TSB £200 switch offer July 2023

phillw

pecunianonolet said:
Thinking of upgrading to Spend & Save Plus now. It's a £3 monthly fee but they pay £5 cashback so still £44/year with next to no effort.

Why not just close them and open another couple of spend and saves?

Stargunner

I opened an account last night via the app and the only email that I received was to verify my email address. It was a very quick process to open the account and it took no longer than half a hour to have the account open and usable within the app.

Stargunner

TheMaverick000000 said:

No good to me. It requires a banking app. I don't do apps.

Any offers out there that don't require you to compromise your security?

What a ridiculous comment.

pecunianonolet

phillw said:

pecunianonolet said:
Thinking of upgrading to Spend & Save Plus now. It's a £3 monthly fee but they pay £5 cashback so still £44/year with next to no effort.

Why not just close them and open another couple of spend and saves?

Because I had quite a few hard searches in recent months for various credit cards for a 30k stoozing pot plus a few current accounts for varios switches so I try to keep hard searches to a minimum. It also leaves me with burner accounts and to satisfy the 20 transactions takes me not even 5 min for 2 accounts. I used quite a lot of Lloyds current accounts for switches and do not want to exploit them any further so keeping the TSB ones and accepting a lower reward but indefinetly is something I can live with.  

£48/year for a total of 1h work over 12 months is a decent hourly rate.

Stargunner

pecunianonolet said:

phillw said:

pecunianonolet said:
Thinking of upgrading to Spend & Save Plus now. It's a £3 monthly fee but they pay £5 cashback so still £44/year with next to no effort.

Why not just close them and open another couple of spend and saves?

Because I had quite a few hard searches in recent months for various credit cards for a 30k stoozing pot plus a few current accounts for varios switches so I try to keep hard searches to a minimum. It also leaves me with burner accounts and to satisfy the 20 transactions takes me not even 5 min for 2 accounts. I used quite a lot of Lloyds current accounts for switches and do not want to exploit them any further so keeping the TSB ones and accepting a lower reward but indefinetly is something I can live with.  

£48/year for a total of 1h work over 12 months is a decent hourly rate.

How can you possibly make 480 debit card transactions in 1 hour. (20 per account per month). That works out at 7.5 seconds per transaction.

pecunianonolet

Stargunner said:

pecunianonolet said:

phillw said:

pecunianonolet said:
Thinking of upgrading to Spend & Save Plus now. It's a £3 monthly fee but they pay £5 cashback so still £44/year with next to no effort.

Why not just close them and open another couple of spend and saves?

Because I had quite a few hard searches in recent months for various credit cards for a 30k stoozing pot plus a few current accounts for varios switches so I try to keep hard searches to a minimum. It also leaves me with burner accounts and to satisfy the 20 transactions takes me not even 5 min for 2 accounts. I used quite a lot of Lloyds current accounts for switches and do not want to exploit them any further so keeping the TSB ones and accepting a lower reward but indefinetly is something I can live with.  

£48/year for a total of 1h work over 12 months is a decent hourly rate.

How can you possibly make 480 debit card transactions in 1 hour. (20 per account per month). That works out at 7.5 seconds per transaction.

Paypal Friends and Family via mobile app

jbrassy

Stargunner said:

TheMaverick000000 said:

No good to me. It requires a banking app. I don't do apps.

Any offers out there that don't require you to compromise your security?

What a ridiculous comment.

His name does suggest he's a maverick...

hoggle2802

Does switching bank accounts impact credit rating? Wondering how often we can change to scoop up these new customer offers.

Also when the deal requires "moving an account to them" does that mean the older account is autoclosed? 

Ty

boingy

Stargunner said:

pecunianonolet said:

phillw said:

pecunianonolet said:
Thinking of upgrading to Spend & Save Plus now. It's a £3 monthly fee but they pay £5 cashback so still £44/year with next to no effort.

Why not just close them and open another couple of spend and saves?

Because I had quite a few hard searches in recent months for various credit cards for a 30k stoozing pot plus a few current accounts for varios switches so I try to keep hard searches to a minimum. It also leaves me with burner accounts and to satisfy the 20 transactions takes me not even 5 min for 2 accounts. I used quite a lot of Lloyds current accounts for switches and do not want to exploit them any further so keeping the TSB ones and accepting a lower reward but indefinetly is something I can live with.  

£48/year for a total of 1h work over 12 months is a decent hourly rate.

How can you possibly make 480 debit card transactions in 1 hour. (20 per account per month). That works out at 7.5 seconds per transaction.

If you regularly buy stuff from Amazon you can setup an automatic £1 per day top-up. It's effectively a gift certificate on your account so you can't have it back as cash but if you are buying from Amazon anyway it's an automatic way to get 30-ish card transaction each month. Of course, it plays havoc with your bank statement!

pecunianonolet

hoggle2802 said:

Does switching bank accounts impact credit rating? Wondering how often we can change to scoop up these new customer offers.

Also when the deal requires "moving an account to them" does that mean the older account is autoclosed? 

Ty

Opening a new current account usually leaves a hard credit search in your credit file. If you have a strong file a hard search won't do much damage bu if you have many in a short time it can have quite some impact. If you plan to apply for a mortgage or larger loan a lot of searches could signal warning signs to a lender. Hard searches drop off your file after 12 months. 

The account you intend to switch in to TSB will be closed. So if it's your first switch, you might want to open a dummy account. There are some who let you open a current account without hard search e.g. Metro Bank. Just decline if they ask you if you want an overdraft. Overdraft counts as credit and will aways lead to a hard search. 

If you have been with your current bank for many years it is recommended to keep the account to show other lenders in the future that you are loyal. Account opening and closure times are reported to your credit file. If you move around and always only stay for a short time with one institution isn't great and will be seen as negative.