Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Hattie625
    • By Hattie625 4th May 16, 6:29 PM
    • 372Posts
    • 225Thanks
    Hattie625
    Coop Bank New switch offer: £150
    • #1
    • 4th May 16, 6:29 PM
    Coop Bank New switch offer: £150 4th May 16 at 6:29 PM
    A new Co-op Bank switch offer of £150 came into effect on 3 May. It can be withdrawn at any time, so I suspect that I need to get my skates on.

    Problem is that the account being switched needs to have 4 ( yes, 4!) active direct debits, which must stay active until the incentive is paid (within 45 days of switch date).

    All my DDs are committed elsewhere. Some are with Santander 123 (for cashback), 2 are with Halifax Reward (for £5 monthly reward) and 2 are with M and S Bank (for ongoing monthly credit of £10 to gift card following completed switch in April).

    Im looking to set up (quickly) 4 DD's on a Tesco current account which I will use for the Co-op switch.

    Today I opened a Tesco internet saver, transferring £1 in as a deposit, and setting up a direct debit to it from the Tesco current account which I plan to switch. Only problem is that the direct debit is not showing on the current account. Does this take a few days?

    How can I create 3 other DD's? Can I create more than one DD from the Tesco current account to the Tesco internet saver or do I need another 3 internet savers?

    Any advice welcome. As I say, I need to move quickly.
Page 6
    • Westie983
    • By Westie983 2nd Sep 16, 7:59 PM
    • 3,008 Posts
    • 11,972 Thanks
    Westie983
    I dont know, but I would wait just incase, if you switch early and you dont get the incentive you will kick yourself, if you wait and this is correct you will get the incentive, if you wait and you didn't need to, you still get the incentive, so best case scenario is to wait IMHO.
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • Blue_Max
    • By Blue_Max 2nd Sep 16, 11:01 PM
    • 639 Posts
    • 159 Thanks
    Blue_Max
    Can anyone confirm that the four active DDs need to have paid out at least once before switching, to get the bonus after switching? I currently have 4 DDs set up on the account I want to switch to Co-Op, but the DDs haven't paid out yet. They are due to pay out over the course of the next 2 weeks. Should I wait until they have all paid out before I try to switch?
    Originally posted by bluehydrangeas
    I had only 2 DDs setup in the old account. Setup two more (but not paid) before applying for switch to Co-op.
    Had no issues in getting the bonus.
    Last edited by Blue_Max; 02-09-2016 at 11:05 PM.
    • moneysavinggirl40
    • By moneysavinggirl40 5th Sep 16, 3:24 PM
    • 287 Posts
    • 28 Thanks
    moneysavinggirl40
    Is there an incentive for new joint account?
    I have a coop sole account for which I received an incentive. Will our switch to a joint account with coop allow us to get £150? Has anyone got an incentive when they switched to a joint COOP current account?

    I have had a look at t&c but it doesn't stipulate if one person from the joint account has received incentive then you won't be eligible. This is all I found.

    From SECTION B
    11.
    "If the current account that you switch to is in joint names we will only credit the current account with £150, not £150 for each person named
    on the account"
    • MABLE
    • By MABLE 5th Sep 16, 5:50 PM
    • 2,965 Posts
    • 1,561 Thanks
    MABLE
    My partner applied on 1 September and received an email advising his application still being processed. Do they normally advise you via email or do you have to wait for the post for the outcome. Thank you.
    • ceredigion
    • By ceredigion 5th Sep 16, 5:56 PM
    • 1,462 Posts
    • 1,272 Thanks
    ceredigion
    It has been a long time but seem to recall it was by post.
    • MABLE
    • By MABLE 5th Sep 16, 6:00 PM
    • 2,965 Posts
    • 1,561 Thanks
    MABLE
    It has been a long time but seem to recall it was by post.
    Originally posted by ceredigion
    So if it a decline does he assume they advise by post and if its accepted they email you?
    • ceredigion
    • By ceredigion 5th Sep 16, 6:09 PM
    • 1,462 Posts
    • 1,272 Thanks
    ceredigion
    So if it a decline does he assume they advise by post and if its accepted they email you?
    Originally posted by MABLE


    Decline, no idea never been declined.
    As said a long time ago but the confirmation was by post
    • MABLE
    • By MABLE 6th Sep 16, 9:54 AM
    • 2,965 Posts
    • 1,561 Thanks
    MABLE
    UPDATE

    Spoke to them today and they confirm approved in principle subject to final check. Also regarding the four direct debits. During the first 30 days of switching at least 4 direct debits needs to be claimed to meet the criteria. After that they just have to remain active.

    Fingers crossed and hope to bag £200 with the cash back.
    • Westie983
    • By Westie983 6th Sep 16, 10:10 AM
    • 3,008 Posts
    • 11,972 Thanks
    Westie983
    I have a coop sole account for which I received an incentive. Will our switch to a joint account with coop allow us to get £150? Has anyone got an incentive when they switched to a joint COOP current account?

