MSE News: TSB offers bank switchers free £125, £5/mth cashback AND 3% interest

Lunalaws

I switched my TSB account over to Halifax for the money.
I have a basic Tesco e-saver I can switch now for the £125 but want to know if I'd be eligible for the money. I do not remember getting money to switch to TSB before.

moneysavinggirl40

Son has turned 18, he has a SMARt Nationwide account, do you think he can switch from this and get the incentive with TSB? not sure if the SMART account is acceptable in the switch. I'll try and set up some dd before he switches.T and C say:

"As part of the switch transfer all active credits and debits which must include a minimum of 2 active Direct Debits fromyour old account and close it."

It is not specific that it has to be a current account.

moneysavinggirl40

On reflection to my last post I think his SMART account hit's maturity when he's 18 and becomes a current account..anyone know what it's called? and is this account accepted to get the switching incentive?

superavram

I've just switched to this using the link on the mse page. At no point did it ask about me switching bank accounts though? I have to go into a branch and show them my id.

Should I have been asked to switch on application or does this step come after showing my id? bit worried i may not get the £125?

Consumerist

superavram wrote: »

I've just switched to this using the link on the mse page. At no point did it ask about me switching bank accounts though? I have to go into a branch and show them my id.
Should I have been asked to switch on application or does this step come after showing my id? bit worried i may not get the £125?

It is usually the case that you open an account first and then switch to it once the account has been opened.

It looks likely that they have not been able to identify you electronically so are asking for documents before they will open the account.

badger09

Lunalaws wrote: »

I switched my TSB account over to Halifax for the money.
I have a basic Tesco e-saver I can switch now for the £125 but want to know if I'd be eligible for the money. I do not remember getting money to switch to TSB before.

You will not be able to switch your Tesco e-saver because it is a savings account:cool:

Switch incentives require the switch of a current account.

Consumerist

Lunalaws wrote: »

I switched my TSB account over to Halifax for the money.
I have a basic Tesco e-saver I can switch now for the £125 but want to know if I'd be eligible for the money. I do not remember getting money to switch to TSB before.

Further to badger09's comment, if you have received the incentive from Halifax, why not switch the new Halifax account to TSB? :rotfl:

Molly4

I currently have a Halifax Current Account. Due to the recent change whereby my monthly reward was reduced from £5 a month to £3 I want to open a new current account to get a better deal.


This TSB account sounds ideal. I was planning to keep my Halifax account and then transfer money and 2 direct debits into this new TSB account to qualify for the benefits from the TSB account.


I notice that one of the conditions under ELIGIBILITY reads as follows:


b. As part of the switch transfer all active credits and debits which must include a minimum of 2 active Direct Debits from your old account and close it.


Does this mean I have to close my Halifax account?


I have queried having more than one account open and transferring money from one to the other to qualify for the various benefits before and been told there is nothing illegal about it. There are also articles on this site that confirm this.


Hope you can help with my query.


Regards

grumbler

You can have as many accounts as you like, but using the "Current Account Switch Service", that is required for getting the bonus, always results in the old account getting closed.

Switch Halifax, then apply for a new account, or apply before switching.

Molly4

I don't think Halifax bank will let me apply for a new account whilst already having an account. As stated before I wanted to reap the benefits I currently have with the Halifax ie £3 a month reward.