TSB launches new 'Spend and Save' current account

stclair

My app has updated now which allows me to use the new features.

EarthBoy

You can now apply for a Spend and Save account on the TSB website.

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

ischris85

Interesting caveat "You are eligible for Cashback if you open a new Spend & Save account, which includes changing an existing TSB account, other than a Classic account, to a Spend & Save account."

stclair

ischris85 said:

Interesting caveat "You are eligible for Cashback if you open a new Spend & Save account, which includes changing an existing TSB account, other than a Classic account, to a Spend & Save account."

I read that earlier a total cop out 🙄

crumpet_man

I just applied for one and then noticed the six months cashback starts from the month the account is opened.  I hope the debit card gets here before the end of the month and there is enough time for the transactions to register.

creditavenger

I'll be ringing TSB tomorrow to see if they will be honoring the cashback payment(s) that I was promised (when I rang them specifically to ask about this last week) for my September debit card transactions.
I'll be raising a complaint if not, and switching out all of my feature-lite "Spend and Save" accounts before I open some new full-fat ones.
What possible point was there in automatically moving people to these accounts, if the major benefit of the "Spend and Save" accounts are not actually available unless they are "proper" new ones.  Unless of course it's a way of limiting the number of accounts you can hold!.......Aaarghh!

ischris85

creditavenger said:

What possible point was there to move people to these accounts if the major benefits of these accounts are not available unless they are "proper" new ones.  Aaarghh!

Agreed, there seems to be no point other then to get rid old the Classic account.

creditavenger

(Extract From) Current accounts Cashback Terms and Conditions
Eligibility
1.1 You are eligible for cashback if you open a new Spend & Save account or Spend & Save Plus account. Opening a new account includes changing an existing TSB account, other than a Classic account, to a Spend & Save or Spend & Save Plus account.
1.2 Your account must be open when the cashback is paid. We won’t pay cashback after your account is closed, even if you’d made the eligible number of payments in the previous month.

How do I earn the £5 cashback?
2.1 Spend & Save – you must make 30 or more payments using your debit card each calendar month to earn £5 cashback. You can earn cashback for the first six calendar months, which includes the month your Spend & Save account is opened.
2.2 Spend & Save Plus – you must make 30 or more payments using your debit card each calendar month to earn £5 cashback. You will earn cashback until you close your account or we end the offer in accordance with these terms and conditions.
2.3 We’ll count payments based on the date the money is taken from your account. This is usually within 5 working days from the day you make the debit card transaction, but sometimes can be longer. You can tell when money is taken from your account by looking at your transactions online or on your statement.
2.4 If you don’t make enough qualifying payments in a calendar month we won’t pay any cashback.
2.5 If you have more than one Spend & Save or Spend & Save Plus account (for example a Spend & Save in your own name and Spend & Save Plus account in joint names) and you make the relevant number of debit card payments on each account, you will earn the £5 cashback on each account.
2.6 If you have an account in joint names, you need to make 30 transactions per month between you, not each.

What payments are included?
• Debit card payments include online and mail order purchases, as well as in-store purchases (including contactless, Apple Pay and Google Pay).

What payments are excluded?
• These payments aren’t included: ATM or other cash withdrawals using your card, Direct Debits, Standing Orders, payments made using Pay a Contact (Paym), bill payments made in a TSB branch and future dated payments.

 How will cashback be paid?
• Cashback will be paid to your account by the 20th of the next calendar month. For example, for payments made in June 2020 cashback will be paid by 20 July 2020.

Changing the offer We can make changes to the Cashback offer or these terms and conditions for the following reasons:
• To make improvements which benefit you.
• To make sure we’re following changes in law, regulation, industry code or guidance.
• Because our running costs have changed. This includes a change in the costs when we borrow money.
• Because of changes in technology, good banking practice or changes in customer demand. We will always let you know before we make changes to the cashback offer or these terms and conditions by giving you two months’ notice.

Ending this offer
We can end this offer at any time for new customers. We may need to end the offer for exceptional circumstances. If we do, we’ll give two months notice before we do. Please remember to read the Personal Banking terms and conditions and the product conditions for your accounts to find out how your accounts work. These terms and conditions only explain how you can receive Cashback.

Spend & Save or Spend & Save Plus Cashback Terms and Conditions. Information correct as at August 2020.

If you experience any issues in receiving your reward or feel that you have satisfied all conditions yet not been paid, please call us on 03459 758 758 (Lines open from 7am to 11pm, seven days a week).

colsten

I must be getting old. I think I cba to put in all that effort for £30.

I might reconsider if we go into another full lockdown.

SebH

crumpet_man said:

I just applied for one and then noticed the six months cashback starts from the month the account is opened.  I hope the debit card gets here before the end of the month and there is enough time for the transactions to register.

I noticed this too, perhaps it's better to wait until 1 October to apply?