MSE News: TSB offers bank switchers free £125, £5/mth cashback AND 3% interest

Options
1…2122242627

Comments

  • schiff
    schiff Posts: 20,099 Forumite
    Name Dropper First Post First Anniversary
    Options
    Mine has been credited on the 20th throughout, if that helps :)
  • welshmoneylover
    welshmoneylover Posts: 3,324 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Quick question regarding the 20 transactions a month, does anyone know if I use my card 3 times on the same day in the same store would it still count as 3 or as 1? Just thinking about when I go to Tesco to buy food or fuel :o
    Be happy, it's the greatest wealth :)
  • schiff
    schiff Posts: 20,099 Forumite
    Name Dropper First Post First Anniversary
    Options
    It has worked for me when I've bought fuel and goods on the same day at the same store.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    Options
    welshmoneylover wrote: »
    Quick question regarding the 20 transactions a month, does anyone know if I use my card 3 times on the same day in the same store would it still count as 3 or as 1? Just thinking about when I go to Tesco to buy food or fuel :o


    I'm not entitled to this offer as we already have some TSB accounts, so not tried this. But it occurred to me that a Post office savings account might be beneficial :cool:
  • Molly4
    Molly4 Posts: 1,270 Forumite
    First Anniversary First Post Name Dropper
    Options
    welshmoneylover


    I think you are on the wrong post.


    TSB offers bank switchers free £125, £5/mth cashback AND 3% interest - This one does not require 20 transactions a month. This one only needs £100 contactless spend per month.
  • No.72
    No.72 Posts: 1 Newbie
    Options
    I'd like to try and get in on some of these current account switches offering financial indentures but I'm currently with First Direct and very much using my overdraft (£500 max) on a monthly basis. Is there anything to be gained by switching or by needing an overdraft do I limit where I can move (or am I already in the best place?!) just wondered if by organising direct debits between accounts, i could have my cake and eat it (and ultimately not rely on an overdraft with all the free £ i could get my hands on!)
  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Options
    If you are happy with FD, there is no point in switching for the sake of a bonus only. And it's recommended to have accounts with at least two different banks.
    For bonuses people usually switch not their main account. You can open it with the same FD or some other bank not offering a bonus.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
    Name Dropper First Post First Anniversary
    Options
    As above . . . but do remember that each new account you open will put a search on your credit file and each that you switch will put another - so if you want to do this multiple times it might be a good idea to space out the applications.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • reub075
    reub075 Posts: 29 Forumite
    First Anniversary Name Dropper First Post
    Options
    Hello,
    Long-time reader but first-time poster – apologies for the lengthy post.
    I thought I’d add my experiences of this (now expired) TSB switching offer for £125 + up to £5 contactless cashback per month + 3% interest up to £1500.
    I had an existing TSB Classic Plus Account (opened in Nov 2014 without any switching bonus) on which the contactless cashback expired in Dec 2016.
    At the end of Jan 2017, I had applied for a Bank of Scotland current account (I already had an account with them) as a donor account, setting up an SO to meet minimum monthly pay-in and set-up two DDs – one to a credit card and one to a Tesco Internet Saver – thanks MSE forum dwellers!
    I phoned up TSB CS on 02 Feb 2017 to downgrade the existing TSB account from Classic Plus to Classic. I was initially met with bemusement as to why I wished to do so, but explained that the cashback feature on the account was the most useful aspect, and because of the credit interest reduction from 5% to 3% I wanted to make use of a more rewarding account that I had available. The CS checked with supervisor and got authorisation that the downgrade was allowed. This took less than 24 hours to be completed.
    On 06 Feb 2017, I applied online for a new TSB Classic Plus Account using the MSE link which was approved and appeared in my TSB online banking account summary within 2 hours.
    The new TSB card arrived within a week and I was able to transfer in funds and make use of the contactless cashback features, although I noticed that the contactless payment was declined every 5 or so transactions – after checking with TSB CS I was informed that this was to prevent fraudulent use of contactless, that I would either have to make a cash withdrawal or a chip+pin purchase transaction to permit contactless to work again. I saw this discussed on another topic on this board.
    On 27 Feb 2017, I applied to switch my Bank of Scotland current account to the new TSB Classic Plus Account using CASS, specifying a switch date of 27 March 2017. This was to allow the DDs to execute on the donor account a few times before switch completion.
    The switch went through as planned on the specified date, and on 24 April I got my £125 switching bonus/reward. I plan to wait a month and see if I can “upgrade” my original TSB Classic account back to a TSB Classic Plus Account, and ideally have two accounts paying 3% monthly interest as opposed to just the one.
  • xylophone
    xylophone Posts: 44,413 Forumite
    Name Dropper First Anniversary First Post
    Options
    I'd like to try and get in on some of these current account switches offering financial indentures

    Incentives? Unless you're signing up for an apprenticeship...:)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards