New TSB Classic Plus offer (new customers only...)

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Ashen
Ashen Posts: 592 Forumite
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edited 1 March 2017 at 2:53AM in Budgeting & bank accounts
Seems like TSB have a new offer only for new Classic Plus customers (excludes previous customers too!)
  • £5 cashback every month just for having two direct debits per month.
  • Plus another £5 cashback every month if you spend with your debit card 20 times a month.
  • For accounts opened on or after 1 March 2017 only. Offer ends 30 June 2018.

http://www.tsb.co.uk/classic-plus-cashback-terms-conditions.pdf

Not exactly encouraging loyalty - that said, I guess if it's viewed as an equivalent to a switching bonus (and if they do end it in June 2018) then it's not so bad - although it still means existing customers can't get it.
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  • mwarby
    mwarby Posts: 2,048 Forumite
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    It's a £120 switch offer, but one which is more difficult to rig(move donor, tescos direct debits etc) so maybe they'll have better retention for those that take up this offer
  • EarthBoy
    EarthBoy Posts: 3,040 Forumite
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    edited 1 March 2017 at 9:09AM
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    mwarby wrote: »
    It's a £120 switch offer, but one which is more difficult to rig(move donor, tescos direct debits etc) so maybe they'll have better retention for those that take up this offer

    They've probably wised up to the fact that customers are leaving as soon as they've had the bonus. With this new offer they're ensuring you have to stay with them and actually use the account to get the bonus. They've also ruled against anybody setting up two Tesco direct debits just to get the cashback.

    The 2 Direct Debit payments each month must be made to different companies.
  • zerog
    zerog Posts: 2,478 Forumite
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    Why would you leave as soon as getting the bonus though? Was 5% interest and contactless cashback not attractive?

    My TSB accounts are no longer active except once a month as my contactless cashback has ended.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    zerog wrote: »
    Why would you leave as soon as getting the bonus though? Was 5% interest and contactless cashback not attractive?

    My TSB accounts are no longer active except once a month as my contactless cashback has ended.
    It's not so attractive now it pays only 3% on a £1.5K balance.
  • KTF
    KTF Posts: 4,820 Forumite
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    As someone who already has 2x Plus accounts, this offer is a bit annoying as I cant get it :(

    I thought TSB said at one point that they were 'different' as they had the same offers to new and existing customers. Or maybe that was someone else...
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
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    KTF wrote: »
    I thought TSB said at one point that they were 'different' as they had the same offers to new and existing customers. Or maybe that was someone else...

    It's not really sustainable to offer existing customers £10 a month for nothing.

    It's rather entertaining that they've essentially made it so this offer is all but MSE-proof. Clearly TSB have learned a lesson where Tesco haven't.
    urs sinserly,
    ~~joosy jeezus~~
  • anotheruser
    anotheruser Posts: 3,485 Forumite
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    Deciding whether to get rid of my Halifax reward account for this or the Tesco offer.
    I don't have the cash flow to put in either so it's just more the money back per month.

    I wonder if a Tesco account will count a direct debit to another Tesco account?
  • Chaykin
    Chaykin Posts: 87 Forumite
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    So even though I closed my only Classic Plus account back in January 2017 I'm still not eligible for this new offer. (potential £160 to be earned between Mar 2017 and Jun 2018)

    Hate these "for new customers only" offers, bad business practice IMHO. I also seem to remember that TSB was once advertising itself as being different from other banks...
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
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    Chaykin wrote: »
    Hate these "for new customers only" offers, bad business practice IMHO. I also seem to remember that TSB was once advertising itself as being different from other banks...

    Perhaps they realised that being "different" by giving their existing customers free money long term through loopholes was probably not the soundest business model.
    urs sinserly,
    ~~joosy jeezus~~
  • bjbyorkshire
    bjbyorkshire Posts: 521 Forumite
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    I have an original Classic Plus Account, it's now only got £1.5K in it at 3%.

    Also got a monthly saver which will end its 1 year term tomorrow.

    I read that the new Classic Plus needs 2 d/d's but I really don't have any to add to this account. My question is.... can I keep the old classic plus that is already running at 3% but without d/d's and still start a new monthly saver?

    Thanks if anyone can assist.
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