MSE News: TSB offers bank switchers free £125, £5/mth cashback AND 3% interest
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Can I ask how many days did it take them to pay the switching bonus?
Switching bonus is (should be) paid exactly 28 days after notification from TSB that Switch completed.
£125 Current Account Switcher offer terms and conditions –
1. This offer is available if you open a new TSB Classic Plus account through MoneySupermarket or Money Saving Expert between 23 January to 27 February 2017. You must then complete a full switch using the Current Account Switch Service by 31stMarch 2017. TSB have the right to withdraw, alter or replace the offer at any time.
2. To receive the £125 payment, you must allow cookies in your browser before starting an application for a Classic Plus account.
3. This offer is not available through our branches, over the telephone or directly through tsb.co.uk or through mobile banking.
Eligibility
4. To qualify for the offer you must:
a. Open a new Classic Plus account by 27 February 2017 and have completed your switch to TSB using the Current Account
Switch Service by 31 March 2017.
b. As part of the switch transfer all active credits and debits which must include a minimum of 2 active Direct Debits from
your old account and close it.
c. Pay at least £500 into your new TSB account within 28 days of the switch completing.
d. Have a minimum of 2 active Direct Debits still registered on your new Classic Plus account at least 28 days after the
switch!completes.
5. Account opening is subject to our assessment of your circumstances. You must be 18 or over and a UK resident to apply.
6. You can only benefit from this offer once.
7. The Classic Plus account is restricted to one account in your sole name and another Plus account in joint names. We may convert your additional account into an Enhance account or another current account from our range. We!will give you at least two months’ notice before we do this.
8. You cannot switch your joint account to TSB under this offer.
9. This offer is not available to employees of TSB Bank plc.
10. You are not eligible for this offer if you already have a Classic Plus account in your sole name.
11. You are not eligible for this offer if you have previously received an incentive or benefit for switching to TSB Bank plc using the
Current Account Switch Service.
12. Switches completed after the 31 March 2017 will not be eligible to receive the £125 payment.
Payment
13. Payment will be made to your new TSB bank account 28 days after the switch has completed (or the next working day if this is a bank holiday) as long as you have complied with the conditions of the offer.
If you experience any issues in receiving your incentive payment or feel that you have satisfied all conditions yet not been paid, please call us on 0345 835 7838 (Lines open 8am – 8pm Mon-Fri and 8am – 4pm Saturday).0 -
The switch from Santander to TSB for both my wife and myself was scheduled for Friday 17th March.
We've received all the closure letters from Santander and saw that the DDs for Tesco had been set up on the TSB accounts. The Santander balances did indeed get transferred on 17th so all looked good.
However, on Friday the small Tesco DD's were still showing as scheduled to be taken from the Santander (now closed) accounts. This was then resolved on my account yesterday (Saturday) but is still incorrect on my wife's... we'll see if this is sorted in the next few days before the DDs are due to be taken on 28th.
Neither of us has received the relevant email with the attachments about the switch completion. In fact, we did not receive a single email or text regarding the switching progress.0 -
Just a heads-up: I opened my account 6 weeks ago and never received the cash payment. I rang TSB to explain the situation and it seems my name wasn't included from Moneysupermarket (which they use to confirm/send payment)
The girl on the phone was very helpful though and says because all the criteria was met anyway, the payment will be made into my account either today or tomorrow.
It's likely a cookies/browser issue, even though I took pains to ensure all ad-blocks/browser safety tools were disabled when I originally clicked the link. Anyway, if you're still waiting over 28 days for your payment, then ring them and they should sort you out.0 -
Have just read through the whole thread and although have missed the switch incentive,has anyone....
Had two Classic Plus accounts ( approx £7.50 interest a month ) then
downgraded both to Classic
THEN opened or upgraded one of the Classics to a Classic Plus for the interest plus the £10 ??? ( £13.75 monthly which is still more than two Classic Plus interest)
In the T&Cs it says if you held a Classic Plus acc before 1st March 2017 you cannot do the above but has someone said in the thread that It can definitely be done after someone in a TSB branch said it could ???
........confused.com !!!0 -
I don't think so, but someone at TSB has told me that
a) new joint accounts qualify, even if you have a sole Classic Plus already.
b) upgrading an existing Classic to Classic Plus also counts.
So I can add my partner to my existing Classic, upgrade it to Plus and collect a free tenner per month. Happy days.:)
This was in answer to the following....
"So we can't close the current and open a new one for the £5 mth bonus ??? "
Hence my previous question in my last post above and confusion ...0 -
Nationwide8 wrote: »Have just read through the whole thread and although have missed the switch incentive,has anyone....
Had two Classic Plus accounts ( approx £7.50 interest a month ) then
downgraded both to Classic
THEN opened or upgraded one of the Classics to a Classic Plus for the interest plus the £10 ??? ( £13.75 monthly which is still more than two Classic Plus interest)
In the T&Cs it says if you held a Classic Plus acc before 1st March 2017 you cannot do the above but has someone said in the thread that It can definitely be done after someone in a TSB branch said it could ???
........confused.com !!!
I tried exactly that. I had two Classic Plus accounts that I downgraded to Classic in the branch. When I then to tried to upgrade them to Classic Plus:
1. Only one account could be upgraded to Classic Plus
2. I was advised that I would not be eligible for the £5 cashless cashback offer, as it was only for those who had not availed of that offer ever before.
When I asked if a new joint account would qualify, the Branch Manager advised that it would not as we both had Classic Plus accounts in our individual names.0 -
the_mandarin wrote: »I tried exactly that. I had two Classic Plus accounts that I downgraded to Classic in the branch. When I then to tried to upgrade them to Classic Plus:
1. Only one account could be upgraded to Classic Plus
2. I was advised that I would not be eligible for the £5 cashless cashback offer, as it was only for those who had not availed of that offer ever before.
When I asked if a new joint account would qualify, the Branch Manager advised that it would not as we both had Classic Plus accounts in our individual names.
Thanks,it's complicated
Would you have got £5 for a new classic Plus account with 2 DD a month ?? £5 + interest of £3.75 a month = £8.75 which is still more than interest from 2 Classic plus.
Then move £1500 from the second classic to somewhere with higher interest.
What did you end up doing as its not possible now to open 2 ( sole ) "ordinary" Classic Plus to earn 2 lots of interest.0 -
Hmm - Switch completed 22 Feb and no £125 yet. I was one of those who closed their existing classic plus first to take advantage of the offer.I think....0
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Nationwide8 wrote: »Thanks,it's complicated
Would you have got £5 for a new classic Plus account with 2 DD a month ?? £5 + interest of £3.75 a month = £8.75 which is still more than interest from 2 Classic plus.
Then move £1500 from the second classic to somewhere with higher interest.
What did you end up doing as its not possible now to open 2 ( sole ) "ordinary" Classic Plus to earn 2 lots of interest.
Just did whatever I possibly could - which is upgrade one account and leave the second as a Classic account. I ended up worse off than I originally was (losing the interest from the second account) but considering it is barely £3/month anyway, it's not too much of a bother.0 -
Hmm - Switch completed 22 Feb and no £125 yet. I was one of those who closed their existing classic plus first to take advantage of the offer.
Just got mine yesterday, with email confirmation today.
Haven't got the exact date of switch to hand but I closed my old classic plus, opened the new one and then transferred in, just received my cashback for contactless as well for February too.0
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