TSB launches new 'Spend and Save' current account

colsten

veryintrigued said:

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.

KRBS have already stopped accepting debit card payments online.

crumpet_man

I think some will continue to accept debit card payment but set a minimum amount, for example £5 is a minimum I have seen for some institutions.

kaMelo

veryintrigued said:

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.

I agree unfortunately, I couldn't bring myself to do that to a small building society. A large multinational supermarket on the other hand...
The thing with TSB's requirement, much like Co-op, where it's the number of transactions is actually easy to achieve if you're prepared to pay for each item individually. Three trips with ten items at a time is easy enough per account for TSB.  One thing to add though, it's preferable to go when the supermarket is quieter. Doing so when it's busy can lead to lots of tuts and huffing from other customers.

Herbalus

kaMelo said:

veryintrigued said:

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.

I agree unfortunately, I couldn't bring myself to do that to a small building society. A large multinational supermarket on the other hand...
The thing with TSB's requirement, much like Co-op, where it's the number of transactions is actually easy to achieve if you're prepared to pay for each item individually. Three trips with ten items at a time is easy enough per account for TSB.  One thing to add though, it's preferable to go when the supermarket is quieter. Doing so when it's busy can lead to lots of tuts and huffing from other customers.

The self checkouts are wonderful for this. I’m not sure I could give a human a valid explanation as to why I’m doing separate transactions for individual bananas.

wiseonesomeofthetime

@kaMelo - Reminds me of this advert
🤣

keiran

Had an online chat with a TSB rep, who said that the £5 thing would start from Oct and apply only to NEW spend and save accounts, and that one could open any number of said accounts.
Assuming, of course, he knows all the facts - Can't assume that with the customer service agents 

ColdIron

Surely all spend and save accounts are new

keiran

Newly-opened , then

soulsaver

keiran said:

Had an online chat with a TSB rep, who said that the £5 thing would start from Oct and apply only to NEW spend and save accounts, and that one could open any number of said accounts.
Assuming, of course, he knows all the facts - Can't assume that with the customer service agents 

keiran said:

Newly-opened , then

They'll be incorrect then as that's not what the terms say.

Yorkshire_Pud

With the Save the Pennies feature any debit card spend is rounded up to the nearest pound and that rounded up difference is transferred into the Savings Pot. Say the spend took the balance down to 30p in credit would it then round up to a pound and transfer 70p into the savings pot thereby causing the current account to go overdrawn by 40p?