Opening TSB Monthly Saver then switch out TSB current account

mrsmsebastian

Do you think it is possible to keep the saver account once opened and then switch out your TSB current account to Barclays to take advantage of the bonus? 

Thanks 

grumbler

It is possible to keep.
It's impossible to take money out.

If it's for a bonus, open a new account with TSB and then switch it.
And if you switch first and then open a new one, with TSB it will be a huge PITA. Be warned.

Angelica123

The terms and conditions state that the payment into the monthly saver must be by standing order from a TSB account. 

trickydicky14

Angelica123 said:

The terms and conditions state that the payment into the monthly saver must be by standing order from a TSB account. 

That's interesting to know as my TSB RS is funded by SO from my BOS current account!

WillPS

Angelica123 said:

The terms and conditions state that the payment into the monthly saver must be by standing order from a TSB account. 

In my experience this condition is almost never enforced, except in situations where the bank doesn't give you a sort code/account number (thereby offering no way of paying in other than an internal transfer).

First Direct might be the one exception, not sure I've ever had their regular saver but I know there is some rigidity to it whenever I look which puts me off.

PRAISETHESUN

Angelica123 said:

The terms and conditions state that the payment into the monthly saver must be by standing order from a TSB account. 

The T&Cs say this, but in practise I have paid into several TSB savers in the past from an external account without issue.

The bigger problem will be as @grumbler says making withdrawals without a TSB current account. Website suggests this can be done in branch if you can't do it online, but knowing TSB I reckon they will find a way to mess even that up somehow...

Wheres_My_Cashback

Angelica123 said:

The terms and conditions state that the payment into the monthly saver must be by standing order from a TSB account. 

They do indeed and have done so for years, however the reality is you can pay from any external account as I and many others have done for years.

pridehappy

I believe they would keep the account open but you wouldn’t be able to easily pay in or withdraw, or it might switch to a basic savings account, so best option is keeping the account open.

You have 2 main options from what I can see:
• Open another account with TSB:
Open another current account with TSB which you will use to manage the monthly saver and then switch your main one to Barclay’s for the bonus.
• Open a ‘soft’ current account with the likes of Starling Bank and switch that to Barclay’s, leaving TSB untouched:
Open another current account with a provider in CASS but only does soft credit checks (like Starling Bank) and then switch that to Barclay’s. You might need to setup some small value direct debits with Starling first before switching, charity donations usually does.

Only other option is to close the TSB monthly saver, completely switch to Barclay’s and use the Blue Rewards Saver instead.

grumbler

pridehappy said:

Open another current account with TSB which you will use to manage the monthly saver and then switch your main one to Barclay’s for the bonus.

Another current account with TSB = another user profile. To be able to manage your monthly saver you have to merge two profiles. Sometimes this happens automatically, sometimes it doesn't. As I said, it can be a huge PITA if it's the latter.

mrsmsebastian

Thank you everyone.

I have decided not to open a regular saver in TSB and just switch it to Barclays.