    I have had a look at t&c but it doesn't stipulate if one person from the joint account has received incentive then you won't be eligible. This is all I found.

    From SECTION B
    11.
    "If the current account that you switch to is in joint names we will only credit the current account with £150, not £150 for each person named
    on the account"
    Originally posted by moneysavinggirl40
    Iw would assume you don't qualify as you have already had an incentive payment even if the other joint account holder hasn't, this is stated on the front page of their website.

    Excludes existing customers paying in £800+ per month from 03/02/16 to 03/05/16 and any recipients of previous switching incentives. Offer can be withdrawn at anytime. Terms apply.

    they could switch a sole account and get £150 and you could make it joint after? That would mean the second named holder gets the £150.
    Save 12k in 2016 #16 Total £12350/£12000 = 102.91%
    Sealed Pot Challenge ~ 9 #97 Total £250/£250 = 100.00% ( from Sue x 8)
    Xmas 2016 £1 a Day #6 Total £400/£366 = 109.28%
    Virtual Sealed Pot #1 Total £500/£800 = 62.50%

    £2 Savers Club 2016 #104 Total (£1060)+£380/£2000 = 72.00%
    Total £14940/£15416 = 96.91%
    • bluehydrangeas
    • By bluehydrangeas 9th Sep 16, 11:19 PM
    • 8 Posts
    • 0 Thanks
    bluehydrangeas
    I applied for a new account in the early hours of yesterday morning. I got an email back at around 8am yesterday to say my application has been approved and I would be receiving the paperwork in the next few days. However, today I received an unexpected voicemail on my mobile from someone at my local Co-Op branch asking me to call them back. I haven't called yet but I will tomorrow. I have a bad feeling about it. I suspect they are going to ask me to visit the branch to proceed with the application. Has anyone here had to do that to open an account?
    • tonycottee
    • By tonycottee 9th Sep 16, 11:37 PM
    • 974 Posts
    • 1,846 Thanks
    tonycottee
    I applied for a new account in the early hours of yesterday morning. I got an email back at around 8am yesterday to say my application has been approved and I would be receiving the paperwork in the next few days. However, today I received an unexpected voicemail on my mobile from someone at my local Co-Op branch asking me to call them back. I haven't called yet but I will tomorrow. I have a bad feeling about it. I suspect they are going to ask me to visit the branch to proceed with the application. Has anyone here had to do that to open an account?
    Originally posted by bluehydrangeas
    When I opened my account I got a call from my local branch. In fact I got a call from two different branches! I just confirmed some details and didn't need to go in.
    My wife applied last week and has already received her debit card. She didn't receive a call.
    • debtfreeforlife
    • By debtfreeforlife 10th Sep 16, 1:08 AM
    • 10 Posts
    • 12 Thanks
    debtfreeforlife
    I've just applied for a current account now - I've not really moved accounts much as I prefer to bank with more ethical companies (my mortgage and ISA are currently with building societies), but the Co-Op are comparatively ethical so I thought I would take advantage of this. I'm keeping my fingers crossed that it works; I've just been offered a new job across country and need to pick up and move my life 120 miles south, so an extra £150 would be much appreciated!
    • MABLE
    • By MABLE 10th Sep 16, 8:11 AM
    • 2,965 Posts
    • 1,561 Thanks
    MABLE
    UPDATE.

    Applied on the 31st August and according to their letter account was opened on the 5th September. Phoned yesterday and switch in progress. The whole process was very straight forward. However for the avoidance of doubt and despite of some misinformation given by an advisor this is the situation with the direct debit situation.

    As explained by the bank you need 4 active DD's to qualify for the £150.00. They do not need to be taken monthly but they must show money has been claimed from all of them at some point.

    Now to qualify for the £4.00 Reward payment the 4 DD's must have money claimed from them every month and if you use the debit card associated with the account you get 5p per transaction up to a max of £1.50. Also if you elect you can have the rewards money paid into a charity or paid into your bank account.

    I know the seasoned contributors on here will no doubt be aware of the above but sometimes in life it helps to spell everything out. For me anyway.
    Last edited by MABLE; 10-09-2016 at 8:19 AM.
    • Hattie625
    • By Hattie625 10th Sep 16, 8:50 AM
    • 372 Posts
    • 225 Thanks
    Hattie625
    UPDATE.

    Applied on the 31st August and according to their letter account was opened on the 5th September. Phoned yesterday and switch in progress. The whole process was very straight forward. However for the avoidance of doubt and despite of some misinformation given by an advisor this is the situation with the direct debit situation.

    As explained by the bank you need 4 active DD's to qualify for the £150.00. They do not need to be taken monthly but they must show money has been claimed from all of them at some point.

