TSB Classic Plus Current Account £100 for Switching +5% interest on balance (upto £2000) + 5% cashback on contactless purchases + 5% regular savings account

Viewing latest Search

Search

Start typing in the search box and your results will appear here.

DealExpired

+1.1k

£2000 TSB Bank18 Jan 16

Source: HotUKDeals | Deals > Home

Opening post

goldy12

11 Jan 16

Slightly less incentive than last time at £100 to switch ( previously £125), but none the less you still get £5% interest on balances up to £2000, and still receive 5% cashback on your first £100 of contactless payments each month. The account also come with an optional £5% ( for the first year) regular savings account.

How to apply
1.This offer is available if you open a new TSB Classic Plus Account through MoneySupermarket or Money Saving Expert between 11 January and 8 February 2016. You must then complete your switch using the Current Account Switch Service by 4 March 2016. TSB have the right to withdraw, alter or replace the offer at any time.
2.To receive the £100 payment, you must allow cookies in your browser before starting an application for a Classic Plus Account.

3.This offer is not available through our branches, over the telephone or directly through TSB.co.uk or through Mobile Banking.

Eligibility
4.To qualify for the offer you must:
a. Open a new Classic Plus account by 8 February 2016 and have completed your switch to TSB using the Current Account Switch Service by 4 March 2016.
b. As part of the switch transfer all active credits and debits which must include a minimum of 2 active Direct Debits from your old account and close it.
c. Pay at least £500 into your new TSB account within 28 days of the switch completing and still have a minimum of 2 active Direct Debits registered at that time

5.Account opening is subject to our assessment of your circumstances. You must be 18 or over and a UK resident to apply.
6.You can only benefit from this offer once.
7.The Classic Plus account is restricted to one account in your sole name and another Plus account in joint names.
8.You cannot switch your joint account to TSB under this offer.
9.This offer is not available to employees of TSB Bank plc.
10. You are not eligible for this offer if you have previously received an incentive or benefit for switching to TSB Bank plc using the Current Account Switch Service.
11.Switches completed after the 4 March 2016 will not be eligible to receive the £100 payment.

Payment
12.Payment will be made to your new TSB bank account 28 days after the switch has completed (or the next working day if this is a bank holiday) and you have complied with the conditions of the offer.

If you experience any issues in receiving your incentive payment or feel that you have satisfied all conditions yet not been paid, please call us on 0345 835 7838 (Lines are open 8am to 8pm Mon-Fri, 8am-4pm at weekends).

Note: In order to receive the 5% interest on balances up to £2000, you must pay in £500 per month (though all you have to do is set up a standing order from your main account to this one, then set one up to send it back to your main account the next day). You must also sign up to online banking and enable paperless statements/banking.

- xeroc

Top comments

zworld

11 Jan 16 32 #12

COLD!

Signed up for a current account and a business bank account. They wanted me to go to my nearest branch and show my ID and docs.

Went there the first day and they asked me to sit and wait. Sat around for 2 hrs and no one managed to see me. I just got up and left at the end. Next day, I thought I would do things the smart way and book and appointment. Spent the whole day and couldn't get through to anyone by phone at my local branch to even book a bloody appointment. Do I want to bank with such a bank? Hell not !

crumpetman

11 Jan 16 9 #4

Best way round the direct debits is to setup a savings account at Tesco as you can use it to setup direct debits to pull money in from current accounts.

karlie88

11 Jan 16 7 #9

5% interest on £2000 = £100

£100/12 = £8.33

Still, one of the best fee free current accounts out there IMO.

Ta OP.

skeewc1

11 Jan 16 6 #46

Easy:
£2,000 at net interest rate of 3.91% = £78.20/year interest. Interest is calculated daily, so £78.20/365 = 21.4p/day.
Then the period from 2 Nov to 1 Dec is 29 days, therefore 29*21.4p = £6.21
Period from 1 Dec to 4 Jan is 34 days, therefore 34*21.4p = £7.28
Give or take a small amount of rounding, that's what you were paid...

Latest comments (185)

JPS77

1 Mar 16 #166

That was a waste of time,

No cashback for me.

ahigham01 to JPS77

1 Mar 16 #167

Well i,am going through the ombudsman

JPS77 to JPS77

5 Apr 16 #185

I thought I would try my look again and phoned this number 0345 8357838. The lady took 2 mins to look at my details and confirmed that I would get the reward by close of tomorrow.

Recieved a phone call later that evening from a different lady to confirm my cashback would appear in my account by lunch time Tuesday.

