TSB Classic Plus Current Account £100 for Switching +5% interest on balance (upto £2000) + 5% cashback on contactless purchases + 5% regular savings account
1093°Expired

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

185
Found 11th Jan 2016
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
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185 Comments
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.
can existing customers get the switching bonus ?
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...
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.
how do you get £120 interest ?
cliosport65

can existing customers get the switching bonus ?


Yeh, as many times as they want...........
martyn333

how do you get £120 interest ?


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.


Edited by: "goldy12" 11th Jan 2016
crumpetman

Best way round the direct debits is to setup a savings account at Tesco … 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.

One can do that with any funder's savings account.
goldy12

If you maintain a balance of £2000 in the current account for a year at … 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.



5% interest on £2000 = £100

£100/12 = £8.33

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

Ta OP.
mcormack

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


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
xeroc

I have this account, but don't use it as a main one. It's pretty good. … 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.



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 "
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 !



Edited by: "zworld" 12th Jan 2016
cliosport65

can existing customers get the switching bonus ?


doesnt look like it - i just tried it and cant switch from a tsb account
do you have to completely close the transferred from account in practice? if so how do they know?
scorcher

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



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

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


They close it for you via their switching service
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?
I've already got an account, do existing customers get the 5% contactless bonus?
Customer service is non exsitent
Edited by: "admirable" 11th Jan 2016
lucas

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


yes, this is advertised on TV as one of the perks of this account - but you cant switch from an existing tsb account
Seems to be quite a few conditions applied to this offer!
I've got this as my main a/c, £5 every month incoming 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)
goldy12

If you maintain a balance of £2000 in the current account for a year at … 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.



No it doesn't!
Thanks, will look into doing this.
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
zworld

COLD!Signed up for a current account and a business bank account. They … 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. 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 !



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...
LesD

Where's the requirement for more than one £500 deposit?"c. Pay at least … 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 "



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"

tsb.co.uk/cur…nt/
mcormack

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


but you cant switch from one tsb account to another
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!
Edited by: "premierfella" 11th Jan 2016
xeroc

That relates solely to the switching incentive. In order to receive the … 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/



That ought to go in the original posting then.
LesD

That ought to go in the original posting then.




I've added it
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
zworld

Avoid at all costs!Signed up for a current and business bank account. Got … Avoid at all costs!Signed up for a current and business bank account. Got told to go to my local branch with ID. Went and sat around for 2 hrs and no one managed to see me. Got up and left in the end.Next day, called to book and appointment and couldn't get through to anyone in my branch to even book a bloody appointment numerous times during the day.



​i had no problem switch was easy and quick. I wonder how often that problem happens out of every 10 switches?
Switched a few months ago went through seamlessly.
mcormack

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



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

No it doesn't!



You get about £9 before tax.
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.
Surely it's 5% of £2,000 which is £100?
crumpetman

You get about £9 before tax.



Please explain??? I make it £100.

5% (AER) of £2,000 is £100.
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
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