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  • FIRST POST
    • Ashen
    • By Ashen 1st Mar 17, 12:34 AM
    • 372Posts
    • 234Thanks
    Ashen
    New TSB Classic Plus offer (new customers only...)
    • #1
    • 1st Mar 17, 12:34 AM
    New TSB Classic Plus offer (new customers only...) 1st Mar 17 at 12:34 AM
    Seems like TSB have a new offer only for new Classic Plus customers (excludes previous customers too!)
    • £5 cashback every month just for having two direct debits per month.
    • Plus another £5 cashback every month if you spend with your debit card 20 times a month.
    • For accounts opened on or after 1 March 2017 only. Offer ends 30 June 2018.

    http://www.tsb.co.uk/classic-plus-cashback-terms-conditions.pdf

    Not exactly encouraging loyalty - that said, I guess if it's viewed as an equivalent to a switching bonus (and if they do end it in June 2018) then it's not so bad - although it still means existing customers can't get it.
    Last edited by Ashen; 01-03-2017 at 1:53 AM.
Page 1
    • mwarby
    • By mwarby 1st Mar 17, 7:26 AM
    • 801 Posts
    • 301 Thanks
    mwarby
    • #2
    • 1st Mar 17, 7:26 AM
    • #2
    • 1st Mar 17, 7:26 AM
    It's a £120 switch offer, but one which is more difficult to rig(move donor, tescos direct debits etc) so maybe they'll have better retention for those that take up this offer
    • EarthBoy
    • By EarthBoy 1st Mar 17, 8:04 AM
    • 1,717 Posts
    • 1,034 Thanks
    EarthBoy
    • #3
    • 1st Mar 17, 8:04 AM
    • #3
    • 1st Mar 17, 8:04 AM
    It's a £120 switch offer, but one which is more difficult to rig(move donor, tescos direct debits etc) so maybe they'll have better retention for those that take up this offer
    Originally posted by mwarby
    They've probably wised up to the fact that customers are leaving as soon as they've had the bonus. With this new offer they're ensuring you have to stay with them and actually use the account to get the bonus. They've also ruled against anybody setting up two Tesco direct debits just to get the cashback.

    The 2 Direct Debit payments each month must be made to different companies.
    Last edited by EarthBoy; 01-03-2017 at 8:09 AM.
    • zerog
    • By zerog 1st Mar 17, 9:53 AM
    • 2,259 Posts
    • 759 Thanks
    zerog
    • #4
    • 1st Mar 17, 9:53 AM
    • #4
    • 1st Mar 17, 9:53 AM
    Why would you leave as soon as getting the bonus though? Was 5% interest and contactless cashback not attractive?

    My TSB accounts are no longer active except once a month as my contactless cashback has ended.
    • YorkshireBoy
    • By YorkshireBoy 1st Mar 17, 10:11 AM
    • 29,338 Posts
    • 17,107 Thanks
    YorkshireBoy
    • #5
    • 1st Mar 17, 10:11 AM
    • #5
    • 1st Mar 17, 10:11 AM
    Why would you leave as soon as getting the bonus though? Was 5% interest and contactless cashback not attractive?

    My TSB accounts are no longer active except once a month as my contactless cashback has ended.
    Originally posted by zerog
    It's not so attractive now it pays only 3% on a £1.5K balance.
    • KTF
    • By KTF 1st Mar 17, 11:55 AM
    • 4,529 Posts
    • 1,845 Thanks
    KTF
    • #6
    • 1st Mar 17, 11:55 AM
    • #6
    • 1st Mar 17, 11:55 AM
    As someone who already has 2x Plus accounts, this offer is a bit annoying as I cant get it

    I thought TSB said at one point that they were 'different' as they had the same offers to new and existing customers. Or maybe that was someone else...
    • JuicyJesus
    • By JuicyJesus 1st Mar 17, 3:20 PM
    • 2,908 Posts
    • 2,986 Thanks
    JuicyJesus
    • #7
    • 1st Mar 17, 3:20 PM
    • #7
    • 1st Mar 17, 3:20 PM
    I thought TSB said at one point that they were 'different' as they had the same offers to new and existing customers. Or maybe that was someone else...
    Originally posted by KTF
    It's not really sustainable to offer existing customers £10 a month for nothing.