Sure enough it is now showing in my account. For the people that lost out I would chance your arm again and phone up.

ahigham01

31 Mar 16 #184

after something of a stand off with TSB ( ie cookies not added on my machine hence not paying ) , i email the CEO ( sent him a message via linkedin as well to demonstrate " i,am not just going away till this is resolved " ) resulted in a return call from his CS head of - and my 100-00 paid and a courtesy payment for all the time and trouble , and i did flag it that there a number of unhappy people ( ie this thread )

rdbradshaw

30 Mar 16 #182

Just an update , after a few people saying they didn't get thier incentive i didn't have any hope of getting mine , well I switched at the end of last month and I got my £100 today so I'm very pleased .

goldy12 to rdbradshaw

30 Mar 16 1 #183

Got mine also last week so Happy Days

mrT786

9 Mar 16 1 #180

Received my £100 today. Exactly 28days from switch completion.

ahigham01 to mrT786

9 Mar 16 #181

Hello

Could you kindly advised what links you used - what site you applied to ...... as it would appear that TSB have a different story ( some people reporting that you have to be logged in as moneysupermaket site ) thanks

benrussell

7 Mar 16 #179

According to TSB I wasn't 'on the list' from money supermarket. Clicking on the link on this deal probably wasn't enough and you had to be signed into money supermarket or one of the other switching sites offering the deal. Ah well.

ahigham01

7 Mar 16 #178

Well i checked that i went through the link - when posted on hotukdeals ( if you check the old post ) it was correct

B1ink0

23 Feb 16 1 #158

Just realised I hadn't got the £100 for switching , called tsb and it was because I pressed get deal on here and didn't go through money super market. Has anyone else made this error, or got away with it ?

ahigham01 to B1ink0

23 Feb 16 #159

Hello, i did go through moneysupermarket - and did alow cookies on machine but guessing the VPN must been at issue or had my internet setting to high ................i bet loads people going to miss out on this one and they wont back down

benrussell to B1ink0

7 Mar 16 #177

I did the same

eere

5 Mar 16 #175

I have waited 40 days for payen of £100 switch offer. So I decided to phone customer services today they say no record of switch going through moneysupermarket!!!! in actual fact it was money supermarket link I clicked. What a con this TSB offer is, they will not even honour this offer as a gesture of good will. Bunch of amateurs TSB I will be leaving almonst as soon as I have joined, poor poor CS. Off to santander now

ahigham01 to eere

7 Mar 16 #176

Hello,

I feel you " anger " but raise a complaint to the ombudsmen - if they get bettered with the same compliant - then they must seer sense - raise a complaint via 01733462044 ( demand there and then that you want to rasie this )

Thanks

Alan

ahigham01

3 Mar 16 #174

Agreed - i would raise a complaint to the customer relations team directly - there direct contact telephone number is 01733462044 - just press option zero and that put you through - dont let them fob you off and stater it has to go through client services

goldy12

3 Mar 16 #172

so far I haven't received my £100 either just phoned their switchers helpline 0345 8357838, and they said the timescale is 28 days but that doesn't include weekends, so I still have another 6 day to wait, by which time they say I should have received the £100
Very confusing to state 28 days when in reality it's 36 - 38days you have to wait

karlie88 to goldy12

3 Mar 16 1 #173

I'm afraid they're fobbing you off with the 36-38 day excuse. It clearly says 28 days, not 28 working days. I suggest a formal complaint via email or letter to them and, if you feel necessary, compensation for wasted time and associated phone costs etc. Don't see why they should mess customers around, especially if they've adhered to the T&Cs.

This particular TSB incentive does seem like a bit of a shambles - previous offers have gone smoothly for others.

mrT786

2 Mar 16 #171

For anyone who has got the incentive via this offer or previous higher rate, when did they pay the money? 28days from opening or 28day from the switch date you picked?

rdbradshaw

1 Mar 16 #170

Sounds like they are being awkward , because last year when it was £125 for the switch there was little or no report of people not getting thier incentive .

rdbradshaw

1 Mar 16 #168

Has anybody actually been successful in collecting their £100 incentive ?

ahigham01 to rdbradshaw

1 Mar 16 #169

Nope , and because security is set high on my pc and claim cookies were not added - they used that as the only reason not to pay the 100-00 , and now i,am raising this with the Financial ombudsman.In this day and age of internet security , raised vigilance - to me they have used this as an " excuse " not to pay when i did everything else ......... sharp practice .......

Fenton88

28 Feb 16 #162

I set up a current plus account on 20th January, followed all the terms and conditions, but still waiting for my bonus £100. Went in to my local branch yesterday but they can't do anything about it as its delt through moneysavingexpert. I've written on their forum but no help so far.

karlie88 to Fenton88

28 Feb 16 #163

What was the switch completion date?

Did you have 2 active DDs on your old current account?

Are those 2 DDs still active on your new TSB account?

Have you paid in £500 since the switch was completed?

ahigham01 to Fenton88

29 Feb 16 #165

Hello,

I spoke with the branch myself and advised they cant assi.

ahigham01

29 Feb 16 #164

Hello, followed all the above - and they confirmed followed all of above but as they " claim " no cookies on PC then they stated i,am not eligible

leetron

26 Feb 16 #160

So disappointed...I clicked through from here, transferred my DD's and what not. They refuse to honour the reward!!

ahigham01 to leetron

26 Feb 16 #161

Hello, 2 me it feels like very sharp practice and they use " an easy out " in my case my internet settting high on my pc - plus they know you stitched up because if you move top another back your credit score takes another hit ( it dropped my score by 40 points )

ahigham01

23 Feb 16 #157

Well after a 43 minute conversation today they have advised i wont qualify for the 100-00 because cookies did not go onto my machine ( i did everything else - and went through the correct link etc ) so looks like i will be leaving the minute i just joined them .................... bunch of cowboys

TheFatelHombre

18 Feb 16 #156

I opened the account through the link on the 21st of January and supplied my ID soon after. I only received confirmation that my account application was successful on the 8th of February however and I'm assuming this had to be done the day before? Is there anything I can do about them taking so long to open the account, or does the first time I registered for the account (21st of January) mean I'm ok for the 8th of February cut off and the email I received on the 8th of Feb was the one I needed for the March 4th cut off?

