When do TSB current account rewards end?

Gspree · 12 May 2018 at 3:35PM

I switched to a TSB current account in November 2017, at the time the deal was that the 3% interest and the x2 £5 cashback incentive earned each month would be paid 'until June 2018'.

Now... I usually receive the cashback into my account on the 14th of the following month after which it was earned. Does this mean I need to stay until 14th July? I'm not sure if 'until June' means 'up to and including June'?

If there won't be any cashback earned during the month of June I can hop over to Barclays for their new current account switch deal :j

Thanks in advance

ValiantSon · 12 May 2018 at 3:56PM

The cashback will be earned on June's transactions, so your account will need to be open until July. Don't forget, however, that the in-credit interest continues to be paid after this as it is a permanent account feature, and the rate has just increased to 5%.

Why not open a second account and move two direct debits to it, then switch that to Barclays? That way you will get the Barclays offer and still have 5% interest on £1,500 with TSB.

Gspree · 12 May 2018 at 4:45PM

ValiantSon wrote: »

The cashback will be earned on June's transactions, so your account will need to be open until July. Don't forget, however, that the in-credit interest continues to be paid after this as it is a permanent account feature, and the rate has just increased to 5%.

Why not open a second account and move two direct debits to it, then switch that to Barclays? That way you will get the Barclays offer and still have 5% interest on £1,500 with TSB.

Thank you! Ahh I didn't realise the interest was a permanent feature once the cashback ends! I do have an idle Natwest account following their incentive a couple of months back so might look to move that instead.

Isn't the 5% interest boost on the TSB account only temporary or until further notice?

:beer:

eskbanker · 12 May 2018 at 5:11PM

Gspree wrote: »

Isn't the 5% interest boost on the TSB account only temporary or until further notice?

The latter, they said that it wouldn't be taken away after a year, although that phrasing is unfortunately ambiguous!

Merlin139 · 12 May 2018 at 5:38PM

Thanks for letting me know. They never told me it was a temporary £5 incentive. Will be moving to another account in July but maintaining £1500 for the 5%

ValiantSon · 12 May 2018 at 6:09PM

Gspree wrote: »

Thank you! Ahh I didn't realise the interest was a permanent feature once the cashback ends! I do have an idle Natwest account following their incentive a couple of months back so might look to move that instead.

Isn't the 5% interest boost on the TSB account only temporary or until further notice?

:beer:

All interest rates are, "until further notice". In this particular instance the CEO has said that the rate will not be dropped after a year. While that doesn't guarantee it forever, it does mean that at the absolute minimum it should last at least for 13 months, and my suspicion is it will actually be a bit longer than that.

ValiantSon · 12 May 2018 at 6:12PM

Merlin139 wrote: »

Thanks for letting me know. They never told me it was a temporary £5 incentive. Will be moving to another account in July but maintaining £1500 for the 5%

They did. The terms were clearly advertised on their site as part of the headline features, just as they currently are (with a cashback incentive that lasts until December): https://www.tsb.co.uk/current-accounts/

When do TSB current account rewards end?

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