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

YorkshireBoy

Consumerist wrote: »

Was that so difficult to explain?

No, I chose not to explain it because I believe it's far better people read and try to understand the information themselves, rather than be spoon-fed it. Indeed, both the Plus T&Cs and the cashback T&Cs extend to just one page each, so not too onerous!

And, as you have proven, not all information spoon-fed on here is accurate. No offence...just using your assertion that "The £500 pm is only required to earn interest" as an example.

MyOnlyPost

My wife and I have 2x TSB each. I figure we close all 4, switch back in twice and open a joint ending with 3. Net result £250 for a loss of £45 pa.

The only problem is we each have regular savers ending mid feb which I assume we need to keep current account open for, which will leave it tight to get this done by the deadline (assuming it doesn't get extended) Any ideas how to get around this?

Consumerist

YorkshireBoy wrote: »

. . . No offence...just using your assertion that "The £500 pm is only required to earn interest" as an example.

I guess I asked for that.

Yorkshire_Pud

MyOnlyPost wrote: »

My wife and I have 2x TSB each. I figure we close all 4, switch back in twice and open a joint ending with 3. Net result £250 for a loss of £45 pa.

The only problem is we each have regular savers ending mid feb which I assume we need to keep current account open for, which will leave it tight to get this done by the deadline (assuming it doesn't get extended) Any ideas how to get around this?

No penalty for closing, or having closed for you, the Monthly saver and you can open a new one with new current account, but not before 12m from anniversary of opening (at 2%)?

YorkshireBoy

MyOnlyPost wrote: »

My wife and I have 2x TSB each. I figure we close all 4, switch back in twice and open a joint ending with 3. Net result £250 for a loss of £45 pa.

The only problem is we each have regular savers ending mid feb which I assume we need to keep current account open for, which will leave it tight to get this done by the deadline (assuming it doesn't get extended) Any ideas how to get around this?

Close one sole account each.
Make one of the remaining a joint account.
Close the remaining sole account.
Open and switch into 2 new sole accounts.


EDIT: Probably a bit messy for imminently ending monthly savers, but perhaps well suited for a couple who's anniversary is a little later?

MyOnlyPost

I had assumed that holding a joint account would disqualify from the switching bonus as already being an account holder.

After I posted I realised that although account opening deadline is end Feb that switch can be done to end of March which gives more breathing room

Thanks for your replies

YorkshireBoy

MyOnlyPost wrote: »

I had assumed that holding a joint account would disqualify from the switching bonus as already being an account holder.

The MSE article (although should never be replied upon!) says...

You won't get the bonus if you switch a joint account, if you've ever got a switching bonus from TSB before or if you currently hold a Classic Plus account in your sole name

...and the TSB incentive T&Cs say...

10. You are not eligible for this offer if you already have a Classic Plus account in your sole name.


http://www.tsb.co.uk/cashback-money-supermarket-termsandconditions.pdf

...so I'm not sure why you're having to make any assumptions?

MyOnlyPost

YorkshireBoy wrote: »

so I'm not sure why you're having to make any assumptions?

I believe idiocy would be the answer :doh:

badger09

MyOnlyPost wrote: »

I believe idiocy would be the answer :doh:

Not idiocy.

Just a failure to understand the T&C. You're not the first, and certainly won't be the last, so don't beat yourself up:D

moneysavinggirl40

Has anyone who has never received a bonus with TSB downgraded their classic plus accounts to classic yet?

then applied online for a new classic plus TSB account for their switching bonus and 5% cashback with contactless till 30 SEPT 2017?

How long after downgrading, did you leave it before applying for a new classic plus account?

Is the easiest way to downgrade by phone? what are peoples experience of this?

has anyone also got a TSB platinum credit card? one of the conditions is to hold a classic plus account, well if I intend to downgrade there will be a short period where I will not have a classic plus account, how does that affect my credit card deal?