    It's rather entertaining that they've essentially made it so this offer is all but MSE-proof. Clearly TSB have learned a lesson where Tesco haven't.
    urs sinserly,
    ~~joosy jeezus~~
    • anotheruser
    • By anotheruser 1st Mar 17, 4:06 PM
    • 2,509 Posts
    • 1,493 Thanks
    anotheruser
    • #8
    • 1st Mar 17, 4:06 PM
    • #8
    • 1st Mar 17, 4:06 PM
    Deciding whether to get rid of my Halifax reward account for this or the Tesco offer.
    I don't have the cash flow to put in either so it's just more the money back per month.

    I wonder if a Tesco account will count a direct debit to another Tesco account?
    • Chaykin
    • By Chaykin 1st Mar 17, 8:08 PM
    • 68 Posts
    • 36 Thanks
    Chaykin
    • #9
    • 1st Mar 17, 8:08 PM
    • #9
    • 1st Mar 17, 8:08 PM
    So even though I closed my only Classic Plus account back in January 2017 I'm still not eligible for this new offer. (potential £160 to be earned between Mar 2017 and Jun 2018)

    Hate these "for new customers only" offers, bad business practice IMHO. I also seem to remember that TSB was once advertising itself as being different from other banks...
    • JuicyJesus
    • By JuicyJesus 1st Mar 17, 8:33 PM
    • 2,908 Posts
    • 2,986 Thanks
    JuicyJesus
    Hate these "for new customers only" offers, bad business practice IMHO. I also seem to remember that TSB was once advertising itself as being different from other banks...
    Originally posted by Chaykin
    Perhaps they realised that being "different" by giving their existing customers free money long term through loopholes was probably not the soundest business model.
    urs sinserly,
    ~~joosy jeezus~~
    • bjbyorkshire
    • By bjbyorkshire 2nd Mar 17, 11:54 AM
    • 326 Posts
    • 216 Thanks
    bjbyorkshire
    I have an original Classic Plus Account, it's now only got £1.5K in it at 3%.

    Also got a monthly saver which will end its 1 year term tomorrow.

    I read that the new Classic Plus needs 2 d/d's but I really don't have any to add to this account. My question is.... can I keep the old classic plus that is already running at 3% but without d/d's and still start a new monthly saver?

    Thanks if anyone can assist.
    • KTF
    • By KTF 2nd Mar 17, 11:56 AM
    • 4,529 Posts
    • 1,845 Thanks
    KTF
    My question is.... can I keep the old classic plus that is already running at 3% but without d/d's and still start a new monthly saver?
    Originally posted by bjbyorkshire
    Yes you can.
    • AirlieBird
    • By AirlieBird 3rd Mar 17, 7:55 AM
    • 666 Posts
    • 408 Thanks
    AirlieBird
    I read that the new Classic Plus needs 2 d/d's but I really don't have any to add to this account. My question is.... can I keep the old classic plus that is already running at 3% but without d/d's and still start a new monthly saver?
    Originally posted by bjbyorkshire
    There is no requirement to have 2 d/ds for the latest offer. The 2 d/d is only required to receive the £5 cashback.
    • teddysmum
    • By teddysmum 3rd Mar 17, 2:52 PM
    • 8,045 Posts
    • 4,807 Thanks
    teddysmum
    The £5 for using a debit card 20 times per month is not as good as the £5 on a contactless card £100 spend, as you can do just 4 transactions to earn using the latter and 20 uses is rather a lot (for us, anyway) and a pest to keep track of.


    19 transactions and you get nothing but if you don't spend a whole £100 via contactless you do get 5% of what you do spend.
    • EarthBoy
    • By EarthBoy 3rd Mar 17, 5:05 PM
    • 1,717 Posts
    • 1,034 Thanks
    EarthBoy
    The £5 for using a debit card 20 times per month is not as good as the £5 on a contactless card £100 spend, as you can do just 4 transactions to earn using the latter and 20 uses is rather a lot (for us, anyway) and a pest to keep track of.


