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Thread: TSB classic plus

  1. #1
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    Default TSB classic plus

    what are the experts view on this?

    http://www.telegraph.co.uk/finance/p...e-account.html

    I know its only for the next 16 months but most things seem to be very short term now and we are all learning to be rate tarts
    also its only good if you have maxed out the other regular savings accounts and/or want to spread your cash about a bit.
    and it allows you to withdraw if you do have an emergency



    so is this the correct procedure - have I missed anything exciting like cashback or transfer offers?
    open a TSB classic plus account online
    put in 2000 to earn 5%
    set up a standing order from your donor account to put 500 in each month.
    set up a regular savings account for 250 a month
    use your TSB classic plus debit card to make the small contactless payments - - looks like its capped to the first 100 per month to get the 5 bonus

    it looks like it just needs the 500 a month but don't need to set up 2 DDs like the other banks ask for





    "TSB current account customers can earn up to 238 a year as part of a package unveiled today that pays 5pc cash on savings and contactless spending.
    Every customer with a "classic plus" account is eligible if they set up online banking and pay 500 a month into the bank but the generous cashback payouts will end in December next year

    Since last year the challenger bank has paid 5pc on the first 2,000 saved in a current account, earning savers 100 a year before tax.


    Now, TSB account holders can earn an extra 81 a year with a 5pc regular saver account if they deposit the maximum 250 a month.


    On top of this, their contactless spending will receive 5pc cashback, capped at 5 a month, paying an extra 60 over the course of a year.
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

  2. #2
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    Looks good, the 5% cashback on contactless is excellent, 100 p.m. is a good figure for me, around 3.33 per day which covers lunch. I hardly use contactless at all but with a 5% incentive, why not. Looks like it is a 5 cap rather than a 5 incentive, so spend 50 one month get 2.50.

    Not overly fussed about the December 2016 cut off as they are most likely hedging their bets to first test popularity (and cost) of the account, so it will either end up being extended or something alternative. Worst case they cancel it so easy to then move it away and get a 100+ switching incentive from elsewhere (may need to set up a DD for something before switching away).

    Looking at it overall, for me personally the 5% on 100 spend is the most attractive part, no other bank is offering this as far as I know.

  3. #3
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    The 5% cashback on contactless spending is the only new bit; already have two of these current accounts & the regular saver. Hopefully they'll pay 2 x 60 if the cashback is per account, however now need to think of ideas for easy ways to generate that contactless spending 100 per account per month. At the newly raised 30 limit for contactless payments, that's at least 4 transactions (or 5 at 20 for terminals that haven't yet updated and still use the former limit) to reach 100.

  4. #4
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    I am wondering about the regular saver.

    It says you need to feed it by setting up a standing order within 21 days of opening.

    Is this a standing order originating from the current into the savings account?
    and can you do it yourself via the online banking or do you need to go into a branch or do it?

    just slightly worried it has to go from an another bank

    Ive not really used contactless yet so this will be good practice for me
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

  5. #5
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    You can setup the standing order online; it's intended to go from a TSB current account to the regular saver.

  6. #6
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    Quote Originally Posted by Sarah7 View Post
    You can setup the standing order online; it's intended to go from a TSB current account to the regular saver.
    thank you - I know it was an obvious question

    I cant see the set up a standing order page when I log on - is that also somewhere logical?
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

  7. #7
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    spending the 100 contactless for me wont be too difficult, most of my grocery spends are under 30 - mostly under 20 so I think I will spend this in the first couple of weeks in the month.
    The only problem will be in the month when we are away for 2 weeks starting on the 1st - very disinclined to do any shopping when we get back from hols.

    so it will just a case of setting up a SO from my main account to TSB of 500 a month for the 1st - of this 250 for the regular savings and about 100 for spending and then the rest transferred back at the end of the month.
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

  8. #8

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    Quote Originally Posted by mhoc View Post
    thank you - I know it was an obvious question

    I cant see the set up a standing order page when I log on - is that also somewhere logical?
    When you click through to apply for the regular saver account it gives you the option to set up a standing order from your classic plus account.

    Thanks for the information by the way - rep on its way.

  9. #9
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    There's also a link 'Set up a standing order' on the 'Your accounts' page and a button 'Set up a standing order' on the 'Direct Debits & Standing orders' page.

  10. #10
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    2 points, nearly forgot to switch to paperless statements and correspondence but there was a reminder when I logged in this morning.

    I was looking at the online statement to see the contactless payments I've made. On my Barclaycard statement there is a little symbol next to contactless but it does not seem to be the same on TSB so I need to keep a running total as to how close I am to the 100 total.

    Spending 100 contactless is proving to be more difficult than I thought, short month and not much spending going on. So far I've found B & M but only by asking them, no indication otherwise. mainly though its been Aldi but I rarely spend more than 15 in Aldi at a time except for last night when OH wanted a kitchen light and he bill went to 25 so it would not allow contactless

    I am thinking now if it gets close to the end of the month and I've not spend the 100 I might get gift cards - wondering now where I can get gift cards that have contactless.
    Achieved Gold award for my 50th blood donations in12/11. Now 07/03 just given my 62nd blood donations

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