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  • FIRST POST
    • garreh
    • By garreh 2nd Aug 17, 10:37 AM
    • 114Posts
    • 16Thanks
    garreh
    Co-Op Bank Switching Incentive - 30 Transactions?!
    • #1
    • 2nd Aug 17, 10:37 AM
    Co-Op Bank Switching Incentive - 30 Transactions?! 2nd Aug 17 at 10:37 AM
    According to the latest MSE email, the Co-Op switching incentive requires you to have 30 Debit card transactions per month - but having checked the terms and conditions I see no mention of this anywhere.

    Can anyone here clarify?

    - New. Free £125 + £5.50/mth + £25 to charity. Switch to Co-op Bank to get £125 and earn up to £5.50/mth more. Plus for each switcher it'll donate £25 to charity Centrepoint. To trigger it all there are a myriad of requirements. You must pay in £800/mth+, switch and pay out 4+ active direct debits each month, make 30 debit card transactions per month, go paperless, use online/mobile banking once a month and stay within your overdraft limit.
    http://www.co-operativebank.co.uk/currentaccounts
Page 1
    • keiran
    • By keiran 2nd Aug 17, 10:50 AM
    • 383 Posts
    • 183 Thanks
    keiran
    • #2
    • 2nd Aug 17, 10:50 AM
    • #2
    • 2nd Aug 17, 10:50 AM
    The £5.50 is comprised of 2 parts:-

    1) £4 for each month if you qualify
    2) Up to a maximum of £1.50 extra for debit card spending each month you qualify. , you'll be rewarded an extra 5p every time you use your debit card to pay for things.

    So you could get any amount in 5p increments from zero to £1.50 each month depending on how many debit card transactions you've made
    • Ed-1
    • By Ed-1 2nd Aug 17, 10:50 AM
    • 2,001 Posts
    • 1,082 Thanks
    Ed-1
    • #3
    • 2nd Aug 17, 10:50 AM
    • #3
    • 2nd Aug 17, 10:50 AM
    According to the latest MSE email, the Co-Op switching incentive requires you to have 30 Debit card transactions per month - but having checked the terms and conditions I see no mention of this anywhere.

    Can anyone here clarify?



    http://www.co-operativebank.co.uk/currentaccounts
    Originally posted by garreh
    That's to get the full 5p x 30 = £1.50 reward on top of the £4 per month reward making £5.50 in total.
    • garreh
    • By garreh 2nd Aug 17, 10:58 AM
    • 114 Posts
    • 16 Thanks
    garreh
    • #4
    • 2nd Aug 17, 10:58 AM
    • #4
    • 2nd Aug 17, 10:58 AM
    Oh I see. Well it isn't really a requirement per-se to get the incentive then - you can only earn £18 by having 30 transactions every month, which hardly seems worth the effort if you are only using this account as a savings account.

    So to satisfy the 4x direct debits requirement I could just setup some DDs from my Tesco savings account to pull money each month, say 4 x £1 ?
    • xylophone
    • By xylophone 2nd Aug 17, 11:03 AM
    • 23,107 Posts
    • 13,392 Thanks
    xylophone
    • #5
    • 2nd Aug 17, 11:03 AM
    • #5
    • 2nd Aug 17, 11:03 AM
    So to satisfy the 4x direct debits requirement I could just setup some DDs from my Tesco savings account to pull money each month, say 4 x £1 ?
    Tesco savings account DDs work for this purpose.
    • garreh
    • By garreh 2nd Aug 17, 11:10 AM
    • 114 Posts
    • 16 Thanks
    garreh
    • #6
    • 2nd Aug 17, 11:10 AM
    • #6
    • 2nd Aug 17, 11:10 AM
    Excellent.

    • badger09
    • By badger09 3rd Aug 17, 3:26 PM
    • 5,172 Posts
    • 4,368 Thanks
    badger09
    • #7
    • 3rd Aug 17, 3:26 PM
    • #7
    • 3rd Aug 17, 3:26 PM

    So to satisfy the 4x direct debits requirement I could just setup some DDs from my Tesco savings account to pull money each month, say 4 x £1 ?
    Originally posted by garreh
    Please consider making the DDs for more than £1. There are many of us using this facility and it would be a shame if Tesco decided to withdraw it
    • EachPenny
    • By EachPenny 3rd Aug 17, 4:30 PM
    • 2,427 Posts
    • 4,032 Thanks
    EachPenny
    • #8
    • 3rd Aug 17, 4:30 PM
    • #8
    • 3rd Aug 17, 4:30 PM
    Please consider making the DDs for more than £1. There are many of us using this facility and it would be a shame if Tesco decided to withdraw it
    Originally posted by badger09
    £1.01 should be ok though.