    19 transactions and you get nothing but if you don't spend a whole £100 via contactless you do get 5% of what you do spend.
    Originally posted by teddysmum
    This sounds like a way of weeding out the customers who only use the debit card the minimum number of times needed to get the cashback payment and use some other bank account the rest of the time. They don't want those customers. They want customers who the Classic Plus as their main account and make all, or most, of their debit card payments through it.
    • northwalesd
    • By northwalesd 3rd Mar 17, 8:11 PM
    • 180 Posts
    • 109 Thanks
    northwalesd
    20 uses is rather a lot (for us, anyway) and a pest to keep track of.
    Originally posted by teddysmum
    Pretty sure I don't make 20 transactions across all the cards I have, both credit and debit
    • Jo Blogs
    • By Jo Blogs 3rd Mar 17, 10:26 PM
    • 750 Posts
    • 2,573 Thanks
    Jo Blogs
    Seems like TSB have a new offer only for new Classic Plus customers (excludes previous customers too!)
    • £5 cashback every month just for having two direct debits per month.
    • Plus another £5 cashback every month if you spend with your debit card 20 times a month.
    • For accounts opened on or after 1 March 2017 only. Offer ends 30 June 2018.

    http://www.tsb.co.uk/classic-plus-cashback-terms-conditions.pdf

    Not exactly encouraging loyalty - that said, I guess if it's viewed as an equivalent to a switching bonus (and if they do end it in June 2018) then it's not so bad - although it still means existing customers can't get it.
    Originally posted by Ashen
    With the way that the T&C's were and the recent stampede for the switching bonus, is it really any wonder that TSB have tightened up their requirements for account openings and usage? I think not...........
    Saved Nitty Gritty £7440.75 [149%] / £5000-[Aug] £58.44 for the 'Save 12k in 2017' #157
    2017 Womble #35 £3463.27 July NSDs 19/15CCCChl 7/12 months
    July PPChl#002 Pts 71
    • Morphboy
    • By Morphboy 14th Mar 17, 5:44 AM
    • 7 Posts
    • 1 Thanks
    Morphboy
    Joint bank account entity
    My wife and I have two separate accounts under the old classic plus. These accounts are now for all intents and purposes dormant........ just being fed minimum payments each month then that money going straight out further down the food chain.

    I'm just wondering can a joint bank account 'entity' be classed as a new customer for the purposes of the new deal. I can't personally find anything to say it can't. Just wondered if anyone had tried this.
    • EarthBoy
    • By EarthBoy 14th Mar 17, 8:15 AM
    • 1,717 Posts
    • 1,034 Thanks
    EarthBoy
    I'm just wondering can a joint bank account 'entity' be classed as a new customer for the purposes of the new deal. I can't personally find anything to say it can't. Just wondered if anyone had tried this.
    Originally posted by Morphboy
    Joint account holders aren't a single entity, they are two separate entities sharing an account jointly.

    Having said that you should be able to apply for a joint account under the deal because TSB's website says:

    The Classic Plus account is restricted to one account in your sole name, and another Plus account in joint names

    http://www.tsb.co.uk/current-accounts/classic-plus-account/
    • eskbanker
    • By eskbanker 14th Mar 17, 1:30 PM
    • 5,332 Posts
    • 5,083 Thanks
    eskbanker
    Joint account holders aren't a single entity, they are two separate entities sharing an account jointly.

    Having said that you should be able to apply for a joint account under the deal because TSB's website says:

    The Classic Plus account is restricted to one account in your sole name, and another Plus account in joint names

    http://www.tsb.co.uk/current-accounts/classic-plus-account/
    Originally posted by EarthBoy
    But surely Morphboy's issue is that he can indeed open a joint Plus account (under those standard Plus Ts & Cs) but it won't be eligible for the new cashback deal as both parties already hold Plus accounts, thereby disqualifying both of them from access to the new deal?
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