TSB's new Spend & Save Plus Account

EarthBoy

granta said:

I'm struggling to see how this is much different from the Spend and Save non-plus version?!

The cashback on the Spend & Save non-plus version is only for the first six months.  On the plus version it's ongoing, or "until you close the account, change to another TSB account or TSB withdraws the offer."
Also, there's the free £100 overdraft and free debit card usage abroad, neither of which you get with the ordinary, non-plus Spend & Save, but neither of which are worth the monthly fee, as you can get the same, or better, with other banks.  First Direct will give you £250 free overdraft, and Starling and Virgin both give you free card usage abroad without a fee.

creditavenger

I see that, like its predecessor, this new version of the Spend and Save account also gives you access to TSB's iconic linked Savings Pot. This fabulous feature allows you to accumulate no less than 50 pence interest if you lodge £1000 in it for a full year. Of course in the second and subsequent years TSB would be unable to maintain such a heady interest rate and your interest would drop to 10 pence per year assuming you still kept a £1000 balance.  

EarthBoy

creditavenger said:

This fabulous feature allows you to accumulate no less than 50 pence interest if you lodge £1000 in it for a full year. 

You've sold it to me.  I will open an account immediately. 

General_Grant

surreysaver said:

EarthBoy said:

ReecesWaffle said:

Doesn’t sound too great to be honest.

No, it's a right load of rubbish.  I don't think many people will go to the trouble of using their card 30 times a month just for £2.

I use my Co-op one 60 times a month for £3

And, with the Co-Op account, if you don't make 60 (or even 30) DC transactions in a month, you can still receive 5p for each DC transaction that does go through.  

Yorkshire_Pud

Another useless account offering from tsb lol. It sucks, it’s rubbish and it offers nothing worth having. Wish they would just sell off their benighted bank and have done with it.

WillPS

It's wholly unexciting, but not a rip off. After the recent changes to 123 Lite, I now only get £2.70 a month cashback after fee.
Netting £2 for 30 transactions is OK. I'll probably upgrade my existing Spend & Saves to the Plus type when I've exhausted the £5 cashbacks.

Perhaps this account will attract a bit more Quidco?

ACDeag

I love their “added benefits” of a TSB account, you can switch to it, make payments with Apple Pay and text alerts. They are really clueless, all banks offer this now, nothing special about them

Lightning360

ACDeag said:

I love their “added benefits” of a TSB account, you can switch to it, make payments with Apple Pay and text alerts. They are really clueless, all banks offer this now, nothing special about them

I don't see how this means they are clueless. They are just advertising their accounts. It is helpful to be clear what the account comes with, especially if people aren't banking experts.

creditavenger

TSB have really pushed the boat out with their non-regular savings interest rates.

https://www.tsb.co.uk/savings/instant-access/?WT.ac=A00417

One of the most attractive features of their "Saving Pots" is apparently that you are allowed to give them a unique name.
If I was lucky enough to have one I'd call mine the "Stand and Deliver Savings Account".

TOP_CAT

Does anyone know what time tonight  TSB updates pending transactions or if at all on a sunday night ?
It looks like Ive probably missed the Spend an Save £5 boat and the pending transactions will update on early morning  march 1st or perhaps even later ....which according to the T an C police is a £5 No No !