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

bsms1147

Yorkshire_Pud wrote: »

'Earn even more cashback'

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

Notice the Telegraph article headline you get cashback on the 'savings' account which of course has no debit card.

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?

Cashback is not taxable (same with Santander, etc), it's effectively a discount on spending.

colsten

Yorkshire_Pud wrote: »

I hope the 5% Cashback is not taxable!?

bsms1147 wrote: »

Cashback is not taxable (same with Santander, etc), it's effectively a discount on spending.

The Telegraph says it is taxable. But I think they are confused, as their article contains several other inaccuracies - such as "tired" interest and £60/year on the Santander 123. Cashback is not normally taxable as it is a discount on a purchase.

Until we have seen the T&Cs from TSB we can't tell how they will pay.

colsten

shortcrust wrote: »

Not yet, unfortunately.:(

DOH, I had forgotten about that

Pincher

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.

I find that doubtful.

If a merchant does not take Amex, I can pay via PayPal, and still pay using Amex, but I think I lose some protection by not paying direct.

I expect TSB won't see a Contactless transaction if you go through Apple Pay.

Still, I am tempted. I currently get 3% cashback on petrol using he Santander 123 credit card. Tend to do £40 fill-ups, but I can easily fill-up £29 each time instead.

cfp28342

The way TSB has launched the cashback is truly bizarre.

- Articles on MSE, The Guardian and The Telegraph announcing the launch of contactless cashback. The tone of the articles implies the cashback can be accrued today.


As far as I can see the only acknowledgement from TSB is that one of their Twitter accounts has tweeted links to the MSE, Guardian and Telegraph articles.

- Nothing on their website about the cashback
- No communication sent to account holders about this new benefit (at least I have not had any)

What’s behind this? Clearly it’s been launched before they were ready to communicate it properly. Maybe they wanted the announcement to coincide with the raising of the contactless limit to £30. Maybe they’ve got wind of a competitor about to launch something similar and wanted to steal their thunder.

Zanderman

colsten wrote: »

Still nothing on the TSB website about this offer.

And nothing about it on their press release site either: http://www.tsb.co.uk/news-releases/

But they have tweeted links to the Telegraph, Guardian and MSE stories, so it's clearly official and coming soon. https://twitter.com/TSB_News

Their tweet linking to the MSE article calls it their 'new 555 offer' - which is, maybe, the marketing name they're launching it as? One 5 for the interest rate, one 5 for the cashback rate and, er, one 5 for the 500 minimum pay-in?

cfp28342

Yorkshire_Pud wrote: »

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

Still looks wrong to me.

"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."

colsten

cfp28342 wrote: »

Their tweet linking to the MSE article calls it their 'new 555 offer' -which is, maybe, the marketing name they're launching it as? One 5 for the interest rate, one 5 for the cashback rate and, er, one 5 for the 500 minimum pay-in?

It's supposedly

• 5 for the interest rate
• 5 for the access to the 5% Monthly Saver
• 5 for the cashback offer they have announced but haven't announced

A great communication shambles.

Pincher

I used to say, when I'm rich, I will have no free will, because everything I do will be to save tax and maximise returns.

Now I'm living a perverted version of that life. The TSB debit card will mean that I will be filling up twice a month at £29 each (below £30 limit), and going to Waitrose on Sundays to spend ~£6, in order to get the Sunday Times for free. I have to get the Cappuccino, because it counts towards the £10, whether I want a coffee or not.

Made a terrible mistake last month. Spent about £1,500 in John Lewis, and got 1.25% cashback by paying using Amex. Just found out I could have used the Santander 123 credit card to get 2% cashback. Talk about aversion therapy. I feel I have somehow betrayed my God, Martin Lewis. Forget me Father, for I have sinned.

Archi_Bald

Pincher wrote: »

Made a terrible mistake last month. Spent about £1,500 in John Lewis, and got 1.25% cashback by paying using Amex. Just found out I could have used the Santander 123 credit card to get 2% cashback.

Same here

Offers overload.