TSB contactless payments

where_are_we

Just to be clear - I use my contactless card and 2 days later I get a text alert that the payment has reduced my balance below £2000 and the transaction date on my online statement is also 2 days later and I top back up to £2000 that same day such that my balance at the end of each day is £2000.
Are you saying that I will lose the interest on the payment amount over that 2 day window?

Carnival789

Consumerist wrote: »

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.

My experience is different to this.

I have two TSB accounts both with £2k in them.

One account is left dormant (aside from the obligatory transfer in - and out- to meet interest-paying requirements).

The other I use occasionally for contact less payments. It takes a couple of days for my account balance to reduce after making a contactless transaction. On the day it does reduce I top it back up to £2k.

Today I got the same amount of interest on both accounts

Ballard

where_are_we wrote: »

Just to be clear - I use my contactless card and 2 days later I get a text alert that the payment has reduced my balance below £2000 and the transaction date on my online statement is also 2 days later and I top back up to £2000 that same day such that my balance at the end of each day is £2000.
Are you saying that I will lose the interest on the payment amount over that 2 day window?

For the definitive answer you should contact TSB but being as £100 for 3 days would total 4p I really wouldn't concern yourself with it too much.

Consumerist

Carnival789 wrote: »

. . . It takes a couple of days for my account balance to reduce after making a contactless transaction. On the day it does reduce I top it back up to £2k.
Today I got the same amount of interest on both accounts

If the transaction date on your account is two days later than the actual date of the transaction then no interest will be lost. As said above, however, the amounts involved will be trivial anyway.

where_are_we

Thanks to everyone - yes the benefits are small but I wanted to establish the optimum time to top up to £2000 as we have 4 accounts and do not pay tax and a couple of morrisons payments took 4 days before they registered on my balance.
We will not top up until we get the text alert and the payment has registered on the balance.

Katiehound

noelphobic wrote: »

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.
.

Incidentally if you attempt to use contactless and it insists on you inputting your PIN that still counts as contactless- useful to know because I have had a lot of problems!

Archi_Bald

Katiehound wrote: »

Incidentally if you attempt to use contactless and it insists on you inputting your PIN that still counts as contactless- useful to know because I have had a lot of problems!

It has previously been reported, based on what TSB said on Twitter, that it would not count as contactless.

Consumerist

Archi_Bald wrote: »

It has previously been reported, based on what TSB said on Twitter, that it would not count as contactless.

I would say the only people in TSB who really know the truth is the IT staff who programmed the system. I think this is a common feature of the finance industry these days. :eek:

jhinks37

Hi All, I have recently opened the TSB account with the £125 deal - does anyone know when they will pay up on the £125 in to my account?

Also with regard to the contactless - when do they pay up on the £5?

Thanks for your help!

MarkFromCornwall

jhinks37 wrote: »

Also with regard to the contactless - when do they pay up on the £5?

Towards the end of the next month. So for contactless payments made in November the cashback is expected in the last week of December.