TSB 3 x 5% incentive returns, now £125

neil324

A bit curious about this deal, but I have a rather novice question. It says in the T&Cs regarding:
"Eligibility
To qualify for the offer you must:
a. Open a new Classic Plus account by 2 November 2015 and switch to TSB using the Current Account Switch Service by the 23 November 2015
b. Transfer all active credits and 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 and register a minimum of 2 active Direct Debits"

Just wanted to clarify what "b. Transfer all active credits and debits from your old account and close it" mean?

Does this mean I need to transfer any credit cards as well that I have set up though my existing current account or most likely something else?

Thanks!

Credits is any money in the account, debits is any standing orders or direct debits. All of these will be transfered to the TSB and the old account closed.

The credit card is a seperate account, so this will not be transfered and stay as is.

MarkFromCornwall

polagon wrote: »

Just wanted to clarify what "b. Transfer all active credits and debits from your old account and close it" mean?

Does this mean I need to transfer any credit cards as well that I have set up though my existing current account or most likely something else?

Thanks!

No, nothing to do with credit cards, but if you have regular payments going into your current account, such as salary from your employer, they want you to redirect these to your new account.

Drp8713

I am willing to switch my M&S account for this and the £500 a month is no problem.

I dont have any direct debits on it, so will use the either the charity or savings £1 for that.

Do you more experienced pros think its fine to cancel the direct debits as soon as the £125 has been paid? As you dont need the DDs for the interest so I wouldnt want to keep them.

T&Cs seem to say register a minimum of two active DDs but doesnt mention how long you need to keep them for.

Futuristic

Drp8713 wrote: »

I am willing to switch my M&S account for this and the £500 a month is no problem.

I dont have any direct debits on it, so will use the either the charity or savings £1 for that.

Do you more experienced pros think its fine to cancel the direct debits as soon as the £125 has been paid? As you dont need the DDs for the interest so I wouldnt want to keep them.

T&Cs seem to say register a minimum of two active DDs but doesnt mention how long you need to keep them for.

Yes that's fine, money is yours after its in your account. Terms does not mention anything regarding keeping the DD active.

michbright

I have read through this thread and still can't find out if the DDs have to be active before the switch or can be set up after?

I have an account I would like to switch but it has no DDs on it. If it is after the switch, I could set 2 up today, but if it is after, then I won't bother.

AlwaysLearnin

I think that the wording can be read either way, but the general consensus seems to be that it's safer to add before - you can always remove and add 2 more if it turns out they insist on 'after'...

Drp8713

Applied yesterday, got an account number and sort code but was told I needed to take ID into branch which I did today.

Hopefully that counts as having opened it before the deadline, even if the branch take ages to forward it on.

Has anybody actually had the £125 yet? I still dont know if I should be setting up 2 DDs before the switch or after.

I think I will just open two Tesco Internet Savers unless anybody has found a better DD source which is easier to open/transfer money back from/ close the account once the £125 is paid.

colsten

Drp8713 wrote: »

I think I will just open two Tesco Internet Savers unless anybody has found a better DD source which is easier to open/transfer money back from/ close the account

That would be a stiff challenge as the Tesco savers are already streets ahead of anything else known to (wo)man who needs DDs.

neil324

Yep, I concur, regarding DD's, Tesco are the dogs dangly bits.

djpailo

They wanted proof of ID for my application just now. I can go in tomorrow, but yeah, I think I'll miss the deadline, will depend on their definition of "opening an account by 2nd".