TSB launches new 'Spend and Save' current account

EarthBoy

whitesmith said:

Yes so this TSB-card brilliant scheme sees hoards of savers topping up their direct saver accounts £1 a day for 30 days every month and before you know it NS&I get fed up with this and ban debit card top-ups.

TSB need to think things through...

TSB will probably be glad if NS&I stop accepting debit card top-ups; they won't have to pay out so many fivers. 

Ghostcrawler

Still havent got £5, so looks like only those people will get who created a new account, I am going to reach out to CS for advising incorrectly.

Has anyone got £5 ??

colsten

Thanks to @eskbanker for posting the latest BRC payments survey. From it, we can see that each debit card transaction costs around 6 pence. So we know that 30 debit card deposits into NS&I etc cost them around £1.80. A large organisation may swallow this, but a smaller one probably would not. As we have seen with KRBS, they simply stop accepting online debit card deposits.

What we don't know is how much a Faster Payment transaction costs them - has anyone got any reliable figures on this?

NottinghamKnight

TSB marketing team will have put this offer together on the basis of the 'average' person, not a load of odd people on an internet forum. That 'average' person, in normal non covid times at least, will pop out most days to buy lunch, coffee, snacks etc. So if you incentivise your customer to open a current account for use as a main account, and offer them a free fiver to use the debit card every day you may win business and be able to cross sell more profitable services as well. That 'average ' person may of course be annoyed at the end of the month when they have only done 26 or 28 transactions and don't receive their fiver but they haven't met the conditions so tough luck and they are probably too apathetic to transfer their account in any case. 

BigBucket

Does anyone know if TSB will use the actual transaction date or the date that the payment moves from pending to confirmed when calculating whether we have the sufficient transactions for cash back?

My account was opened mid-October so gave me a limited amount of time to get the 30 payments but I thought I had achieved this by the 26th.  These final transactions though did not move from pending until today so it’s highly likely I won’t qualify this month. 

I know now to make sure I get my payments done with a full week to spare from now on but it does seem slightly unfair to have such a long pending period to deal with if it does count against you. 

Ta

BB

colsten

check your T&Cs.

keiran

I got my £5 today for making 30 tranx in Oct with a newly-opened TSB spend and save acc
And , for completeness, I have not got £5 for the tranx I did on an old classic TSB acc which was renamed a spend and save acc by TSB

bristolleedsfan

keiran said:

I got my £5 today for making 30 tranx in Oct with a newly-opened TSB spend and save acc
And , for completeness, I have not got £5 for the tranx I did on an old classic TSB acc which was renamed a spend and save acc by TSB

Would have been better off opening the account via Quidco today instead of last month ( £60) so as not to lose out I opened another today not via Quidco I also got TSB card reward £5 via part 1p water payments as well as some instore purchases in respect of newly opened account last month

colsten

Good luck.

keiran

Well it's worth the "experiment " by BLF.
We've found that banks' systems often aren't as good as they ought to be ( eg RBS paying for further switches)