

So if you have ?2001 in your account you get no interest even on the first ?2000 until you bring the total below that amount?

I printed out the terms and conditions last night, so I'll have a read. I've always been a nerd so far as small print is concerned :))

ETA: I've now read the Terms and Conditions, which say that credit interest is payable "on the FIRST ?2000" in your account, and is credited on the first working day of each month.

I can't see any other relevant small print.

Could you point me to where you saw the small print you are referring to??

ETA: It does say that you won't get credit interest if you haven't met the eligibility conditions in any monthly period, ie paying at least ?500 into the account and be registered for internet banking, paperless statements and paperless correspondence.

Could that be the reason you had no interest?

[sallyfran]

No,you get no interest on any of your balance if the account goes above ?2000, for as long as it is above. I didn't find out until I carried out a transaction on the phone when the TSB guy told me that I wasn't earning any interest because I had (barely) more than ?2000 in the account. I thought he must have got it wrong, but he was adamant and I looked on the account description on the TSB website and yes, the interest rate table does show 0% interest if the balance is ?2000+ A bit sneaky I think because it is ambiguous - it would be natural to read this - as I did - as interest on up to ?2000 and nothing on balances above that amount.

[Sue]

Do you have a link, because I can't see that anywhere?

Thanks!

[PeckhamNicola]

?5 per month (net) on a Halifax current account as long as you don't go overdrawn at all in the month. Can't remember conditions as regards how much needs to be paid in each month, or other small print, but might be worth a look.

[Sue]

Thanks, I'll look.

I did see something about this but for some reason the TSB account looked the better bet, but maybe in light of the above it isn't :)

[cella]

I have 2 of these accounts and get, as advertised, 5% interest on deposits up to ?2k paid every month. As interest isn't paid on any money over ?2k I draw out anything in excess of ?2k and put it into another account so as to get interest on this amount too.

[Sue]

cella Wrote:

-------------------------------------------------------

> I have 2 of these accounts and get, as advertised,

> 5% interest on deposits up to ?2k paid every

> month. As interest isn't paid on any money over

> ?2k I draw out anything in excess of ?2k and put

> it into another account so as to get interest on

> this amount too.

Yes, that's what I'm intending to do.

However in view of SallyFran's posts above I am going to double check before I actually transfer any money in, in case the terms and conditions of this account may have changed.

[cella]

Well I got my usual interest paid today.

[Sue]

cella Wrote:

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> Well I got my usual interest paid today.

Not doubting you at all, but there's a faint possibility it might be different for people applying for accounts now, so just in case I'm going to check!

[red devil]

http://www.moneysavingexpert.com/savings/savings-loophole

[Sue]

red devil Wrote:

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> http://www.moneysavingexpert.com/savings/savings-l

> oophole

Thanks :)