    On a more serious note, it is worth making the amounts more than £1 if only to be able to work out which one is not working if there is ever a failure. If all your DD's are only £1 then it can be harder to work out which payments have been made and which haven't. E.g. Setting up payments of £1.10, £1.20, £1.30 and £1.40 is just as easy as four £1's and only involves an extra £1 being DD'd each month.

    Since the money is still yours, not Tesco's, then it doesn't really matter how much the DD transfers, you just move it back again when convenient.
    "In the future, everyone will be rich for 15 minutes"
    • where are we
    • By where are we 3rd Aug 17, 5:50 PM
    • 153 Posts
    • 47 Thanks
    where are we
    • #9
    • 3rd Aug 17, 5:50 PM
    • #9
    • 3rd Aug 17, 5:50 PM
    If you are using this account solely for the £4 reward per month and remain in credit only by a small amount, then set up your £800 incoming monthly standing order to happen a few days before your outgoing £800 monthly standing order. Remember to log on once a month religiously!
    • colsten
    • By colsten 3rd Aug 17, 7:16 PM
    • 8,753 Posts
    • 7,413 Thanks
    colsten
    Remember to log on once a month religiously!
    Originally posted by where are we
    Presumably people would do this to move their £800 [back] to somewhere they earn interest on it.
    • zerog
    • By zerog 4th Aug 17, 12:18 AM
    • 2,285 Posts
    • 764 Thanks
    zerog
    My Tesco DDs are for £20 - £30 and I keep the money in Tesco for 1-2 months usually before moving it away. I've stopped bothering about squeezing every last possible penny of interest out and at least it earns something in Tesco (like 0.25%)
    • mummyof5
    • By mummyof5 4th Aug 17, 6:01 PM
    • 318 Posts
    • 711 Thanks
    mummyof5
    Does anyone know how long the Tesco accounts take to get up and running ? Looking on their website it says something about sending them information in the post before you can access your money.

    Also how do you set up the direct debits ? Is that with Tesco themselves or the bank you want the money to go from ?

    I am interested in switching to co-op but don't have enough direct debits that I can move at this moment in time so was thinking of opening a couple of Tesco savings accounts as I need a couple anyway.
    Last edited by mummyof5; 04-08-2017 at 6:03 PM.
    • surreysaver
    • By surreysaver 4th Aug 17, 7:08 PM
    • 2,278 Posts
    • 1,283 Thanks
    surreysaver
    You need to send them a copy of your signature, and you can't use the accounts until you've activated the cashcard online. So about 10 days I think it was.
    I consider myself to be a male feminist. Is that allowed?
    • Motormad
    • By Motormad 4th Aug 17, 7:57 PM
    • 82 Posts
    • 32 Thanks
    Motormad
    The last tesco internet saver I opened was giving 1.06% but there is now one paying 1.11 % I think for 12 months.You set up the DD's online through Tesco as well.
    • mummyof5
    • By mummyof5 4th Aug 17, 8:19 PM
    • 318 Posts
    • 711 Thanks
    mummyof5
    Thanks for your replies. Worth setting a couple up then.
    • garreh
    • By garreh 5th Oct 17, 10:58 PM
    • 114 Posts
    • 16 Thanks
    garreh
    I've only just found out that setting up 4x direct debits from 2 Tesco savings account doesn't actually create 4 direct debits, it only has created two on my co-op account, so it seems like I won't receive the switching incentive afterall

    The incentive is paid after 3 months I believe? Would it still be possible to setup 2 direct debits to the account and have it seen as 4 dds by the time the 3 months is up? Maybe the system is automatic and it will just detect that there has been a switch on the account and there are 4 active DDs so it qualifies?
    • bigadaj
    • By bigadaj 6th Oct 17, 3:06 PM
    • 10,309 Posts
    • 6,607 Thanks
    bigadaj
    I've only just found out that setting up 4x direct debits from 2 Tesco savings account doesn't actually create 4 direct debits, it only has created two on my co-op account, so it seems like I won't receive the switching incentive afterall

    The incentive is paid after 3 months I believe? Would it still be possible to setup 2 direct debits to the account and have it seen as 4 dds by the time the 3 months is up? Maybe the system is automatic and it will just detect that there has been a switch on the account and there are 4 active DDs so it qualifies?
    Originally posted by garreh
    I believe the switching incentive requires the direct debits to be on the account being switched, so don't think you can add them later.

    You should qualify for the monthly £4 reward though to look on the bright side.
    • garreh
    • By garreh 6th Oct 17, 3:14 PM
    • 114 Posts
    • 16 Thanks
    garreh
    I'm just going to switch it to First Direct and get incentive then switch it back to Co Op in a few months, hopefully offer will still be around and if not, I'm sure it'll pop up again next year at some point. I should still qualify as I wouldn't deposited £800 or received incentive before.
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