New TSB switch bonus, already have old account

Kallb123

Hi all,

I'd like to take advantage of the new £125 TSB switching bonus by switching a NationWide FlexDirect account I have that's ending its 5% stage. However, I have a TSB Classic Plus account already, but it's old and the 5% contactless cashback term has finished, so it's just sat there for interest. It'd be great if I could close that old (unused) account in the next few days and then switch the NationWide account over. Would that work? I haven't previously received a switching bonus from TSB. I'd like to get the 5% contactless cashback again as it was handy for diesel!

Thanks,
Kallum

EarthBoy

It should work OK, but of course you're running the risk that TSB might not accept you back.

Kallb123

Ok, I might get onto that. I needed an excuse to get rid of the TSB and NationWide accounts.

If they don't accept me back, doesn't matter, both accounts are basically just savings accounts.

teddysmum

I can't be bothered to read the T&Cs, at this moment, but as the 5% on contactless is for new customers, is there a qualifying period without an account, to earn this ? Rather as the likes of Sky say you have to have been away for 12 months to qualify as a new customer, so get the special deals.

Kallb123

I can't see anything about that in the T&Cs. The contact less cashback even says you can get the 5% back on multiple accounts.

The £125 is worth more though. I can't see any restrictions on that either.

ST-User

I have done this, and it worked fine. I switched out the old TSB Plus account, then a few days later opened a new one and switched, 28 days later got the incentive.

You've got noting to lose, 3% on 1500 isn't such a big thing. But if you can manage it, you get the incentive and the cashback on contactless payments until September.

Kallb123

Thanks for the input. I've closed my TSB accounts. I'm waiting for some DD to start up on my Nationwide account next week and then I'll switch it to TSB. I'll feedback when it goes through.

GTR_King

can you get the £125 if you already have a TSB account? e.g switch to another TSB account?

Kallb123

I believe it says you can't have a classic plus account... So if you have a different account then maybe you're eligible. It's worth checking anyway.

msallen

Kallb123 wrote: »

Thanks for the input. I've closed my TSB accounts. I'm waiting for some DD to start up on my Nationwide account next week and then I'll switch it to TSB. I'll feedback when it goes through.

Just closed? Wasn't there another bank you could have switched to for another bribe?

Kallb123

I have 6 current accounts already. I could've switched to M&S or coop, but I don't want to bank with a supermarket.

Closing it suits my situation, but yes using old inactive accounts for switching bonuses is a good idea. It's what I'm doing with my nationwide account.