TSB Classic Plus Current Account  £125 for Switching  +5% interest on balance (upto £2000) +  5% cashback on contactless purchases +  5% regular savings account
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TSB Classic Plus Current Account £125 for Switching +5% interest on balance (upto £2000) + 5% cashback on contactless purchases + 5% regular savings account

301
Found 11th Oct 2015
If you considering changing your current account TSB are now offering a £125 incentive to switch to them, This is on top of 5% interest on balances up to £2000, 5% Cashback on up to £100 of Contactless payments per month and the option of a 5% regular saver account.
The £125 incentive starts today is exclusive to Money supermarket .com, so make sure if you switch you do so via the link, and not via the TSB normal web site.

Get up to £185 on the current account that gives you plusness

£125 for switching - open a Classic Plus account by
2 November 2015 and switch to us using the Current Account Switch Service before 23 November 2015.
Pay in at least £500 into your new account within
28 days of the switch completing and register a minimum of 2 active Direct Debits.

Plus get up to £60 in the first year - If you have a contactless debit card (subject to status and eligibility) and you are registered for internet banking, get 5% cashback on your first £100 of contactless payments every month - ends Dec 2016.

What you get
£125 when you open a Plus account and then switch to us

5% AER/4.89% gross variable interest paid monthly on balances up to £2,000
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. No interest is paid on your balance over £2,000
No monthly fees
TSB Visa debit card – contactless debit card subject to status and eligibility
5% cashback on your first £100 of contactless payments every month (ends Dec 2016)
Optional fee free £25 planned overdraft available (subject to application and approval)
Access your account online, via mobile banking, telephone banking or in branch
Once you have a TSB current account, get a 5% AER/gross (fixed) Monthly Saver for 12 months. Simply setup a standing order and save from £25 to £250 a month - at the end of your term your account will convert to a variable rate Easy Saver Account, currently paying 0.75% gross/AER variable including a fixed bonus of 0.55% for the first 12 months
Note: You cannot replace money withdrawn. Instant access

You must be 18 or over and a UK resident to apply. The Classic Plus account is restricted to one account in your sole name, and another Plus account in joint names
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301 Comments
nuts .. just switched to nationwide for "only" £100 cashback ..
thank you op!
HankHandsome

nuts .. just switched to nationwide for "only" £100 cashback ..


Me to but did you not go through quidco , it was £75 at the time .
rdbradshaw

Me to but did you not go through quidco , it was £75 at the time .



no, it was an "exclusive" moneysupermarket offer. i should hopefully get the cheque in a couple of weeks.
On the £2k you'll get about £6.44 a month
Switched to this account last month so not eligible for £125
Ta OP. Possibly the best fee-free current account out there at the moment.
Rang to lodge complaint and they said if they get lots more then they will have to honour it to those who went direct to TSB!
How easy and reliable is it to switch banks? Do they sort out all of your direct debits, etc?
when you switch accounts, the new bank takes your direct debits too or you have to set them up?
TSB the bank that likes to say "YES!"
Yes the banks switching services will transfer all your direct debits, payee's for transfers so you don't have to re-enter them and your balance.
HankHandsome

no, it was an "exclusive" moneysupermarket offer. i should hopefully get … no, it was an "exclusive" moneysupermarket offer. i should hopefully get the cheque in a couple of weeks.


Ok that's why , I went down the refer a friend route , I'm aware you have to stay with the bank minimum off 3 months to keep the incentive .
Do you have to close your account with other banks to take advantage of this deal?
This is the third time I've voted hot on this same deal, people keep reposting it hahahaha. Strange site.
johnro

when you switch accounts, the new bank takes your direct debits too or … when you switch accounts, the new bank takes your direct debits too or you have to set them up?



all done easily, you dont have to lift a finger, your old accounts are made dormant for 2 years so any transactions that happen on them automatically happen on your new acount
Looks like a good account. Tempting - requires alot of work to keep at £2000 to exploit the 5% interest if using as only current account. Likely to be under and over £2000 all the time. I am thinking perhaps put £2000 in and then every month the £500 and move it back out - £250 to instant saver and £250 back where it came from. Also carry on using the 123 Santander for everything else.
did this in June for £100 and they didn't pay so save all T's and c's and be ready for a fight if you go for it
stephenr

On the £2k you'll get about £6.44 a month



what you'll get in total is:

