TSB launches new 'Spend and Save' current account

Yorkshire_Pud

colsten said:

Yorkshire_Pud said:

Will it still be necessary to pay in £500 a month to get the 0%?

No more minimum monthly pay-ins required. Instead, you need at least 30 DC transactions a month, and the entire bonanza [if it ever as one} will come to an end after 6 months.

Bye bye TSB in around March 2021.

Strange it’s not possible to convert a Classic account to a S&S when it’s trailed as it’s replacement.
If I don’t convert my Classic Plus to a s&s I guess it just stays as a Classic Plus with no pluses. 

March 2021? You going to convert after Plus interest on about 2nd October and do six months hard labour for £30 per account. I can imagine the posts on here after December, I didn’t get my fiver because tsb said I only made 29 card payments, I’m sure I made 30.

veryintrigued

bob792 said:

TSB Classic Plus & Classic Enhance

The credit interest amount will be 0% AER gross monthly from 2 December 2020

Don't think TSB have got around to telling us about this yet but it is buried away on their website:

https://www.tsb.co.uk/help-and-support/general/close-account/

click on "How to change your Classic Plus or Classic Enhance account into a Spend & Save Account", scroll down to "How does my account compare?", Note the double asterisks after "Interest paid monthly" and then scroll down to the bottom for the bad news. It's bye bye TSB for me.

Thanks for this - grim read as it is.

Wonder if those who reportedly hold double figure amounts of the Classic Plus will bother with the clat.

Only three here but won't bother.

As Bob and Paul would say 'And away'.

On an aside, I wonder if we can highlight this better to the forum with a change of thread title on the OP?

Edit - actually I'll start a new thread.

SebH

Classic Plus has now been withdrawn for new customers, looking at the website this morning.
Looks like it's Spend & Save or nothing now - with the exception of the basic bank account and accounts for 'young people'.

EarthBoy

Yorkshire_Pud said:

colsten said:

Yorkshire_Pud said:

Will it still be necessary to pay in £500 a month to get the 0%?

No more minimum monthly pay-ins required. Instead, you need at least 30 DC transactions a month, and the entire bonanza [if it ever as one} will come to an end after 6 months.

Bye bye TSB in around March 2021.

Strange it’s not possible to convert a Classic account to a S&S when it’s trailed as it’s replacement.

TSB have already converted all the Classic accounts to Spend and Save, so you wouldn't need to request the change.

Ghostcrawler

its all over the place and so confusing to understand how to make the most of TSB now. Also T&Cs are not that clear and RSB CS over the phone have different understanding. Last week when I called to confirm the £5 cashback, I was told that my classic account is converted to Spend & Save account and if I make atleast 30 DC transactions from this account then I will be eligible for £5 this month but T&C says differently. Just unsure how to make the most of it now.

ischris85

Ghostcrawler said:

its all over the place and so confusing to understand how to make the most of TSB now. Also T&Cs are not that clear and RSB CS over the phone have different understanding. Last week when I called to confirm the £5 cashback, I was told that my classic account is converted to Spend & Save account and if I make atleast 30 DC transactions from this account then I will be eligible for £5 this month but T&C says differently. Just unsure how to make the most of it now.

IMHO I'd say If you have a Plus account keep it until December. If you have had the current account that TSB converted to 'Spend and Save' that is not an actual 'Spend and Save' account, I would switch that out and apply for a new 'Spend and Save' 1st October.

Moneybear

Can you use your debit card to top up savings accounts for it to count as one of the 30 transactions? 
Apologies if this has already been asked.

PRAISETHESUN

Moneybear said:

Can you use your debit card to top up savings accounts for it to count as one of the 30 transactions? 

Can see why not - it worked last time TSB had a debit card cashback offer. Just as long as all the transactions are fully cleared (not pending) by the end of the month in question.

Yorkshire_Pud

ischris85 said:

Ghostcrawler said:

its all over the place and so confusing to understand how to make the most of TSB now. Also T&Cs are not that clear and RSB CS over the phone have different understanding. Last week when I called to confirm the £5 cashback, I was told that my classic account is converted to Spend & Save account and if I make atleast 30 DC transactions from this account then I will be eligible for £5 this month but T&C says differently. Just unsure how to make the most of it now.

IMHO I'd say If you have a Plus account keep it until December. If you have had the current account that TSB converted to 'Spend and Save' that is not an actual 'Spend and Save' account, I would switch that out and apply for a new 'Spend and Save' 1st October.

So if I want Spend and Save with the six months cashback I would need to open a new spend and save account as my newly converted s&s account won’t qualify. I guess it’s another way for tsb to get new accounts opened only this time the ‘reward’ is max £30 over six months for 180+ qualifying transactions.
I must graciously decline your offer tsb.
(Unless they put it on Quidco lol) or maybe not.
Think me and tsb are soon to part ways.

veryintrigued

I can see this being the death knell for some institutions allowing debit card payments when people will be performing multiple lots of 30 small transactions monthly when there is a cost implication to said institution.