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  • FIRST POST
    • pejayuk
    • By pejayuk 14th Mar 17, 5:29 PM
    • 20Posts
    • 4Thanks
    pejayuk
    N&P Current Account Switch (Incentive)
    • #1
    • 14th Mar 17, 5:29 PM
    N&P Current Account Switch (Incentive) 14th Mar 17 at 5:29 PM
    Hi,

    I have read all the threads on here regarding the closure of Norwich and Peterborough current accounts and wondered if anyone successfully switched to another bank and received a welcome bonus?

    I was considering a switch to the Coop bank as they are offering £110 incentive. I just phoned them and two people said it didn't matter that N&P are not signed up to the switching service, as it's their (the Coop) switching service I will be using and therefore I still qualify for the bonus.

    This can't be right can it? I thought from the other threads I've been reading that both banks had to be part of the scheme?

    I would really appreciate any advice/clarification on this.

    Thanks in advance.
Page 1
    • WillPS
    • By WillPS 14th Mar 17, 5:36 PM
    • 148 Posts
    • 78 Thanks
    WillPS
    • #2
    • 14th Mar 17, 5:36 PM
    • #2
    • 14th Mar 17, 5:36 PM
    The Current Account Switching Service relies on both the losing and gaining financial institution offering the Current Account Switch Guarantee. N&P do not, so Co-op Bank will not be able to switch your account using the CASS.

    Without CASS, they can arrange a 'partial switch', which comes with no guarantee, takes longer and does not shut your old account. Under most circumstances, you don't get a bonus if you want to do a Partial Switch, however HSBC and their subsidiary M&S Bank have said they will give you the bonus if you do a Partial Switch from an N&P account.

    The Co-op have not offered the same - however if you can get some kind of record that you have been promised the switching bonus (and are willing to follow it up when it inevitably doesn't materialise) I would expect you to get it.
    • alanq
    • By alanq 14th Mar 17, 5:37 PM
    • 3,475 Posts
    • 2,223 Thanks
    alanq
    • #3
    • 14th Mar 17, 5:37 PM
    • #3
    • 14th Mar 17, 5:37 PM
    As of last month only HSBC and its M&S Bank brand were offering N&P customers switching incentives.

    http://www.moneysavingexpert.com/news/banking/2017/02/banks-will-offer-switching-bonuses-to-norwich-peterborough-customers-facing-account-closures

    I haven't seen any announcements of other banks following suit.
    Last edited by alanq; 14-03-2017 at 6:26 PM. Reason: M&S Money should have been M&S Bank
    I'm a Board Guide on the Budgeting and Bank Accounts, Savings & Investments, Food Shopping and Over 50s MoneySaving boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    • pejayuk
    • By pejayuk 14th Mar 17, 5:59 PM
    • 20 Posts
    • 4 Thanks
    pejayuk
    • #4
    • 14th Mar 17, 5:59 PM
    • #4
    • 14th Mar 17, 5:59 PM
    Many thanks, just the info I needed. I didn't think it sounded right what the Coop lady told me on the phone. Even though she double checked with a colleague.

    As the link saying HSBC and M&S are offering an incentive, also says TSB and Coop are considering it, I think I'll wait a few weeks and see what happens.
    • Heng Leng
    • By Heng Leng 15th Mar 17, 11:00 AM
    • 3,775 Posts
    • 1,144 Thanks
    Heng Leng
    • #5
    • 15th Mar 17, 11:00 AM
    • #5
    • 15th Mar 17, 11:00 AM
    It's obviously at their discretion if they choose not to enforce the requirement to use the CASS.

    I would ask for confirmation so that if doesn't happen automatically then they have to honour it.
    • eskbanker
    • By eskbanker 15th Mar 17, 12:47 PM
    • 4,211 Posts
    • 3,931 Thanks
    eskbanker
    • #6
    • 15th Mar 17, 12:47 PM
    • #6
    • 15th Mar 17, 12:47 PM
    As the link saying HSBC and M&S are offering an incentive, also says TSB and Coop are considering it, I think I'll wait a few weeks and see what happens.
    Originally posted by pejayuk
    ....or alternatively switch your N&P account now to HSBC or M&S for one of their incentives and switch again to Coop later (or with a sacrificial account sooner if you want to be sure of getting the Coop deal)?
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