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  • FIRST POST
    • MSE Rosie
    • By MSE Rosie 23rd Jan 17, 12:52 PM
    • 49Posts
    • 22Thanks
    MSE Rosie
    MSE News: TSB offers bank switchers free £125, £5/mth cashback AND 3% interest
    • #1
    • 23rd Jan 17, 12:52 PM
    MSE News: TSB offers bank switchers free £125, £5/mth cashback AND 3% interest 23rd Jan 17 at 12:52 PM
    High street bank TSB has relaunched its free £125 offer for switching to its Classic Plus current account. Here's what you get and how it compares to other top pick bank switch incentives....
    Read the full story:
    'TSB offers bank switchers free £125, £5/mth cashback AND 3% interest'

    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.
    Last edited by MSE Luke; 23-01-2017 at 1:58 PM.
Page 11
    • lilmissworry
    • By lilmissworry 9th Mar 17, 7:42 PM
    • 146 Posts
    • 106 Thanks
    lilmissworry
    Has anyone had the £125 cashback on this at all?
    • molly57.
    • By molly57. 9th Mar 17, 7:47 PM
    • 84 Posts
    • 52 Thanks
    molly57.
    I haven't because it is far too early.
    • fordfocus-chav-car
    • By fordfocus-chav-car 9th Mar 17, 7:57 PM
    • 141 Posts
    • 442 Thanks
    fordfocus-chav-car
    Got mine today
    • dave52
    • By dave52 9th Mar 17, 8:56 PM
    • 11,873 Posts
    • 12,868 Thanks
    dave52
    Has anyone had the £125 cashback on this at all?
    Originally posted by lilmissworry
    Got mine today as well.

    Bang on 28 days after switch completed.

    13. Payment will be made to your new TSB bank account 28 days after the switch has completed 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).


    http://forums.moneysavingexpert.com/showpost.php?p=72215653&postcount=196
    • steve65e
    • By steve65e 11th Mar 17, 9:20 PM
    • 121 Posts
    • 80 Thanks
    steve65e
    From MSE news letter: http://www.tsb.co.uk/plus-money-saving-expert/?WT.mc_id=1613487|122013894|294961544|0

    1.1 You must open a new Classic Plus account on or after 1 March 2017.
    1.2 You must not have had a Classic Plus account with TSB before 1 March 2017.

    So we can't close the current and open a new one for the £5/month bonus?
    Originally posted by Dird
    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.
    • CrazyPete
    • By CrazyPete 18th Mar 17, 10:45 AM
    • 3 Posts
    • 1 Thanks
    CrazyPete
    Got the switching bonus paid But I'm looking again at the small print and can't find explicitly mentioned....can I switch account away right now with no deficit?
    • badger09
    • By badger09 18th Mar 17, 12:30 PM
    • 5,079 Posts
    • 4,276 Thanks
    badger09
    Got the switching bonus paid But I'm looking again at the small print and can't find explicitly mentioned....can I switch account away right now with no deficit?
    Originally posted by CrazyPete
    You can, but have you no use for an account paying 3% on £1500, and cashback on debit card payments?
    • CrazyPete
    • By CrazyPete 18th Mar 17, 12:48 PM
    • 3 Posts
    • 1 Thanks
    CrazyPete
    Cheers badger09,
    I have other accounts at a reasonable rate and I try to avoid small card payments (it's easier to see money disappearing if you get out cash once a week. I save far more than I'd get in cash back by looking in my wallet every morning....no cheeky Costa on the way to work today!).
    What I do want to do is take this account and all the direct debits it has and move it to all of the other free cash for switching accounts.
    Pete
    • n1guy
    • By n1guy 19th Mar 17, 9:03 AM
    • 182 Posts
    • 50 Thanks
    n1guy
    Got the switching bonus paid But I'm looking again at the small print and can't find explicitly mentioned....can I switch account away right now with no deficit?
    Originally posted by CrazyPete
    Can I ask how many days did it take them to pay the switching bonus?
    • CrazyPete
    • By CrazyPete 19th Mar 17, 9:17 AM
    • 3 Posts
    • 1 Thanks
    CrazyPete
    Day 0; opened account
    Day 11;7 day switching completed (go figure!) enough was transferred here to meet minimum pay in
    Day 39; Bonus paid

    within that time both direct debits went out, I assume they require a payment on each?
    • YorkshireBoy
    • By YorkshireBoy 19th Mar 17, 9:36 AM
    • 29,201 Posts
    • 16,999 Thanks
    YorkshireBoy
    Day 0; opened account
    Day 11;7 day switching completed (go figure!) enough was transferred here to meet minimum pay in
    Day 39; Bonus paid

    within that time both direct debits went out, I assume they require a payment on each?
    Originally posted by CrazyPete
    That would be an incorrect assumption.
    • dave52
    • By dave52 19th Mar 17, 12:15 PM
    • 11,873 Posts
    • 12,868 Thanks
    dave52
    Can I ask how many days did it take them to pay the switching bonus?
    Originally posted by n1guy
    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).
    • clivep
    • By clivep 19th Mar 17, 3:30 PM
    • 113 Posts
    • 31 Thanks
    clivep
    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.
    • puzl
    • By puzl 20th Mar 17, 10:50 AM
    • 38 Posts
    • 2 Thanks
    puzl
    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.
    • Nationwide8
    • By Nationwide8 22nd Mar 17, 12:49 PM
    • 298 Posts
    • 121 Thanks
    Nationwide8
    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 !!!
    Last edited by Nationwide8; 22-03-2017 at 12:58 PM.
    • Nationwide8
    • By Nationwide8 22nd Mar 17, 12:56 PM
    • 298 Posts
    • 121 Thanks
    Nationwide8
    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.
    Originally posted by steve65e
    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 ...
    Last edited by Nationwide8; 22-03-2017 at 12:59 PM.
    • the_mandarin
    • By the_mandarin 22nd Mar 17, 1:57 PM
    • 37 Posts
    • 7 Thanks
    the_mandarin
    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 !!!
    Originally posted by Nationwide8

    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.
    • Nationwide8
    • By Nationwide8 22nd Mar 17, 2:12 PM
    • 298 Posts
    • 121 Thanks
    Nationwide8
    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.
    Originally posted by the_mandarin
    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.
    Last edited by Nationwide8; 22-03-2017 at 2:19 PM.
    • michaels
    • By michaels 22nd Mar 17, 4:47 PM
    • 19,019 Posts
    • 87,296 Thanks
    michaels
    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.
    Cool heads and compromise
    • the_mandarin
    • By the_mandarin 22nd Mar 17, 5:37 PM
    • 37 Posts
    • 7 Thanks
    the_mandarin
    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.
    Originally posted by Nationwide8
    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.
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