TSB launches new 'Spend and Save' current account

ischris85

EarthBoy said:

creditavenger said:

Zanderman said:

creditavenger said:

colsten said:

creditavenger said:

A new Spend and Save account has been opened for me!!

How did you achieve that?

I'm just lucky I guess 

Good old TSB - the bank that likes to say Yes! 

Just to clarify - you have a new account called Spend and Save, not just your old Classic account relabelled as Spend and Save? 
If only the latter it's not a new account.

I can see what you are getting at but I do not think your interpretation will be correct if you think that my two day old relabeled Classic account will not qualify for the cashback. ...........Time will tell...watch this space 

In the first page of this thread, Ed-1 posted a copy of the email sent to existing Classic account customers explaining that their account was changing to a Spend & Save account. There's no mention of any cashback in that email. 

Looking back at the Ed-1 email, it does say that the classic account is being converted to a new 'spend and save' account. But I agree everything is up in the air with regards to clarity.

stclair

I suspect the classic plus will change to spend and save plus in the near future as it’s referenced in the T&Cs
https://www.tsb.co.uk/savings/savings-pots-terms-and-conditions.pdf

Ed-1

stclair said:

I suspect the classic plus will change to spend and save plus in the near future as it’s referenced in the T&Cs
https://www.tsb.co.uk/savings/savings-pots-terms-and-conditions.pdf

Well spotted.

creditavenger

stclair said:

I suspect the classic plus will change to spend and save plus in the near future as it’s referenced in the T&Cs
https://www.tsb.co.uk/savings/savings-pots-terms-and-conditions.pdf

Thanks for posting this StClair.
Given the published interest rates I've seen  for the "savings pots", that probably doesn't bode well for the continuation of the existing 1.5% classic plus rate.

missile

stclair said:

I suspect the classic plus will change to spend and save plus in the near future as it’s referenced in the T&Cs
https://www.tsb.co.uk/savings/savings-pots-terms-and-conditions.pdf

I suspect you may be correct.

It may be of advantage to some to convert from classic plus. However, I did not see a specific reference in the T&Cs suggesting this would be compulsory? 

creditavenger

I wonder what the "Plus" part of any possible future "Spend and Save" accounts will add over the standard ones?

colsten

IIRC, there was talk about a packaged account with a fee.

Ed-1

colsten said:

IIRC, there was talk about a packaged account with a fee.

Yes I think all Classic Plus account holders will be getting notice of the change in due course with the option of opting in to the new fee account otherwise it will change to the standard fee-free Spend and Save account (like what happened with the Halifax Reward changes).

fabsaver

stclair said:

I only heard about it yesterday for the first time however, I do like the idea of its features. I wish First Direct would do something similar as I use them as my main account. 

https://www.tsb.co.uk/current-accounts/pdf/spend-and-save-account-overview-and-benefits.pdf

This pdf document does suggest that existing accounts will be eligible for the cashback.
The footnote on page 5 of the document states:

"*Cashback is only available on opening a new Spend & Save account or on changing an existing TSB account to a Spend & Save account. Not all transactions count towards Cashback, for example cash withdrawals and Direct Debits are excluded. See terms and conditions. "

However I would have thought for the new terms to be applicable that TSB would at least have to notify customers that their Classic account had been converted and issue the new T&Cs. How are we supposed to know if September transactions are eligible for cashback if TSB don't tell anyone about it?

When I log in my Classic accounts show as 'Spend and Save' but I have received no communication or notification whatsoever regarding this change.

As above I can't see the new terms kicking in until TSB issue them to account holders and specifically state a start date.

creditavenger

It would be useful if TSB's link (below) to the Cashback T+Cs on page 5 of the pdf document referenced above wasn't a broken one. Maybe at some point it will work. 

 "Please visit
tsb.co.uk/current-accounts/cashback
 for full details."


fabsaver said:

 How are we supposed to know if September transactions are eligible for cashback if TSB don't tell anyone about it?

In my telephone conversation with the TSB Cust Services Rep I was told that my September transactions would count.....although I accept that Cust Services often give out incorrect info. Hopefully all will be OK.