DonkeyKonk

18 Feb 16 #155

Just swapped my NatWest Isa, paying 0.5%, to the TSB Fixed one 2 years 1.8%.

Very impressed how quickly it was done. Had the TSB Isa setup almost instantly (I have the 5% account with them), and the transfer from NatWest only took two days (last time I did such a thing it took at least a week).

nadnerb

9 Feb 16 #154

rdbradshaw, pretty sure the date is when it's complete, the switch process starts almost immediately - I received a text from my old bank the next day confirming the process had started.

My switch has been completed and my old Santander account is now closed, but my direct debits didn't get switched across. That doesn't seem right, I thought that was the whole point of the switching service...?
I guess I'll have to set them up again on the TSB account, but now it's not clear if I will meet the eligibility criteria for the bonus - does anyone know?

rdbradshaw

7 Feb 16 #153

When you give them a switch date is that the date the switch starts or ends ?

user84

4 Feb 16 #152

Hi, once the switch is complete and 500 transferred with the closure of the account - can the 2 direct debits be moved elsewhere? Or do they need to remain until the payment is made? The terms of the offer aren't clear on this. Thanks!

XmaX

3 Feb 16 #151

Oh yes, forgot to mention that I tried IE as well. Still no luck.

XmaX

2 Feb 16 #149

Did anyone have any better solution for the error? I tried Chrome, Firefox, Edge, Opera and Safari, both on PC and Mac. Same thing every time.

calumm to XmaX

2 Feb 16 #150

Are you able to try Internet Explorer? It worked for me, and it might work differently from Edge.

calumm

31 Jan 16 #148

I tried Firefox, and it didn't work! I eventually succeeded with ... Internet Explorer.

brewery

28 Jan 16 #147

Hi Calum,

I managed to get past it after phoning up and they said to try another browser (was using chrome). So I downloaded firefox and it seemed to work with that!

hope that helps :smiley:

cheers

calumm

28 Jan 16 #146

I phoned TSB, and they said that there was a known issue with Chrome, and to try another browser instead. She actually asked if I was using Chrome, so it does seem that they know about this (but haven't fixed it yet).
They also said to wait for 24 hours before reapplying, so I will do that tonight or tomorrow on Firefox.

calumm

27 Jan 16 #145

I'm seeing this as well. Did anyone manage to work out how to get past this?

U53R

26 Jan 16 #144

Still getting "There's a problem...
Unfortunately there has been a technical problem. This transaction has not been completed."

any remedy for that?

TheLastBaron

25 Jan 16 #141

Question time, so my account is switching tomorrow, there will be £500 being switched from my previous Halifax account to the TSB one, does this count as the pay in 500 within 30 days shindig? :smiley:

thebestrc to TheLastBaron

26 Jan 16 #143

Yes

haznffc

25 Jan 16 #142

Cheers OP, just switched.

cypress79

13 Jan 16 1 #125

my grandfather used to say - the bank is not a charity - look at the cost of one year after

goldy12 to cypress79

13 Jan 16 1 #126

Don't have to stay with them thou, move your account the following year and take advantage of the best deal available elsewhere again.

pantaiema to cypress79

21 Jan 16 #138

Well, your grandfather definitely has very little knowledge how to play with the banks at their own game. The mistake to assume that the older the people the more knowledgeable they are. But he is right though to say that bank is not a "charity". But who ever said that ....

It is good though as the less people are willing the learn, the longer the deal will be on the market to be benefited by the people who want to learn ...
Make you aware, some people are already making a few grands using banks own money through stoozing, switching incentive, cashbacks, etc.

scraggs21 to cypress79

25 Jan 16 #140

How much is it afterwards?

scraggs21

25 Jan 16 #139

How much does the account cost after the 12 months are up?

DonkeyKonk

14 Jan 16 #136

£6000 in my NatWest Isa earned me £1.42 in interest last month.

£700 (approx) in my TSB Current account earned me about £2.30 last month. And that's not including cash back for using the card.

Very easy to setup, very glad I did.

(If any folk having issues doing so online, like I did, go into a branch with your ID, and should be done easy enough).

zxvhusot to DonkeyKonk

15 Jan 16 #137

Not surprised, cash ISA interest rates have been complete crap for the last few years, they're easily beaten by a ton of savings account (even taking tax free interest in ISAs into account). You're better off putting your money into different savings accounts and moving banks when the introductory bonus rate drops.

Also, just in case any of you didn't know, Nationwide have a similar account called FlexDirect that has the same interest rate (but no switching bonus) but without the direct debit requirement and you earn interest on up to £2500. Once you open that you can also open a Flexclusive account that has the same interest rate and lets you put in £500 a month. It requires you to put in £1000 a month into the FlexDirect account though (just set up a standing order) and the rate drops after 12 months so don't forget to move accounts then.

muel1983

14 Jan 16 #133

I took advantage of this offer last October when it was £125. However I'm interested in that 5% regular saver account. Is that only open to new customers who take advantage of this deal or can existing TSB customers get one?

crumpetman to muel1983

14 Jan 16 #135

Regular saver open to new and existing customers, you just need to have the Classic Plus current account.

definition

14 Jan 16 #134

It's actually a little more than that depending on where you put the interest (like into an ISA) as it's paid monthly, you can invest the interest somewhere else.

matty_private

14 Jan 16 #132

Right so I've started the process in getting a classic plus account, ive signed up to the switch service however when i was doing it i didn't see anywhere about the £100 bonus, only on the first page. Any ideas?

jnm21

14 Jan 16 #131

That was what I thought - keen for this to be proved wrong.

