TSB £180 switch offer

grizzlegrizzle

I have an existing TSB current account and received a switch incentive before (£130 in December 2017) and today received an email offering me £125 to switch to a Spend & Save account. Not as good as this offer but the t&cs in my offer don't exclude those having received an incentive before. 

Daliah

Yorkshire_Pud said:

Ive heard some say that the debit needs to have been paid at least once by the account being switched to be recognised as active by the new bank, I don’t know if this is true it’s open to debate.

changearound1 said:

So the DDs could be classed as Active without having paid out?

I don't think we'd ever get to the bottom of what a bank means by 'active ' DD. Nor can we assume all of them would have the same definition, and nor do all of them process DDs in the same way. For example, Natwest won't display a DD if it has never paid, whilst most other banks do. Whether such a Natwest DD would be picked up by a CASS switch is unclear.

It's just much safer to wait until the DDs have paid at least once. Usually this can happen within 7-10 working days from authorising a new DD, and all banks display them after it has been paid once in the last 13 months, so hardly a showstopper as in many cases, it takes 7-10 working days to have the new account fully operational (online access sorted, debit card received). In most switch requests, you can also request a switch date that is at some stage in the future.

If you are a real pro switch bonus hunter, or want to become one, you might have a couple of DDs [that have paid at least once in the last 12 months] on your donor/burner accounts, ready to jump on day one of a switch offer. Although I would never switch before I don't have full access to the new account.

changearound1

Yorkshire_Pud said:

The DDs don’t need to be part of the switch you can set them up on the new tsb account before 18th November if you don’t have them on the switch account.
My tip read the t&c linked on #1 it’s all there! Including I’m in the clear not arranging the switch as part of the account opening process. Can do it before 18th November, will do it long before then.My fear there is simply did I get tracked from mse link to account opening as they don’t give confirmation like say Quidco do.

Beauty of t&c if it’s not in there you don’t have to do it! Except you do have to have your right foot in a bowl of cold rice pudding when you press the apply button 😊 

The last sentence of condition 2 states that the switch 'must include a minimum of two active Direct Debits.'

I think conditions 5 and 7 require that 2 active direct debits are on the account by Nov 18 and continuously from Dec1 to May 31. So you can't just move the DDs straight after the switch, or if you do you'd have to replace them with 2 others.

It doesn't categorically say that the DDs ever have to pay out from TSB but 'Active' is a bit of a woolly term. It would be safer having them pay out monthly but possibly not strictly necessary.

Daliah

changearound1 said:

It doesn't categorically say that the DDs ever have to pay out from TSB but 'Active' is a bit of a woolly term. It would be safer having them pay out monthly but possibly not strictly necessary.

If they needed to pay monthly, the offer terms would spell this out.

The_Green_Hornet

AFAIK once a direct debit appears on your account it is considered active and I have done switches in the past where no payment has been collected before and after the switch and I still received the incentive.

Again, AFAIK, a direct debit only goes inactive if it hasn't been used for 24 months under dormancy rules.

Why the banks use the term "active direct debit" is a mystery.

Yorkshire_Pud

changearound1 said:

Yorkshire_Pud said:

The DDs don’t need to be part of the switch you can set them up on the new tsb account before 18th November if you don’t have them on the switch account.
My tip read the t&c linked on #1 it’s all there! Including I’m in the clear not arranging the switch as part of the account opening process. Can do it before 18th November, will do it long before then.My fear there is simply did I get tracked from mse link to account opening as they don’t give confirmation like say Quidco do.

Beauty of t&c if it’s not in there you don’t have to do it! Except you do have to have your right foot in a bowl of cold rice pudding when you press the apply button 😊 

The last sentence of condition 2 states that the switch 'must include a minimum of two active Direct Debits.'

I think conditions 5 and 7 require that 2 active direct debits are on the account by Nov 18 and continuously from Dec1 to May 31. So you can't just move the DDs straight after the switch, or if you do you'd have to replace them with 2 others.

It doesn't categorically say that the DDs ever have to pay out from TSB but 'Active' is a bit of a woolly term. It would be safer having them pay out monthly but possibly not strictly necessary.

OK yes now I’ve taken my own advice and read the t&c again. DDs need to be already active on the donor account. Also deleted my comment as it’s wrong.

Lucky for me I had an account primed for switching with two DDs set up years ago and paid out many times so can avoid at least a few of the pitfalls. Also don’t need to get involved in discussions that don’t affect me.

qsk

Thanks, OP, I have now applied.  I used the OP's link before reading
AndyTh_2's post below (whether affiliate link is required). Anyone think TSB will reject my cashback claim for not having the referral in the link?  Should I consider canceling and restart? 
Thanks.

adindas

EarthBoy said:

mar7t1n said:

EarthBoy said:

mar7t1n said:

I know you cannot go back to the same bank for 2 years

Can't you? I know that Starling and Chase won't let you open another account for 12 months after you've left, and I've heard that some people have been unable to go back to Monzo, but I don't know of any such rule with any other bank. 

Each bank subject to it's own T&C's of course, and also nothing to stop them declining your application based on knowledge you only had your previous account 6 weeks, and have done this switch with every bank going....

That's true, especially if you keep using the same bank to open dummy accounts just for switching purposes. I did it twice with RBS with no problems, but after I tried it the third time they'd had enough and I'm now banned from opening any new accounts with RBS or NatWest. 

Lol, Fortunately I have not got banned from RBS group sofar. But what I have also noticed at some points some DDs source will not allow you to switch it any longer to other current accounts. They might even close it. It is an additional work for them when people keep switching the DDs source to another account. Let alone when they notice the amount is very small.

soulsaver

Done. Is there a way to determine the switch has tracked? 

sheffieldeagle

Hi

I had a switch bonus in Jan 2017 (£125) but still may give it a go.

Cheers