TSB Classic Plus Current Account Switch Incentive - £100

Biggles

keiran wrote: »

With the 3 D/Ds needed for a TSB switch, do they have to actually pay out every month, or can they just be live D/D mandates, which may not pay out every month?

They just need to be active DDs.

FIRSTTIMER

define 'active'

Schnurrbart

Hi, according to MSE, "To get the switching bonus, you need to apply for the account by 31 July" (italics mine), whereas TSB's T&Cs state that, to qualify, one must "Open a Classic Plus account by 31 July 2015...". Does this mean that, in order to qualify for the bonus, an applicant has to both apply and have the application accepted (i.e. have the account opened) by 31 July (i.e. today), or will the applicant still qualify as long as they simply apply by 31 July (assuming the application is eventually accepted) even if TSB's (positive) decision is made after 31 July? Presumably the credit checks are not performed instantly, neither is the decision made instantly - but I could be wrong about this.
My uncertainty is due to the potential difference in definition between 'applying for' the account and 'opening' the account. I'm considering applying today (for the bonus), but there is little point if the account is not considered to be opened until after today. I hope that someone understands where I'm coming from, and can help. By the way, I assume that the deadline is 11:59pm tonight, or is that incorrect? I can't find a specific time in the T&Cs, hence my assumption.

Many thanks to anyone who can help.

YorkshireBoy

FIRSTTIMER wrote: »

define 'active'

Able to be paid if called upon.

Am I right?

Ed-1

Schnurrbart wrote: »

Hi, according to MSE, "To get the switching bonus, you need to apply for the account by 31 July" (italics mine), whereas TSB's T&Cs state that, to qualify, one must "Open a Classic Plus account by 31 July 2015...". Does this mean that, in order to qualify for the bonus, an applicant has to both apply and have the application accepted (i.e. have the account opened) by 31 July (i.e. today), or will the applicant still qualify as long as they simply apply by 31 July (assuming the application is eventually accepted) even if TSB's (positive) decision is made after 31 July? Presumably the credit checks are not performed instantly, neither is the decision made instantly - but I could be wrong about this.
My uncertainty is due to the potential difference in definition between 'applying for' the account and 'opening' the account. I'm considering applying today (for the bonus), but there is little point if the account is not considered to be opened until after today. I hope that someone understands where I'm coming from, and can help. By the way, I assume that the deadline is 11:59pm tonight, or is that incorrect? I can't find a specific time in the T&Cs, hence my assumption.

Many thanks to anyone who can help.

You need to have the account open by midnight tonight as that's the date that shows on the system.

Stage 1 auto-credit checks are done as part of the application (if you do it online it happens during the 'checking your application' stage. If stage 1 credit checking is passed OK then the account is normally opened at the end of the application except if ID is needed when the applicant is referred to branch. However even if stage 1 credit checking is passed, depending on the score, some applications get referred for stage 2 credit checking etc.

However the offer is starting again on Monday (according to the weekly email).

JanineB

Hi folks. Does the t&c " switch to TSB using the Current Account Switch Service by 28th July" refer to the date I made the switch or the day the switch actually completes? It's unclear.

I switched on July 22nd but the switch did not actually complete until the 29th. Worried now I won't get the bonus!

Ed-1

JanineB wrote: »

Hi folks. Does the t&c " switch to TSB using the Current Account Switch Service by 28th July" refer to the date I made the switch or the day the switch actually completes? It's unclear.

I switched on July 22nd but the switch did not actually complete until the 29th. Worried now I won't get the bonus!

The date refers to the switch completion date, so you've missed out by a day by the looks of it.

However, the offer is on again next week.

Schnurrbart

Thanks Ed-1. It looks as though I'm best off leaving it on this occasion - I wouldn't want to risk my application being subject to a stage 2 credit check, the processing of which would probably take me beyond the deadline and render me ineligible for the bonus (and leave a mark on my credit file). For clarity's sake, perhaps the wording on MSE should be changed (/have been changed) to reflect that somewhat crucial difference between 'applying' for an account (which one could do whenever, even up to a few seconds before the deadline) and the account being considered technically open (which is in the bank's hands, and may not happen until after the deadline).

I receive the weekly MSE newsletter, but couldn't find any mention in this week's of the TSB offer starting again next Monday - could you kindly point out where this is, please? I can then go for the switch with more time to prepare and to await an outcome.

Thank you again for replying.

YorkshireBoy

Schnurrbart wrote: »

I receive the weekly MSE newsletter, but couldn't find any mention in this week's of the TSB offer starting again next Monday - could you kindly point out where this is, please?

See the "The ones not to miss" section...

Ends(ish) Fri: TSB - FREE £100 plus 5% interest. TSB's* standard deal is 5% AER savings interest on up to £2,000, but also via this link you get a £100 sign-up bonus too, so it's great for small savers. Technically, the 'free £100' element ends on Fri but it'll then be restarted on Mon, so just don't do it this weekend.

Ed-1

Schnurrbart wrote: »

I receive the weekly MSE newsletter, but couldn't find any mention in this week's of the TSB offer starting again next Monday - could you kindly point out where this is, please? I can then go for the switch with more time to prepare and to await an outcome.

Scroll down to the ones not to miss bit:

5. Ends(ish) Fri: TSB - FREE £100 plus 5% interest. TSB's* standard deal is 5% AER savings interest on up to £2,000, but also via this link you get a £100 sign-up bonus too, so it's great for small savers. Technically, the 'free £100' element ends on Fri but it'll then be restarted on Mon, so just don't do it this weekend.

EDIT: YorkshireBoy beat me to it.