EDIT: Just checked - http://www.tescobank.com/savings/flexible/internet-saver/index.html & click 'Making Deposits' half way down on the left: "You can set up a regular Direct Debit or Standing Order". Interesting (I would be in for sure if only the rate wasn't rubbish in the first year & dire after).

jnm21

14 Jan 16 #130

Yes, I believe that if you take a reward current account, you will just need to ring up to ask that the reward part is added to the credit card.

As for secure messaging, all banks I have used other than Halifax have a secure messaging system, where you can talk to them about your account (has my standing order been set up, please refund the direct debit..., can I get a new card because mine is faulty, etc.), but Halifax do not (they have a one way system where they can send you a secure message (generally security warnings or adverts), but you cannot reply. One example it getting the reward added to you clarity card - with any other bank I would have said send a secure message, but with them you have to call.

marineville

14 Jan 16 #129

high street banks only facilitate standing orders to other banks, not direct debits...

LnDCobra

13 Jan 16 #128

Getting the following error after filling in form (tried twice with different browsers)

There's a problem...
Unfortunately there has been a technical problem. This transaction has not been completed.

cliosport65

13 Jan 16 #127

do you know how ?

crumpetman

11 Jan 16 9 #4

Best way round the direct debits is to setup a savings account at Tesco as you can use it to setup direct debits to pull money in from current accounts.

mcormack to crumpetman

11 Jan 16 1 #8

One can do that with any funder's savings account.

woldranger to crumpetman

13 Jan 16 #124

I'm out of the country for a couple of months so I obviously can't go and physically show my ID, is that necessary when setting up one of these? Also, which one, internet saver, instant access? Obviously I don't care about the account I just want another direct debit that will show up in my account.

Nutterz32

12 Jan 16 #122

May be stupid question but does a standing order count as a direct debit?

crumpetman to Nutterz32

12 Jan 16 #123

No it does not, they are completely different.

brewery

12 Jan 16 #121

Hey thanks for the reply and info - think I may go to Halifax as I already have the clarity card so assume they would just put the reward on top of it? (rather than applying for new card).

when you say 'Halifax do not have secure messaging' what do you mean by this?.. sorry bit confused as to what that may be! :smiley:

cheers

dk2401

12 Jan 16 #120

Noooooo! £8.33 per month interest!

louiearch9309

12 Jan 16 #119

Got to go in to confirm my details too. Once confirmed is it a call to their offices to arrange switch? This was the process with the halifax switch I did.

Mr cool

12 Jan 16 #118

I have a few bank A/C s and have to say TSB have been great from day one,so I would say go for it!

pantaiema

12 Jan 16 1 #117

Sorry of Course. The 5% Interest is indefinite ....

jnm21

12 Jan 16 #116

With regard to going with Halifax or FD, I have both - Halifax do not have secure messaging, otherwise fine (take the reward account, then team it up with a reward clarity - £5 back each month you spend £300 and no foreign fees and no ATM fees abroad, just minimal interest if you pay it off pronto). As for FD, got the £150 switch bonus smoothly, so can't complain, but I just don't like their Online & mobile banking, plus don't like their SMS service (sends them at the scrake of dawn & not very easy to read, but that could be to do with reading them as I check time on phone when I wake). Have to say that for the online banking I prefer Santander - pity about the fee hike & sometimes useless secure message replies! About to leave them for M&S due to fee hike.

pantaiema

12 Jan 16 #106

As mentioned by shishiragarwal37, now an individual could only have one sole a/c and one join. So people who currently have two plus account, downgrading will mean taking a risk of not be able to upgrade it again.

Keep in mind the incentive is just one off occasion but plus account benefit e.g 5%cashback, 5% interest is indefinite ...

premierfella to pantaiema

12 Jan 16 1 #115

I'm sure you didn't mean to indicate that 5% cashback was indefinite. As already highlighted earlier in the thread, that's only until the end of the year so not indefinite (although TSB could always extend the offer of course!)

premierfella

12 Jan 16 #114

Not just to avoid confusion! My recent switch to NatWest saw my energy bills bounce (due date within a day of switch date) - its not supposed to happen, but the reality is direct debits are the one part where outside parties (in this case my energy supplier) are involved in the process, so definitely best to steer clear of dates around direct debits.

dspence123

12 Jan 16 #113

Do you need to go through MoneySupermarket or Money Saving Expert to get the offer? I just clicked the link and signed up

Hero878

11 Jan 16 #71

Not sure if to switch. Quite happy at Halifax as their customer service is really good and they give me £5 a month already without having to save.

littel helper to Hero878

12 Jan 16 #112

same here.. once you receive £100 why not switch back to Halifax ?

xeroc

12 Jan 16 #111

Or alternatively he could set this up in tandem with a standard 123 account. Gain 5% on the 2k, and 3% on the 4k.

zworld

11 Jan 16 32 #12

bigbolam to zworld

12 Jan 16 #104

I've experienced a similar lack of service from their Leeds Headrow branch. All I wanted was a joint account for me and the wife. Turned out this is far too complex for the staff to sort, so now have two individual accounts (opened online), which on reflection may be better. Have struggled to use contactless due to the number of businesses who do not yet accept this method of payment, but the pub does.

zhenliuffc to zworld

12 Jan 16 #110

You wait 2hours for everything in life rather than taking some initiative don't you?

