This new account has been specifically designed to help customers better manage their money and provides a range of features to make it easier to put money aside where they are able to do so. They include:
- Savings Pots – customers can set up one or more Savings Pots so that they can put money aside. These can be opened using the mobile app and allow customers to set goals, track progress and earn interest.
- Save the Pennies – automatically rounds up every debit card payment made to the nearest pound, so spare change goes straight into a Savings Pot or any other eligible TSB savings account customers have set up.
- Text Alerts – can be set up so customers will always know what their balance is and be warned if they’re in danger of going overdrawn.
- Auto Balancer – allows customers to choose a minimum balance limit on their Spend & Save account. If their balance falls below that, it will automatically be topped up from a Savings Pot.
- Cashback – for the first six months from account opening, new customers will be able to earn £5 cashback every month when they make 30 payments or more on their debit card each month.
That’s an interesting perk. Any other bank ever offered anything like that?
Surprised Monzo didn’t think to do something like this for plus, especially given that card payments generate them revenue and they want to usher people away from cash.
With that said…
How legacy of them.
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
1 Payment every day seems a bit steep, 20 seems reasonable.
So a maximum of just £30 and you need to have made 180 spends. Seems a shit deal.
30 transactions?! Quite a lot…
Anyway step in right direction
I’ve used my debit card twice in the past year. I prefer to use cashback credit cards and pay them off each month. Is it only we older folks who do this?
Sames. Google Pay for everything with Amex, and then Monzo fallback. Debit card useful for ATM only which was back in January.
This isn’t the first time that TSB have paid an inventive for using your debit card. They used to pay something similar for new Classic Plus accounts, but I can’t remember the exact details.
20 here, using a prepaid crypto debit rn because it has 2% cashback , but generally I use credit and pay it off monthly in full as you do
Its better personally because my job pays cash. Means I can pay in when I have time vs this second and payments never fail + better track of spending and rewards too
That’s why the Co-op version could be better for some people. It’s 5p per transaction up to a maximum of £3 in any month you qualify for the rewards (which means paying in £800 and having 4 direct debits). Qualifying also gets you £2 without doing anything else. So as long as you qualify they pay you £24 a year just for having the account.
For small transactions (up to about £10), 5p is a decent rate of cashback (if you want to look at it that way).