Switching Back to TSB Classic

sheffieldeagle

Hi

Can anyone tell me if it's possible to switch a TSB Classic account to another bank account (Halifax) and then switch back to get the switching bonus. I thought you could only get the bonus once. Am I missing something?

Many thanks

binaryuniverse

sheffieldeagle wrote: »

Am I missing something?

Yes. Reading the Terms and Conditions which state:

You can only benefit from this offer once.

And

You are not eligible for this offer if you have previously received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service.

YorkshireBoy

Your post isn't clear (possibly why you haven't had a reply yet?). Are you saying you've already had a TSB switching incentive? If you are, then the bit you're "missing" is a read of the incentive T&Cs...where you'll find your answer.

binaryuniverse

Basically, if you haven't had switching bonus from TSB before, then you should be able to close the account, open a new account elsewhere, then switch that to TSB, and get the bonus.

If you have then no you won't get another bonus from TSB.

jayjay21

I have two classic plus accounts, the rate is good but the bonus far out weights the rate. Could I close both accounts then switch another in for the £130?

Mchambers

jayjay21 wrote: »

I have two classic plus accounts, the rate is good but the bonus far out weights the rate. Could I close both accounts then switch another in for the £130?

That is what I have done. Give it a go and see what happens.

You will get the £130 bonus as I am assuming (like me) that you have not had any switching bonus before from TSB. People are not sure whether I will get at least £5 per month for my 2 direct debits. I will just see what happens.

I have already created 2 new TSB Classic Plus accounts and started to switch my 2 old TSB accounts back to TSB.

I did a similar trick a few months ago, when I switched my COOP account out and back in to get their switching bonus. It worked fine.

HTHs.

Kim_13

jayjay21 wrote: »

I have two classic plus accounts, the rate is good but the bonus far out weights the rate. Could I close both accounts then switch another in for the £130?

Providing TSB accept you again then you could, however you wouldn't be able to get a second sole account back again (the T&C's no longer permit a second Classic Plus account in a sole name, though those who held these (yourself included) before the date of the change were allowed to keep them (though TSB have reserved the right to downgrade one in the future should they wish.))

By switching an account out for a bonus you'd halve your interest earning potential going forward, and you wouldn't qualify for the £5 monthly cashack (customers can't have held a TSB Classic Plus account prior to 1 March 2017 to get this.)

Only you can decide if it's something you want to go ahead with.

eskbanker

sheffieldeagle wrote: »

Switching Back to TSB Classic
Can anyone tell me if it's possible to switch a TSB Classic account to another bank account (Halifax) and then switch back to get the switching bonus. I thought you could only get the bonus once. Am I missing something?

At the risk of being pedantic, you're missing the key word 'Plus'!

There is no switching offer for TSB's Classic account.

There is a switching offer for their Classic Plus account, a different product....

Mchambers

Kim_13 wrote: »

Providing TSB accept you again then you could, however you wouldn't be able to get a second sole account back again (the T&C's no longer permit a second Classic Plus account in a sole name, though those who held these (yourself included) before the date of the change were allowed to keep them (though TSB have reserved the right to downgrade one in the future should they wish.))

By switching an account out for a bonus you'd halve your interest earning potential going forward, and you wouldn't qualify for the £5 monthly cashack (customers can't have held a TSB Classic Plus account prior to 1 March 2017 to get this.)

Only you can decide if it's something you want to go ahead with.

2nd account really ? It would take over 3 years interest to get £130-00 so it is meaningless and not relevant. By 3 years, there will be much better accounts for interest and switching bonuses.

I am waiting for my next target.