RiverChelt

12 Jan 16 #109

The Santander Student Acc only offers 3% upto £2k. TSB offer a better Easy Saver option if I remember correctly, about 1.1%, so the poster could at least be earning on their surplus £4k cash. But as you highlight, the student perks would cease so they need to weighup their options.

ck12111

12 Jan 16 #108

Better than the £150 and 6% Regular Saver from First Direct do people think?

jamiebobski

12 Jan 16 #107

I'd closed an account elsewhere. Would you like to take a look at my books? Lol

tloz6995

12 Jan 16 #98

Im a student at the moment with about £6k in my student current account. I am currently with Santander. Its an alright bank, they give me 3% interest. Obviously this is a far better deal for me as I do use contactless for most of my purchases and also that 5% interest is looking good. But the problem is I don't have any direct debit to close to recieve the transfer. Also, in order to receive the 5% it says I should deposit £500 into the account. Would it be ok if I withdraw £500 from my balance and desposit it back?

xeroc to tloz6995

12 Jan 16 #105

Santander offer 3% up to £20k though, whereas this is only 5% on £2k - so you'd have to do the maths to work out which is best overall.

As I said above. To fulfil the direct debit requirement do: (a) paypal (b) charity or (c) zero balance credit card

Be aware that this is not a student account, so you will lose all your Santander student perks, e.g. interest free overdraft facility etc. On switching your Santander account will close.

In relation to the £500 - yes - you need to put it in monthly. So this either has to be from a salary or other payment made in, or, you need to have a second bank account. IF you have a second account, you can set up Standing Orders. One to take £500 from your TSB balance each month, and another (on the second account) to fire it back over to TSB the next day. This will count as a £500 credit. It is only internal transfers that do not count (so your second account must not be another TSB account).

colb11

12 Jan 16 #101

One more question! Are all these switching deals just coming out around January or are they around all year, if so, are the incentives better now than later on?

Anon to colb11

12 Jan 16 #103

They are repeated periodically - no one really knows when a new offer will come up or how much the bonus will be at that time (or what the T&Cs will have changed to).

Anon

12 Jan 16 #102

I would also like to know the answer - I believe the last time this came round people suggested downgrading your Classic Plus accounts to Classic, then apply for a new Classic Plus (on the basis that £100 - £120 at that time - up front, plus the ongoing 5% on one account, was better than the ongoing 5% on two in the short term). You could then, subject to terms changing in future, do the same again (the T&Cs say you cannot get the sign up bonus if you have previously had one with them - this would need to change in future to be able to repeat).

HTH

m5rcc

12 Jan 16 #100

They switch everything for you. The new seven-day switching service will transfer all direct debits and standing orders. So, you shouldn't miss mortgage, council tax or utility payments (though it's best to pick a switch date far away from the days you pay your bills to avoid confusion).

guitaristanime

12 Jan 16 #95

If you use one of these switching services, do they (the bank parties) change your direct debits or do you have to do the leg work yourself? I have quite a lot of direct debits for various things.

colb11 to guitaristanime

12 Jan 16 #99

I'd be very interested in knowing the answer to this too. Can anyone advise?

stuntman9883

12 Jan 16 #97

heat

gogboy

12 Jan 16 #96

If you move from an account your not really using and currently has no DD set up , do
You need to set the 2 required up prior to switch or can it be added once you switch.

On mobile and read some but is there anyway it's possible for a current TSB Account holder

plumberman01

12 Jan 16 #94

Halifax are doing similar too.. £100 switch and £5 per month deposited-my o/h has just done it-took 3 days and he was paid x

plumberman01

12 Jan 16 #93

i had to upgrade the account online and it gave me the benefits so yes you can :smiley:

pantaiema

12 Jan 16 #92

This was my original question
"Say people who already have 2 plus accounts, could they still get switching account by using account from other bank to create a new TSB account ??" and your asnwer is YES (full stop, no explanation)

I asked you how and you can not explain.

So it is either you do not know what you are talking about or you are feeding porkies. At least shishiragarwal37 in post no #89 confirm this. I also could share the same experience, so asked in the first instance. FYI I have four TSB account e.g. 2 TSB classic plus and two Classic enhance and it has been already running for more than a year. ...

leetron

12 Jan 16 #91

Gonna switch my santander 123 after their monthly fee hike...interest will match rewards from them plus the £100 so thanks OP!

MishMash

12 Jan 16 #90

How will I know what kind of overdraft I will get? I want at least the same as I currently have. Also, the first £500, does that not include the balance you transfer across?

shishiragarwal

12 Jan 16 1 #89

Now u can only have 1 sole and 1 joint account. so if u want to try and u got 2 sole accounts u have to close both of them first as it won't allow u you open

mjb1975

12 Jan 16 #88

Did the switch from first direct late last year. Quite happy with TSB so far, although have had no need to call them or go to a branch (yet).

