TSB Switch Offer

MikeJXE

Hattie627 said:

CRISPIANNE3 said:

I am now hoping to get the £75.00.  I pay my council tax each month in two instalments using the debit card and pay my credit cards off with other banks by using the debit card.  Provided I make it up to 5 per month I assume I should be ok. 

Remember also to pay in £500 (or more) each calendar month from 1 April to 30 September, and keep two direct debits showing on the account until 30 September (both required in addition to the 5 monthly debit card transactions for the £75 additional bonus),

As you are managing to make 5 debit card transactions a month for the £75 bonus, you could aim to get an additional £5 payment each month if you can make it up to 20 debit card transactions in the calendar month. I'm using the debit card on my new TSB account for "petty cash" expenditure like newspapers etc (big supermarket and petrol spending goes on my Santander Edge account debit card for 1% cashback). The monthly £5 payment last for 6 months from opening the new TSB account, 

I wasn't going to bother with the £75 but after checking it out it's so simple. I spent £12 in Tesco yesterday and paid by TSB debit card, split the shopping into  3 x £4 and 1 for a coffee so only one to go this month £500 already in and out. I guess I could do a bigger shop and split it up into 15 debits for a fiver 

miller

I'm going down the online deposits into savings accounts route to meet the Debit Card criteria.

SVts

_wishful_thinker said:

SVts said:

_wishful_thinker said:

This was discussed a few weeks ago on the main thread, while my own switch was taking place. It was too late to stop the switch but I contacted TSB who advised they are accepting DDs being added to your TSB account AFTER the switch and before 24th. They have noted their acceptance of this on my account should the cashback not be paid and I was to contact them. Until the 24th comes, I will not know 100%, but it may be worth contacting TSB to check. If I could have cancelled the switch then I would have, then setup the donor account before initiating the switch again... anyway we'll see.

Hope this is the case as I manually switched a couple of DD's as I was switching accounts allover the place to qualify for the bonanza. Fingers crossed.

As TSB promised, despite setting DDs up after the switch, the incentive did indeed get paid today, hope yours came through too :-)

* yes received on the 17th :-)

thefirs

Although the £125 was received without difficulty by the due date, I have been experiencing an annoying obstacle to continuing with collection of the extra £75.

Two small DDs have been set up, five small payments by debit card, not a problem.

However as this is only a phantom account I had been intending to bring it into a merry-go-round cycle of at least the minimum funding of my portfolio of such instruments. £minimum goes from my principal current account with First direct first to Halifax reward (£5 casback pm) then onwards to Natwest reward (net £2), onwards to my wife's matching accounts and returning home in 15-20 minutes via the medium of Faster Payments.

Snag with TSB: "…please call our fraud department…" when the onward transmission was instructed in early April. The suspicious lady at the end of the phone: why are you taking all the money out when you've just got it? My insistence that this was a legitimate payment to a family member cut little ice initially, and I was not going to spell it out for her. After sparing for several minutes she gave an audible sigh and reluctantly said she'd remove the bar. No trips up when moving on the £125, thankfully. But this morning £500 credited, same message.

I'm not keen to do this each month as you can imagine. I have discovered that a debit card payment of £250 to my credit card bill has worked, though this is fairly inefficient as I can't always guarantee a £500 cc bill. I use little cash, and dont wish to forego the casback from Chase account spend.

Any suggestions for a work around?

redux

Any suggestions for a work around?

Don't know. I didn't experience the problem, despite having done something similar, paying in £500 and sending £500 out only a few minutes apart, done once so far

I've done more card transactions, with a view to the £5 a month cashback for achieving 20 of them - pretty modest stuff, cup of tea, beer, car park, etc. Maybe this makes the account look a bit more active, and the first couple of incoming payments were to cover spending, rather than the £500 lump

miller

I try and keep these secondary accounts away from my main accounts in as many ways as I can. I know there's an efficiency in sending money A->B->C->D->A, but for reasons such as this I'd prefer A->B, B->A then C->D, D->C, in much the same way as bookies implement AML processes such as having a net deposit of 0 on one payment method before allowing another.

I move £500 into TSB and back out to the account it came from FYI and haven't encountered any blocks (yet at least).

miller

...just to add, I've done that 4 times so far.

adindas

miller said:

I try and keep these secondary accounts away from my main accounts in as many ways as I can. I know there's an efficiency in sending money

1. A->B->C->D->A, but for reasons such as this I'd prefer

2. A->B, B->A then C->D, D->C, in much the same way as bookies implement AML processes such as having a net deposit of 0 on one payment method before allowing another.

I move £500 into TSB and back out to the account it came from FYI and haven't encountered any blocks (yet at least).

At the moment, there is no apparent benefit of keeping £500 in the TSB account, so

IMHO, the drawback of method (2) you will need to transfer 2X£500 from an external account instead of just 1x£500 using method (1).

Also unless you could get 4x20 DC payment there is no benefit of having 4xTSB account. For that reason, it is probably better for a few of them to be reserved for a switch when an opportunity arise.

boingy

I took the £125 and opted not to jump through all the hoops for the extra £75. It's the debit card that causes me the most problems because I rarely use one so I'd be contriving five transactions I didn't really want each month. I'd probably have done it if it was only for one or two months but six months crossed my "too much bother" threshold. I guess we all have different thresholds.

WillPS

boingy said:

I took the £125 and opted not to jump through all the hoops for the extra £75. It's the debit card that causes me the most problems because I rarely use one so I'd be contriving five transactions I didn't really want each month. I'd probably have done it if it was only for one or two months but six months crossed my "too much bother" threshold. I guess we all have different thresholds.

You've done yourself out of £105 as you could have had 6 x £5 cashback payments too.

Worth faffing about with 20 £1 NS&I deposits but even easier if you spend at Amazon as they let you do a £1 a day top up.