switching accounts with newly added direct debit

ronjefferson

I've been with TSB's current account for a few months now. When I joined them I was getting £5/month every time I used contactless payment 20 times a month (something that's very easy to do). They've now sneakily changed that to getting 1% cashback on all card payments up to £500, an amount of money I don't go anywhere near spending in a month on that card.
They also give £5/month for having two direct debits, something I never got round to doing.
Anyway I've decided to switch to M&S because their incentives are pretty good - 5% interest regular saver and a £125 store voucher. But to get these benefits I need to switch two direct debits from my TSB account. Well today I added a second direct debit onto my TSB account . This will charge my account on the 20th of each month, meaning I'll have to wait til March 20th for the first charge. My question is, to successfully switch both direct debits to my new M&S account, do I need to wait until March 20th when the first charge on this new direct debit has gone through, or can I do it now? I'm keen to complete the switch soon but I wouldn't want to do it now and be told I don't get the benefits because I didn't properly switch two dds. Anybody got any experience with this?

YorkshireBoy

I would always let a DD 'take' before initiating a switch.

clivep

ronjefferson wrote: »

When I joined them I was getting £5/month every time I used contactless payment 20 times a month (something that's very easy to do). They've now sneakily changed that to getting 1% cashback on all card payments up to £500, an amount of money I don't go anywhere near spending in a month on that card.
They also give £5/month for having two direct debits, something I never got round to doing.

They haven't changed anything. The 1% cashback on all card payments up to £500 is on credit card spend (as long as you hold an eligible TSB current account).

The £5/month for 20 debit card transactions and the £5/month for 2 x DDs still applies for the Classic Plus current account until the cashback offer end dates of 30 June 2018 for accounts opened 1 March 2017 to 7 January 2018 and 31 December 2018 for accounts opened from 8 January 2018.