TSB £130 switch incentive - close account then open new and switch

Options
benjimans
benjimans Posts: 1 Newbie
in Budgeting & bank accounts
Hello,

I am looking to get some advice on the T&Cs in regards to the MSE £130 switch incentive for the TSB Classic Plus Account.

I currently have a Classic Plus Account which has been open since 2014 (not my main bank account). I have reviewed the T&Cs of the switch offer and they clearly state "The Classic Plus account is restricted to one account in your sole name and another Plus account in joint names. "You are not eligible for this offer if you already have a Classic Plus account in your sole name."

There does not appear to be any terms regarding previously having had a Classic Plus Account open as it only states "if you already have a Classic Plus account in your sole name." My thinking was that if i close my current Classic Plus account then I would be eligible for the £130 if I opened a new Classic Plus and then completed the switch within the time frame as once the account is closed I would not already have a Classic Plus Account in my sole name.

I called the switching team to clarify and was told that this was correct and advised that it would be easier to downgrade my Classic Plus to a Classic account rather than closing. I was then put through to the accounts team who advised I was misinformed and that I would not be eligible as I am currently a Classic Plus customer. They advised that I would not be eligible for the monthly cash back (which I accept) as T&Cs for cash back state "You must not have had a Classic Plus account with TSB before 1 March 2017." However, I queried the £130 MSE switch incentive and that the T&Cs appeared to be different from the monthly cash back but was again told I would not be eligible as the system would recognise that I had been previously a Classic Plus customer.

Am I mistaken here? The T&Cs for the £130 clearly do not mention previously having had a Classic Plus Account open. Interested to hear your thoughts. :)

Comments

  • bengalknights
    bengalknights Posts: 5,021 Forumite
    First Anniversary First Post
    Options
    I would be quite surprised if they paid out on a existing customer as usually its for new customers only
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    You will get your £130 incentive.
  • badger09
    badger09 Posts: 11,211 Forumite
    First Post First Anniversary Name Dropper
    Options
    YorkshireBoy wrote: »
    You will get your £130 incentive.

    That is assuming TSB accept OP's application, for a new account. Which, of course, they, like any other bank, are not obliged to do.
  • Mchambers
    Mchambers Posts: 1,054 Forumite
    Options
    YorkshireBoy wrote: »
    You will get your £130 incentive.
    I doubt that they will. Phoned TSB who told me that any current TSB classic account holders will not get the bonus even if they close their account, switch it to another bank and then transfer it back to TSB.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    Mchambers wrote: »
    I doubt that they will. Phoned TSB who told me that any current TSB classic account holders will not get the bonus even if they close their account, switch it to another bank and then transfer it back to TSB.
    Why would you want to phone them (and risk being given misinformation/guesswork, like the OP has suffered), when they've gone to the trouble of very clearly laying out the switching incentive T&Cs in writing?
  • Motormad
    Motormad Posts: 134 Forumite
    Options
    My wife certainly got the £125 for the previous switch incentive after switching away from TSB late last year.I have just done the latest switch for £130 after changing my sole TSB to a joint and opening a new sole account.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    Options
    YorkshireBoy wrote: »
    Why would you want to phone them (and risk being given misinformation/guesswork, like the OP has suffered), when they've gone to the trouble of very clearly laying out the switching incentive T&Cs in writing?



    YorkshirBoy: Have you ever tried for any of these TSB offers.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    Options
    ceredigion wrote: »
    YorkshirBoy: Have you ever tried for any of these TSB offers.
    Not personally (you'll know why), but 3 of my family have done exactly what the OP is considering.
  • ceredigion
    ceredigion Posts: 3,709 Forumite
    First Anniversary Photogenic First Post
    Options
    YorkshireBoy wrote: »
    Not personally (you'll know why), but 3 of my family have done exactly what the OP is considering.
    Thanks for the response. I was just enquiring as to whether you 'd taken the chance , guess we are both cowards then.
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