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

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  • Yorkshire_Pud
    Yorkshire_Pud Posts: 1,860 Forumite
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    molly57. wrote: »
    "Also, they are within their rights to decline you for a new account if you just closed the old one, of for some other reason, or without any reason.Originally posted by grumbler"






    Going on the above is it wise to be honest with the bank as to why you are opening a new account or closing an account or just say nothing and wait and see if you are allowed to open and close the new account in order to gain the benefits of the TSB account.

    It seems to be the case that any existing TSB Classic Plus account holder who is willing to downgrade or close it can then apply for a new Classic Plus account using the mse link in OP and subject to T&C be eligible for the £125 etc. as long as you haven't had an switching incentive before from TSB.

    As for a bank not opening a new account its not really a worry for the majority of people more a theoretical risk as is a bank can close your account if they want to for any reason but the hardly ever do!

    TSB wants new accounts opened and customers stimulated to use more of their services through incentivising them so with this offer an old slumbering customer becomes a new active customer (until the 5% cashback ends in September:))
  • Molly4
    Molly4 Posts: 1,292 Forumite
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    bigadaj


    Did you close and open accounts with the same bank? Did you give a reason for closing the account in your letter?


    I'm in same position my branch is miles away so I would need to post a letter. A bit more MSE than driving into town to go to the branch.
  • TheRed
    TheRed Posts: 52 Forumite
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    My partner has a CCJ on their credit reports from July last year. Paid in full. In the process of requesting it removed from the registry, however it's currently there and will be for at least the next couple of months. ClearScore score is around 250, if that somewhat arbitrary number gives any indication to anything.

    Is this likely to result in her failing to be accepted for this account, does anyone know, anecdotally? Credit cards are obviously a no go, but not sure how much weight the credit report carries for bank accounts. She won't be asking for an overdraft facility.
  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    molly57. wrote: »
    bigadaj


    Did you close and open accounts with the same bank? Did you give a reason for closing the account in your letter?


    I'm in same position my branch is miles away so I would need to post a letter. A bit more MSE than driving into town to go to the branch.

    Yup, closed a classic plus account last Sunday, by letter as they insisted on a signature, no reason given. Applied for the new account on Friday, all opened ok, also opened a Santander account mid week in anticipation for switching.

    Currently waiting for debit card and pin, then back onto contactless cashback after running out before xmas, missed out on January but there you go.

    Both accounts were opened nearly instantaneously, real contrast to HSBC who took around six weeks at the end of last year.
  • zak2012
    zak2012 Posts: 326 Forumite
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    Do i have to pay £500 each month to get 5% back each month on contactless? or £500 is just for %3 intrest? thanks
  • grumbler
    grumbler Posts: 58,629 Forumite
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    5% cashback on your first £100 contactless, Apple Pay, or Android Pay payments each month‡ T&Cs apply
    You are welcome
  • badger09
    badger09 Posts: 11,247 Forumite
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    zak2012 wrote: »
    Do i have to pay £500 each month to get 5% back each month on contactless? or £500 is just for %3 intrest? thanks

    What do the T&C for cashback say?

    http://www.tsb.co.uk/current-accounts/
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    zak2012 wrote: »
    Do i have to pay £500 each month to get 5% back each month on contactless? or £500 is just for %3 intrest? thanks
    The £500 pm is only required to earn interest. :)
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Consumerist wrote: »
    The £500 pm is only required to earn interest. :)
    But without it, zak2012 may* also forfeit the cashback.


    * To see why, well, zak2012 should read their Plus account T&Cs.
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    edited 31 January 2017 at 8:42PM
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    YorkshireBoy wrote: »
    But without it, zak2012 may* also forfeit the cashback. . .
    Ok. I stand corrected.

    The £500 pm is an eligibility criterion for the account which might otherwise be closed by TSB. Was that so difficult to explain?

    I must admit that even though I currently have two of these accounts, I wasn't aware of this myself (but should have been).
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
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