TSB Classic Plus account

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Alex32
Alex32 Posts: 26 Forumite
in Budgeting & bank accounts
Hi there,
Having read the T&C, it mentions nothing about putting in the required £500 a month and then withdrawing it nor transfers between other TSB accounts​.

I would just like to know if anyone has any problems running the account this way?
Thanks
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  • badger09
    badger09 Posts: 11,206 Forumite
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    Alex32 wrote: »
    Hi there,
    Having read the T&C, it mentions nothing about putting in the required £500 a month and then withdrawing it nor transfers between other TSB accounts​.

    I would just like to know if anyone has any problems running the account this way?
    Thanks

    The T&C definitely does 'mention putting in the £500 a month':cool: but as this is a current account, you are able to withdraw as and when you wish.

    T&C don't explicity prohibit transfers between TSB accounts from meeting the monthly funding requirement. What isn't specified in T&C is as important as what is;)
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
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    I have 2 Classic Plus accounts - put £500 a month into the first one from an external account, then move that to the second accound, then most of it out. Have been credited same interest on both since opening, probably couple of years ago.
  • Alex32
    Alex32 Posts: 26 Forumite
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    badger09 wrote: »
    The T&C definitely does 'mention putting in the £500 a month':cool: but as this is a current account, you are able to withdraw as and when you wish.

    T&C don't explicity prohibit transfers between TSB accounts from meeting the monthly funding requirement. What isn't specified in T&C is as important as what is;)
    Just want to state I know the £500 a month is definitely required. I was asking about the depositing & withdrawing in which you did answer, thanks for that.
  • dggar
    dggar Posts: 670 Forumite
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    ManAtHome wrote: »
    I have 2 Classic Plus accounts - put £500 a month into the first one from an external account, then move that to the second accound, then most of it out. Have been credited same interest on both since opening, probably couple of years ago.


    I too have 2 accounts and move £500 between them via SO on the same day of the month. Been doing this since the accounts first became available.
  • teddysmum
    teddysmum Posts: 9,471 Forumite
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    I originally did transfers between accounts with them, but on opening Nationwide ones which don't count internal transfers,now use the accounts to to-and-fro with Nationwide.
  • Sponge_Cake
    Sponge_Cake Posts: 119 Forumite
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    How about if you open the account with £500 or more? Does this automatically qualify you for the incentive or does it need to be transferred from another source?
  • badger09
    badger09 Posts: 11,206 Forumite
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    Sponge_Cake wrote: »
    How about if you open the account with £500 or more? Does this automatically qualify you for the incentive or does it need to be transferred from another source?

    Which 'incentive' are you asking about?
  • Sponge_Cake
    Sponge_Cake Posts: 119 Forumite
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    I was meaning the £130 for opening account and meeting T&Cs.
  • Sponge_Cake
    Sponge_Cake Posts: 119 Forumite
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    badger09 wrote: »
    Which 'incentive' are you asking about?

    I was meaning the £130 for opening account and meeting T&Cs.
  • badger09
    badger09 Posts: 11,206 Forumite
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    Sponge_Cake wrote: »
    How about if you open the account with £500 or more? Does this automatically qualify you for the incentive or does it need to be transferred from another source?
    badger09 wrote: »
    Which 'incentive' are you asking about?
    Sponge_Cake wrote: »
    I was meaning the £130 for opening account and meeting T&Cs.

    In case you haven't kept a copy:cool:, here are the T&C

    http://www.tsb.co.uk/cashback-money-supermarket-termsandconditions.pdf

    They state you must pay in at least £500 within 28 days of the switch completing. You could argue that some of those 28 days were before the switch completed:cool:, but I wouldn't risk it.

    Just pay in at least £500 as soon as the switch is completed.
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