MSE News: TSB current account customer? You can now earn even more cashback

colsten

Herbalus wrote: »

Or more if you have more than one account

Good point!! For Apple Pay users, it is easy enough to load their TSB Plus debit cards into Passbook and max all the cards.

It would be good to see the actual terms of the offer as there will, no doubt, be some limitations for joint accounts.

molerat

Herbalus wrote: »

Or more if you have more than one account

Might have to send MrsM out shopping as well now
Looked at last month and I spent just over £120 contactless - Aldi, Lidl, B&M, Pets@Home
So .....
Santander 123 cc for Asda, Tesco & petrol
TSB debit for contactless (then fp the money across from my 123)
MBNA cc for anything else
Shopping is so complicated

shortcrust

colsten wrote: »

Good point!! For Apple Pay users, it is easy enough to load their TSB Plus debit cards into Passbook and max all the cards.

It would be good to see the actual terms of the offer as there will, no doubt, be some limitations for joint accounts.

Not yet, unfortunately.:(

Jsscmm

I believe that the main article has the word cashback instead of interest in bold near the top. One is subject to income tax but the other normally isn't so getting them right might be useful ( the same sentence has it correct a few words earlier talking about contactless)

shortcrust

Jsscmm wrote: »

I believe that the main article has the word cashback instead of interest in bold near the top. One is subject to income tax but the other normally isn't so getting them right might be useful ( the same sentence has it correct a few words earlier talking about contactless)

It's got to be cashback. How can you earn interest on money that's debited from your account?

spikyone

shortcrust wrote: »

It's got to be cashback. How can you earn interest on money that's debited from your account?

@Jsscmm is correct. The article says:

TSB Classic Plus customers can now earn up to £60 cashback a year on spending, on top of the 5% cashback they can already earn on balances of up to £2,000

The highlighted bit should say interest, not cashback.

Zanderman

Jsscmm wrote: »

I believe that the main article has the word cashback instead of interest in bold near the top. One is subject to income tax but the other normally isn't so getting them right might be useful ( the same sentence has it correct a few words earlier talking about contactless)

shortcrust wrote: »

It's got to be cashback. How can you earn interest on money that's debited from your account?

The actual words (from Helen Knapman, Senior News Reporter) are:

TSB Classic Plus customers can now earn up to £60 cashback a year on spending, on top of the 5% cashback they can already earn on balances of up to £2,000. But is the deal any good? MoneySavingExpert.com evaluates.

Jsscmm is correct, Helen's wording is wrong, as the existing 5% (on 2k in the account) is interest, not cashback. It's the new 5% (on spend, not on balance) that is cashback. Easily confused, as both are 5%, but careless editing by MSE's Senior News Reporter.

Edited to add: I see spikyone beat me to it!

Yorkshire_Pud

Helen's article has been corrected, now says interest in the appropriate place;)

Addendum:
As subsequently reported and my post quoted, it hasn't been corrected.

colsten

Still nothing on the TSB website about this offer. If you search for "cashback" on tsb.co.uk, very ironically you find

Can I use contactless to get cash back?

No, cashback is not available on contactless transactions.

http://www.tsb.co.uk/current-accounts/guides/contactless-payments/

Of course they mean you can't get any cash when paying contactless.

I wonder how long it will take them to publish the offer on their website.

Yorkshire_Pud

MSE_Paloma wrote: »

TSB Classic Plus customers can earn up to £60 cashback a year on spending, on top of 5% they earn on a £2,000 balance...

Read the full story:

TSB current account customer? You can now earn even more cashback




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'Earn even more cashback'

No it should just say 'earn cashback' as previously there was no cashback!

Notice the Telegraph article headline wrongly states you get cashback on the 'savings' account which of course has no debit card. Also seems to say you need to open the linked Monthly Savings account which I don't think you do and topay in £500 a month to the Classic Plus which you don't for the cashback but do for the interest!

I hope the 5% Cashback is not taxable!? Or if it is those registered to receive interest gross on their Classic Plus account will not be taxed?

Might help if TSB themselves weren't so shy about publishing the details on their own website or online banking!