TSB Sep 2023 switch offer

WillPS

PRAISETHESUN said:

WillPS said:

Or set Amazon to 'auto top up' £1/day. Super lazy and potentially costs if you can get Amazon credit cheaper, but not by much.

This is basically the only way I've ever found to automate the process. Of course, it means you're committing yourself to spend £365/year at Amazon...

It's only ~£170 on Spend & Save since the bonus finishes after 6 months. Less if you pause the auto top up so you only hit 20 transactions per month.

Bridlington1

hvaghela said:

Bridlington1 said:

hvaghela said:

• New customers can earn £5 cashback a month when you make 20 or more debit card payments each calendar month (first six months only for Spend & Save current account).
• If you’ve switched to us, and met the criteria above, we’ll double it to £10 a month for six months!

I copied this off the TSB website - just checking a hack - can I make ALL my 20+ debit card payments within 20 minutes of each other. I'm thinking going for my weekly shop - self service  - and pay for 1 item at a time rather than all together.

You can certainly do that if you want. You could also make 20 debit card payments into a savings account by debit card. There's a list of  accounts that you can make debit card deposits into on this thread:
https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

Thanks for this - sorry for being a bit dim - but this could be a game changer for me. I never knew I could pay into a savings account with my debit card. I have a Chase account- 1% cashback. Will I get the 1% from Chase if a rotate my money around 1 or 2 of these accounts?

Sadly you wouldn't get 1% cashback from Chase for depositing into a savings account by debit card as Chase exclude these types of transactions from the offer, see:
https://www.chase.co.uk/gb/en/legal/Cashback-Exclusions/

Paying into a savings account by debit card does work for some reward accounts though, such as Halifax, Co-op and TSB.

SieIso

Is anyone else having trouble with this switch? When I select the switch button on the TSB site it brings me to an Adobe file asking me for my existing TSB details. How can I correct this?

jpsman

Does this need to be declared on my self-assessment tax return (I'm self-employed)? If yes, where? Sorry if this has been answered elsewhere, but I'm finding conflicting info on this online.

WillPS

SieIso said:

Is anyone else having trouble with this switch? When I select the switch button on the TSB site it brings me to an Adobe file asking me for my existing TSB details. How can I correct this?

I'm not sure what you feel you need to "correct"? Put the details of the non-TSB account you wish to switch from and the TSB account you wish to switch to in the Adobe form. Jobsaguddon.

WillPS

jpsman said:

Does this need to be declared on my self-assessment tax return (I'm self-employed)? If yes, where? Sorry if this has been answered elsewhere, but I'm finding conflicting info on this online.

https://performanceaccountancy.co.uk/knowledgebase/tax-on-bank-loyalty-schemes/

azualbet

Has anyone seen the Topcashback TSB New Spend & Save Plus Account £40?
Would that work with the switch? If so would you have to leave the TSB account opened to get the cashback? Or what happens if you switch out the TSB account say after getting the switch bonus money?

flaneurs_lobster

azualbet said:

Has anyone seen the Topcashback TSB New Spend & Save Plus Account £40?
Would that work with the switch? If so would you have to leave the TSB account opened to get the cashback? Or what happens if you switch out the TSB account say after getting the switch bonus money?

Have you read the T&Cs on the TopCashback site for the offer? Takes a bit of drilling down but I think all your questions are answered there.

For the previous TSB TCB swap offer the cashback was paid after 7 months (and the TSB account was still open). 

azualbet

You will be eligible for the TopCashback cashback if you open a new TSB Spend & Save current account, you don’t have any other existing TSB current accounts and:
1. Within the first 90 days of your account being open you register for Internet Banking, paperless statements and paperless correspondence
2. Keep your account open for at least 120 days
3. In three out of the first four calendar months after you’ve opened your account:
(a) Pay in at least £500 each month
(b) Make at least two debit payments out of your account each month

For 3.(a) would transferring money from another bank account to the TSB one count?

flaneurs_lobster

azualbet said:

You will be eligible for the TopCashback cashback if you open a new TSB Spend & Save current account, you don’t have any other existing TSB current accounts and:
1. Within the first 90 days of your account being open you register for Internet Banking, paperless statements and paperless correspondence
2. Keep your account open for at least 120 days
3. In three out of the first four calendar months after you’ve opened your account:
(a) Pay in at least £500 each month
(b) Make at least two debit payments out of your account each month

For 3.(a) would transferring money from another bank account to the TSB one count?

Absolutely.