Like many, keep £2k in it and use the regular saver. Got the incentive without issue, no need to go to branch, etc. All done online.

dirky

12 Jan 16 #87

I am also interested in the answer to this question.

pantaiema

12 Jan 16 #86

People who have got two of this account. Is there any way to benefit this switching incentive??
What I could think of is to close one of them and the reapply again, but is there any waiting time to reapply like those a waiting time to reapply with credit card ??
Also what is the likelyhood of being rejected … Has anyone tried this ???

zworld

12 Jan 16 #85

What were you doing with 5 grand in cash in the first place ???

Been saving cash under your mattress ? Then, surely you don't need a bank account

sadman120

12 Jan 16 #84

Just signed up, shows I've been accepted but now have to wait for them to process my application, how long roughly does this take?

Been always too lazy to switch I'm glad I've finally making a move & make some cashback while i am at it! I always thought I was money savvy but obviously not!

jamiebobski

11 Jan 16 #83

I walked into Santander with five grand in cash and they wouldn't let me open an account. Told me I had to make an appointment. They were quite rude too.

muffboy

11 Jan 16 1 #82

If your a higher rate........YOU'RE FFS!

pantaiema

11 Jan 16 #81

I have done all of the item on your list. Also of course you could always create a DD to pay the balance of each credicard you have. But here we are talking about "CONTROLLED DD" e.g similar to PULL the money from a Current account to a Tesco saving account by DD. The advantage of Controlled DD is that the amount and the date to be pulled is in your control. You could set up the amount to be pulled as low as £1.00 or even less.

mcormack Claimed that "Every bank in town!" could do that, let see whether he has evidence in supporting his claim ...

xeroc

11 Jan 16 1 #80

Easiest way around the DD requirement is:

a) PayPal account - you never have to use it, just add your bank account
b) Charities
c) Credit Card with zero balance

etc. etc.

pantaiema

11 Jan 16 #79

You said you could create DD with any bank.
Could you elaborate what you mean with this. Do you mean DD with createcard or you could create a "Controled DD" to pull money with any banks such as those with Tesco saving account ??

I know there are still few saving accounts which coulbd be pulled with DD.

pantaiema

11 Jan 16 #78

How come when there is a limit of maximum two account per customers.
Any link ??

crumpetman

11 Jan 16 #77

You're not confusing Standing Order with Direct Debit are you? With a standing order you set this up from your current account to pay a fixed amount to another account each month or for a set period of time. With a direct debit you set this up NOT from the current account, same as if you setup a direct debit to pay off your credit card balance. You would not do that from your current account would you? You set it up from the credit card account and input the account number and sort code for your current account.

rsh1

11 Jan 16 #76

Same thing happened to me as well. Worst bank I have ever signed up for. They declined to pay me £100 for switching despite fulfilling all the criteria. My contactless payment has not been working even after replacing the card. I tried to withdraw £300 once with the correct pin and they blocked my card because it was an amount they said I had never withdrawn before. Now I just don't use it anymore and looking to switch to better banks.

Deals12345

11 Jan 16 #75

Tax is deducted at source at 20% for all. If your a higher rate tax payer the additional 20% is payable when you complete a self assessment return or through your tax code (Hmrc can advise).

ssc1

11 Jan 16 #74

It's back? Where did it go.

msaquib

11 Jan 16 #73

My sister has a classic plus. If she downgrade the account to Classic and then apply for classic plus via the money supermarket link - will she be eligible for the incentive?

xeroc

11 Jan 16 #72

Thanks- you're the third or fourth person to comment about this. I understand the premise of interest, just didn't clock on it was calculated daily. Interestingly I'm not a basic rate tax payer so I think I should be paying more :confused:

Dectator

11 Jan 16 #70

Make sure you print off the reference number and temporary sort code/account number when applying.
You will not be emailed it and the local branch I went in to with my ID claimed they had no way of finding my account without the reference.

mcormack

11 Jan 16 1 #69

You're doing it the wrong way round.

crumpetman

11 Jan 16 1 #68

I'm not sure this is true, or at least, it's not possible to setup the direct debit easily online. I have savings accounts with TSB, Lloyds and Nationwide and I cannot see an option to setup a direct debit to pull money in from another account.

AndyPr

11 Jan 16 #67

Complete opposite of my experience. The staff in the Canterbury Branch are super helpful and go out of their way to provide a brilliant service. Very happy with TSB since I switched. Shows how branches can differ.

raffected

11 Jan 16 1 #56

M&S a better deal I think:

Your text here

ANDYGUY to raffected

11 Jan 16 #66

good if you want your incentive paid in m and s vouchers and not cash

dave_m8

11 Jan 16 #65

I switched from Lloyds back in November using this deal. I had lots of questions and was very sceptical about many aspects. I phoned TSB several times during the switching process and got through very quickly on all occasions. Along with the people in my local branch, they were very helpful.

£100 was paid into my account around a month after opening, I'm yet to get a cash back on balance as my balance exceeded the £2000 limit each month since, but contactless cash back is paid automatically.

