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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That’s an interesting perk. Any other bank ever offered anything like that?

Surprised Monzo didn’t offer something like this with plus, especially given that card payments generate them revenue and they want to usher people away from cash.

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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 £500 in debit card transactions.

Similar? :man_shrugging:

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Interesting. I actually had that account once upon a yesteryear. Don’t recall that perk. Although I only switched for the switching bonus, downgraded to a regular current account and haven’t logged back in since.

It seems quite a few banks are offering perks in this vain nowadays and I had no idea. Might have to go back through some of my old accounts and see what’s new.

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.