TSB contactless payments

noelphobic

I normally use a credit card for pretty much everything. However, I recently started using my TSB debit card in order to get the 5% cash back.

I normally keep £2000 in the account as it doesn't pay interest on anything above that amount. Therefore when I have made purchases on the card I try to top up the account on the same day.

I have noticed that online banking doesn't immediately deduct the amount of the debit card transaction from the available balance immediately, which seems odd.

I don't get receipts for a lot of these transactions so it is hard to keep track of what I've spent, unless I write it down.

Also, when the contactless fails and I have to input my PIN I can't tell from my statement if that has been the case.

I try to only spend up to the £100 limit monthly but this makes it hard to keep track.

Does anyone know a workaround for this?

Apologies if this has already been asked and answered.

Westie983

I use YNAB to log all contactless transactions, but I do tend to buy gift cards and then use them for shopping, gets my £100 spending done at the begining of the month..

redux

I'm a beginner at it, but I've also noticed 2 or 3 of the payments don't show until a couple of days later. Currently outstanding WH Smith yesterday and a pub on Thursday.

I'm guessing that the transaction isn't necessarily live online, and maybe some vendors only process them in batches later.

If so there won't be anything you can do about it, except as you say make a note if you want to.

Ballard

I started off doing the same as you but then decided that it's easier to start with 2,100 in the account each month and keep an eye on things once I get close to spending the £100. I may be up spending £108 or so but it's hardly going to make any difference. Similarly, interest lost on £100 isn't exactly going to be life changing.

HappyMJ

Ballard wrote: »

I started off doing the same as you but then decided that it's easier to start with 2,100 in the account each month and keep an eye on things once I get close to spending the £100. I may be up spending £108 or so but it's hardly going to make any difference. Similarly, interest lost on £100 isn't exactly going to be life changing.

Up to about £3 a year...that could be an extra pint every year in the pub.

I'd rather lose the 5% interest on a small amount and get 3% interest in the Santander 123 account instead of getting 0% on a portion of the balance. I keep my balance at or below £2,000 and top it back up weekly or as often as I can remember.

noelphobic

Westie983 wrote: »

I use YNAB to log all contactless transactions, but I do tend to buy gift cards and then use them for shopping, gets my £100 spending done at the begining of the month..

YNAB?

Hadn't thought about gift cards. Sounds like a plan!

where_are_we

"Sacre bleu" - have £100 not earning any interest! Have £2000 constantly in the account by registering for text alerts when your balance falls below £2000 and then moving the appropriate topup amount in from your primary current account (Santander 123 earning 3%).
Most of my contactless payments take 1 or 2 days before being taken from my balance although they are marked up as pending. Am I right in assuming that interest is not lost on the balance during this 1 or 2 day window?

Ballard

where_are_we wrote: »

"Sacre bleu" - have £100 not earning any interest! Have £2000 constantly in the account by registering for text alerts when your balance falls below £2000 and then moving the appropriate topup amount in from your primary current account (Santander 123 earning 3%).
Most of my contactless payments take 1 or 2 days before being taken from my balance although they are marked up as pending. Am I right in assuming that interest is not lost on the balance during this 1 or 2 day window?

£30 at 5% for two days works out at just over a ha'penny after tax. I wouldn't worry yourself about it too much.

crumpetman

where_are_we wrote: »

"Sacre bleu" - have £100 not earning any interest! Have £2000 constantly in the account by registering for text alerts when your balance falls below £2000 and then moving the appropriate topup amount in from your primary current account (Santander 123 earning 3%).
Most of my contactless payments take 1 or 2 days before being taken from my balance although they are marked up as pending. Am I right in assuming that interest is not lost on the balance during this 1 or 2 day window?

But how much do the text alert costs?

ceredigion

crumpetman wrote: »

But how much do the text alert costs?

£0.00p
.........

Consumerist

where_are_we wrote: »

. . . Am I right in assuming that interest is not lost on the balance during this 1 or 2 day window?

Interest is "lost" from the transaction date on the account statement. The posting date is irrelevant. i.e. interest is lost during the window between these dates.