Had to go in branch to open the 5% Monthly Saver, but was a brief and smooth experience. Absolutely recommend this deal. Feel free to PM me any questions, I'll happily try and answer them.

brewery

11 Jan 16 #64

I tried to apply for this via the link and it went through successfully for a credit check, but then on the Register for Internet Banking & Your branch page, although I've chosen my nearest branch and filled all the required internet banking username and so on, the following error would appear,

There is a problem with some of the information you have submitted.
Please enter a valid value.

Tried phoning and after getting bounced between departments I was told I to re-apply again after 24 hours.

I'm worried this may have an impact on my credit score as it needs to go through a credit check again , and who's to say it wont fail again! Not the best start so not sure whether to go for this now or just go with Halifax or First Direct instead.

cadmus

11 Jan 16 #63

must do this . thankyou :smirk:

mcormack

11 Jan 16 #62

Yes.

karlie88

11 Jan 16 #61

The reason you're getting varying amounts is due to the different number of days between when your interest gets paid. i.e. 2nd Nov - 1st Dec = 29 days. 1st Dec - 4th Jan = 34 days. For this account, TSB pays interest at the end of the 2nd working day of the month so it's inevitable that there will be differences between the number of days between each payment date (weekends, bank holidays etc.).

If you're a basic rate tax payer, you'll earn the net interest rate (i.e. 20% is deducted).

AER is what we should be saying instead of '5% interest', it's quite complex but there's a good explanation of it here: http://www.moneysavingexpert.com/banking/interest-rates#AER

rish77

11 Jan 16 #60

still waiting for cash back from when I switched In august

painty

11 Jan 16 #59

I think you've missed the point of what is a hot deal. Voting cold just because you had a bad experience with TSB is a ridiculous statement. Voted hot (because its a good deal and not because one day some time ago something nice happened to me)

iAmLegendFam

11 Jan 16 3 #3

b. As part of the switch transfer all active credits and debits which must include a minimum of 2 active Direct Debits from your old account and close it.

That is an issue for me...

thebestrc to iAmLegendFam

11 Jan 16 #58

amnesiahaze

11 Jan 16 1 #57

You can have two accounts so that is £16@ interest, the requirement to deposit £500 each month is easily fulfilled by bouncing this amount between the two accounts at the start of every month. Then you can get their platinum credit card with no interest on purchases to pay for 20 months. Then use the interest accumulated on your two other accounts to pay off something over this two year period to the value of £320, courtesy of the TSB. Potentially a free week in the Algarve....

pantaiema

11 Jan 16 #55

How come when there is a limit of maximum two account per customers.
Say people who already have 2 plus account, could they still get switching account by using account from other bank to create a new TSB account ??

medplaya

11 Jan 16 #54

not seen anyone else mention it, the contactless 5% on first £100 spent each month finishes December 2016.

harinmenon

11 Jan 16 #53

Just opened it last week for the 5% interest.. I am so gutted I missed out on the Switch bonus.. :disappointed:

xeroc

11 Jan 16 1 #52

Thank you, I had no idea it was calculated daily.

Hopefully with a combination of our posts, people should be able to work out how much interest they will obtain each month with this account :smiley:

Deals12345

11 Jan 16 #51

Beat me to it.

clashpie

11 Jan 16 1 #50

Both me and my Mrs joined the TSB last time this offer became available and from outset the staff at my local TSB bank were brilliant as they guided us through the process that ran very smoothly indeed which impressed us a great deal.

adm9147

11 Jan 16 #37

When does the cashback get paid on contactless payments? I can't see anything on my statement. But I can see the interest has gone in on the 4th of this month.

xeroc to adm9147

11 Jan 16 1 #42

Its usually by the end of the following month.

I don't know how they work out the interest. I get varying amounts each month. (There is always around £21xx in the account - though that shouldnt make a difference, as there is 0% interest on balances above 2k)

04 Jan 16 INTEREST (NET) 7.29
01 Dec 15 INTEREST (NET) 6.22
02 Nov 15 INTEREST (NET) 6.87

I don't even pretend to understand it - may query it one day!

Edit

my account shows this:

Credit interest:
0-2000.99. AER: 5%. Gross pa%: 4.89. Net pa%: 3.91
2001+. 0.

cliosport65 to adm9147

11 Jan 16 #49

need to sign up for paperless billing :smiley:

Deals12345

11 Jan 16 3 #48

2000 * 3.91% equals £78.20. This gives a daily interest of approx 21.42pence (365 days)

Between 2 Nov and 1 Dec there are 29 days so interest due is 29 days times daily interest of 21.42 pence which gives 6.22. Likewise, between 1 Dec and 4 Jan there are 34 days so interest due is 34 days times daily interest of 21.42 pence which gives 7.29. Etc etc

lucas

11 Jan 16 #18

I've already got an account, do existing customers get the 5% contactless bonus?

lisamack to lucas

11 Jan 16 1 #20

yes, this is advertised on TV as one of the perks of this account - but you cant switch from an existing tsb account

cliosport65 to lucas

11 Jan 16 #47

Yes been getting the 5% contactless bonus since they started it last year :smiley:

skeewc1

11 Jan 16 6 #46

mcormack

11 Jan 16 #45

Every bank in town!

r40

11 Jan 16 1 #44

did this last time and found it really easy! got the incentive without chasing unlike some other banks!!

cuddykid

11 Jan 16 #43

Got an account here - great perks if used wisely - i.e. max out contactless, keep 2k in account, transfer £250 per month into saver. Would recommend.