    Now to qualify for the £4.00 Reward payment the 4 DD's must have money claimed from them every month and if you use the debit card associated with the account you get 5p per transaction up to a max of £1.50. Also if you elect you can have the rewards money paid into a charity or paid into your bank account.

    I know the seasoned contributors on here will no doubt be aware of the above but sometimes in life it helps to spell everything out. For me anyway.
    Originally posted by MABLE
    Just to add, for the avoidance of doubt, that for the £4 monthly reward payment only, you do not need to have four different DD mandates paying out each month. One mandate paying out 4 times in the calendar month would do, as would 2 mandates paying out twice each or 2 mandates one paying out 3 times and one paying out once (or any combination making up 4 payouts in the month).
    • MABLE
    • By MABLE 10th Sep 16, 9:39 AM
    • 2,965 Posts
    • 1,561 Thanks
    MABLE
    Just to add, for the avoidance of doubt, that for the £4 monthly reward payment only, you do not need to have four different DD mandates paying out each month. One mandate paying out 4 times in the calendar month would do, as would 2 mandates paying out twice each or 2 mandates one paying out 3 times and one paying out once (or any combination making up 4 payouts in the month).
    Originally posted by Hattie625
    Good to see you are on the ball Hattie. If what you say is correct then even better.
    • joanneharris
    • By joanneharris 22nd Sep 16, 10:04 AM
    • 39 Posts
    • 31 Thanks
    joanneharris
    I'm so confused by these terms... I'm with co-op for last 2-3 years and can't remember receiving an incentive to join. Is there some way I can apply for a new account with them to receive this incentive or am I completely excluded being an existing customer?
    • YorkshireBoy
    • By YorkshireBoy 22nd Sep 16, 11:16 AM
    • 27,890 Posts
    • 15,762 Thanks
    YorkshireBoy
    I'm so confused by these terms... I'm with co-op for last 2-3 years and can't remember receiving an incentive to join. Is there some way I can apply for a new account with them to receive this incentive or am I completely excluded being an existing customer?
    Originally posted by joanneharris
    The eligibility section of the incentive T&Cs will set out whether you qualify. Maybe read it and see?
    • Hattie625
    • By Hattie625 22nd Sep 16, 1:18 PM
    • 372 Posts
    • 225 Thanks
    Hattie625
    I'm so confused by these terms... I'm with co-op for last 2-3 years and can't remember receiving an incentive to join. Is there some way I can apply for a new account with them to receive this incentive or am I completely excluded being an existing customer?
    Originally posted by joanneharris
    "4. You will be considered an existing customer if you already have a Co-operative Bank or smile current account of any type as at 3 May 2016.
    5. You will be eligible for this offer if you are an existing customer unless:
    5.1 you are an existing customer and an average of £800 or more per month has been credited to your Co-operative Bank or smile current
    account between 3 February 2016 and 3 May 2016, or between your account opening and 3 May 2016 if that is a shorter period of time; or
    5.2 you have previously received any other incentive, offer or benefits for switching to a Co-operative Bank or smile current account at any
    point since January 2014.
    6. As an eligible existing customer, you are able to qualify for this offer in either one of the two alternative ways, explained in paragraphs 7 and 8.
    7. If you are an eligible existing customer, you will qualify for this offer if you:
    7.1 switch your main current account to your existing Co-operative Bank standard Current Account, Privilege Account, Privilege Premier
    Account or Current Account Plus. The switch must be completed using the full Current Account Switch Service, which will include the closure
    of your old account on the day that your switch completes; and
    7.2 switch in a minimum of four active Direct Debits to the account that you have switched to, which must remain active until the incentive
    payment is made.
    8. The alternative way of qualifying for this offer as an eligible existing customer (for example if you do not hold any of the accounts in 7.1) is
    if you:
    8.1 open a new Co-operative Bank standard Current Account;
    8.2 switch your main current account to your new current account using the full Current Account Switch Service, which will include the closure
    of your old account on the day that your switch completes; and
    8.3 switch in a minimum of four active Direct Debits to your new current account, which must remain active until the incentive payment is made."

    The above are the Co-op T and C's for existing customers seeking the switch incentive. You are an "existing customer" if you held a Co-op Bank or smile current account of any type as at 3 May 2016. If you are an "existing customer" within this definition, you are entitled to benefit from the switch incentive UNLESS you are disqualified by conditions 5.1 OR 5.2. From what you say, condition 5.2 does not apply to you, so check if condition 5.1 applies. If it does NOT, you are entitled to the switch incentive.

    If you are entitled, you need to switch another current account to your existing Co-op current account using CASS: see conditions 7.1 and 7.2. You need to have 4 active DDs set up on the account being switched before the switch takes place. The switch will involve the account being switched closing.
    Last edited by Hattie625; 22-09-2016 at 1:26 PM.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,583Posts Today

6,036Users online

Martin's Twitter