125.00 joining fee
80.00 interest (after basic tax) on 2000.00
80.00 interest (after basic tax) on another 2000.00 (you can open a second account but assuming you can't transfer two accounts over)
64.60ish on regular saving of 250.00 for 12 months (after basic tax)

so, just short of 350.00 in the first year PLUS whatever you can make on the 5% using the contactless payment card (although it's a bit patchy as most petrol stations won't take it, morrisons do at both, as do morrisons and tesco have an icon on their tills but still don't) and it's prone to not working without a normal pin number payment to reset, which is a royal pain when you're trying to pay for petrol at 19.99 and then it refuses to go contactless so you then have to pay with your santander card to get the 3% off from them instead).

so damned well worth it.

incidentally, mods... where would i set up a discussion to list which retailers use contactless payments?




Edited by: "marineville" 11th Oct 2015
delboyd

This is the third time I've voted hot on this same deal, people keep … This is the third time I've voted hot on this same deal, people keep reposting it hahahaha. Strange site.



As far as I'm aware, this is the second time the '555' deal has been posted.

It's certainly the first time that it's been posted with the £125 switch incentive.
So I need to open an account first? Then wait until they accept me and switch to get £125? I'm confused! It says "you must first complete the account application and then the separate online switching form"
I just left this account last month anyone know if that means im not eligible for the £125?
CheapLife

did this in June for £100 and they didn't pay so save all T's and c's and … did this in June for £100 and they didn't pay so save all T's and c's and be ready for a fight if you go for it



there are all sorts of conditions: eg. they will only transfer like for like so, if you have a credit card with the incoming account, you MUST have one with the new one... similarly, if you set up a ghost account merely to take advantage of such deals but DON'T have a card with this ghost account then you MUSTN'T request one with the new account. am sure i could have explained that better but trust you get the gist. plus make sure (although not sure if TSB have it as a rule) that you have a minimum of two direct debits to transfer over too (they will do the paperwork to transfer those).

i only know this through falling foul of such terms myself!
man good deal, its not fair
may sound silly, but I have old DDs set up that lay dormant on my current Natwest account (I think that's the best way of putting it)... they won't suddenly appear active on the new account will they?

and standing orders are transferred, too? thanks in advance!

Reading the Eligibility in the terms and conditions, this seems to have expired:

To qualify for the offer you must:a. Open a new Classic Plus account by … To qualify for the offer you must:a. Open a new Classic Plus account by 31 July 2015 and switch to TSB using the Current Account Switch Service by the 1 September 2015

ooh will go for the savings account.
Potentially interested, can anybody tell me what their mobile app/online banking system is like?
Kimbrehhh

may sound silly, but I have old DDs set up that lay dormant on my current … may sound silly, but I have old DDs set up that lay dormant on my current Natwest account (I think that's the best way of putting it)... they won't suddenly appear active on the new account will they? and standing orders are transferred, too? thanks in advance!



I chose the account switching service with nationwide as you had to do it to get the offer and all of my direct debits and standing orders were created on the new account exactly as they were on my barclays account so I would assume any direct debits you have WILL be created. the "dormant" ones you have already are active, it's just that the company hasn't claimed them so this will be reflected in the new account

Edited by: "HankHandsome" 11th Oct 2015
Do any of the banks offer retention deals to hold on to your business?
I have a current account and regular saver paying 4% with HSBC, Anyone know if I switch my current account now will the regular saver at HSBC continue, or will it be closed or the interest rate reduced?
shame its not available to existing customers
im thinking about switching to halifax same money +£5 every month anyone with them?
take it this account is only better if you have savings etc...
thanks
umar

im thinking about switching to halifax same money +£5 every month anyone … im thinking about switching to halifax same money +£5 every month anyone with them?take it this account is only better if you have savings etc...thanks


Think it depends whether your able to maintain a £2000 balance throughout the year in your account if so interest at 5% after tax would be £80 as opposed to £60 ( £5 per month) from Halifax, you can also get potentially an extra £5 a month extra if you contactless card.
I'm in tsb and upgraded so get all that
do you have to put in a minimum amount each month does anyone know?
Damn it, signed up last week and currently in the middle of switching anyone know if they could honour it retroactively?

You cannot switch your joint account to TSB under this offer



Why not?!
I only have a joint account so that's ruled me out then!
Looking to switch our joint 123 account with the fee hike, guess they wont be getting our business then!
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