275sputnik

11 Jan 16 1 #41

too little. too late

dirky

11 Jan 16 #40

so to clarify:
if I close my existing TSB classic plus then re open the TSB and switch from another account I can get the £100

DemonIT

11 Jan 16 #39

Please explain??? I make it £100.

5% (AER) of £2,000 is £100.

DemonIT

11 Jan 16 #38

Surely it's 5% of £2,000 which is £100?

crumpetman

11 Jan 16 #36

You get about £9 before tax.

crumpetman

11 Jan 16 1 #35

Of course, but the only one I know of is Tesco. Can you name any others so that we can all benefit?

ses6jwg

11 Jan 16 1 #34

Switched a few months ago went through seamlessly.

joseph00334

11 Jan 16 #33

i had no problem switch was easy and quick. I wonder how often that problem happens out of every 10 switches?

mail28

11 Jan 16 #32

Just in the process of trying to switch to HSBC to get a 120 incentive. If that fails (their online application process is shocking) then I'll try this one. Cheers

xeroc

11 Jan 16 #31

I've added it :smiley:

LesD

11 Jan 16 #30

That ought to go in the original posting then.

premierfella

11 Jan 16 #29

I've been waiting for this to come back to help a family member switch accounts.

Those offer dates might be an issue though. In order to avoid any problems with the £100 payment I'm guessing that ideally the switch request would be done whilst applying for the account, but I can't remember from my own application whether, if doing that, TSB give the option on the online form to choose a date in the future for the current account switch rather than automatically switch 7-10 days from account opening (still in the process of sorting out DDs on the donor account, and first payments on those won't be for another month).

Anyone applying for this deal now able to post in due course as to whether there is an option to select a specific switch date in the online switching form? Thanks in advance!

lisamack

11 Jan 16 #28

but you cant switch from one tsb account to another

xeroc

11 Jan 16 #27

That relates solely to the switching incentive.

In order to receive the 5% interest on balances up to £2k you need to pay in £500 per month:

"To earn interest (which is paid monthly) just pay in a minimum of £500 a month and register for Internet Banking, Paperless Statements and Paperless Correspondence"

http://www.tsb.co.uk/current-accounts/classic-plus-account/

sizo44

11 Jan 16 2 #26

cool story bro but its a bit harsh to vote what seems to be a good DEAL cold because of you're own bad experience...

sparkles5

11 Jan 16 #25

Got 2 of these accounts and no probs from me so far although I don't use them for everyday banking. Bit annoying having to switch 2 d/d's but heat from me as still a good deal and a decent bank

noisyassassin

11 Jan 16 #24

Thanks, will look into doing this.

bobmccluckie

11 Jan 16 #23

No it doesn't!

seaniboy

11 Jan 16 #22

I've got this as my main a/c, £5 every month incoming :smiley: Telephone banking is great really quite competent,branch staff be hit or miss, however my local branch (the only bank in a mile) staff are clued up if short staffed (as everyone and businesses in the area bank at my branch)

JOHNNY_WILKINSON

11 Jan 16 #21

Seems to be quite a few conditions applied to this offer!

admirable

11 Jan 16 1 #19

Customer service is non exsitent

kekesala

11 Jan 16 #17

Got one of these accounts and card arrived but with no contactless. Phoned them up and said some people won't be eligible. Disappointing but can't argue with the interest rate. Don't suppose anyone has had any luck with upgrading to contactless after originally getting a card without it?

scorcher

11 Jan 16 #14

do you have to completely close the transferred from account in practice? if so how do they know?

g8spur to scorcher

11 Jan 16 #15

Because they do the closing as part of the switching process.

BobMass to scorcher

11 Jan 16 #16

They close it for you via their switching service

cliosport65

11 Jan 16 #2

can existing customers get the switching bonus ?

mcormack to cliosport65

11 Jan 16 5 #6

Yeh, as many times as they want...........

lisamack to cliosport65

11 Jan 16 #13

doesnt look like it - i just tried it and cant switch from a tsb account :disappointed:

xeroc

11 Jan 16 5 #1

I have this account, but don't use it as a main one. It's pretty good. Have £2000 sitting in there at all times and a SO to funnel the £500 through each month, with £250 staying in and going across to the Saver. Worthwhile.

LesD to xeroc

11 Jan 16 #11

Where's the requirement for more than one £500 deposit?

"c. Pay at least £500 into your new TSB account within 28 days of the switch completing and still have a minimum of 2 active Direct Debits registered at that time "

amurray88

11 Jan 16 #10

How do you do this? I have savings with Halifax and TSB and have set up standing orders to them but have never seen the ability to create direct debits from them? ta

karlie88

11 Jan 16 7 #9

5% interest on £2000 = £100

£100/12 = £8.33

Still, one of the best fee free current accounts out there IMO.

Ta OP.

martyn333

11 Jan 16 1 #5

how do you get £120 interest ?

goldy12 to martyn333

11 Jan 16 #7

If you maintain a balance of £2000 in the current account for a year at 5%, per month this gives you £10 interest each month (Interest paid monthly) , making £120 per year.

Oldest firstClose