TSB Spend and Save (Saving Pots coming soon)

TSB Spend and Save

Just noticed this over on the MSE forum.

The link should take you to the screenshot from MSE forum user of a TSB email.

Slow to the party, but joining in.

30 debit card transaction spends will earn a fiver a month.

:yawning_face:

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Those who don’t quite make 30 transactions per month will finally find a use for that monzo.me link :+1:

Edit: Or withdraw from a TSB ATM and walk the money back into the bank.

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My view of TSB is very much framed by their IT debacle, when they migrated systems and royally messed up.

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The Co-op has been doing something similar for years with their ‘Everyday Rewards’ on their current account, though they have made it less generous over time

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I can’t think of any. But TSB used to. I opened my TSB account because they offered cashback on (contactless?) debit card transactions.

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Only for 6 months though according to that thread.

Halifax Reward Current Account gives you a fiver if you spend ÂŁ500 in debit card transactions.

Similar? :man_shrugging:

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The cash back is only for the first 6 months though. Not always.

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MSE Weekly Email hints that other switching perks are expected to be on the horizon.

We’ll see if they’re right in due course.

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Same,

Even if their app was the best ever and I got daily interest, I will never bank with them again.

I got caught up in a case of “fraud” with them which in short was not fraud, they locked themselves out of my account, lied to me about it for five days then refused to apologies. So I, successfully, took them to the Ombudsman.

So year, a nice app and all, but a terrible bank


Now launched

https://www.tsb.co.uk/current-accounts/spend-and-save-account/

Interesting the Monzo got it right about Pots all those years ago.

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I love the “You just need to make 30 payments or more on your debit card each calendar month.” statement in the Cashback criteria.

Like 30 debit card transactions is normal behaviour :man_shrugging:

I definitely do not get anywhere near that number.

There again, I would not use TSB. Been there. Experienced that!

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Top up Skipton or Freetrade etc £1 30 times by debit card


:rofl: That’s some tenacity :rofl:

Online transactions count, so if you have a Monzo.me link you could make 30 transactions in an hour, easily.

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Signed up today. It includes Apple Pay (the alternative for android) and contactless so thirty in a month is quite easy if you pay for something once a day.

Although the process is long. You have to wait for a letter before you can access both the app or web to access your account, so can’t really see me using it as I’ve already lost interest.

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I remember this from when I applied for my Classic Plus account years ago.

Overall, the whole application process was a pain. I started it online, but was then told to go in with proof of ID and address. So I did. Then I had to wait (ages!) for a letter to activate online banking. It didn’t arrive for a very long time (not TSB’s fault, the postman had accidentally delivered it to another address and they hadn’t bothered to put it in my postbox for days). This delay “timed out” the activation period so I had to request another letter, and only then could I actually use the account (the debit card and PIN had arrived in the meantime).

I probably would have given up half way through if they hadn’t been offering 5% interest at the time.

To be honest the sign up flow was quite painless, even got to set up my first pot and name it. The fact you have to wait 7-10 days for the activation code to access your accounts online or in the app is off putting. Maybe I’m spoiled by Fintechs and even some legacy banks, but it would be nice to have immediate access and play around. By loosing interest, I meant in terms of playing around and using the account.

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I know what you meant, yeah.

I think that initial burst of enthusiasm is important for a business to capitalise on, so they are really shooting themselves in the foot by requiring postal codes.