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  • FIRST POST
    • stuckinazoo
    • By stuckinazoo 6th Aug 17, 1:44 PM
    • 10Posts
    • 0Thanks
    stuckinazoo
    Co-op switch terms
    • #1
    • 6th Aug 17, 1:44 PM
    Co-op switch terms 6th Aug 17 at 1:44 PM
    My very brief situation is I have 2 current accounts: 1. First Direct which I want to keep because it's linked with my 6 month old Regular Saver. 2. TSB Classic Plus which although good doesn't do as much for me now I've got to 12 months and earnt my interest on their own monthly saver. I'm not eligible for their newly announced benefits either.

    Looking at switching TSB to Co-op but when Co-op says "switch your main current account...", how do they and we interpret this? Whilst I already have DD's set up on TSB, my salary and all daily expenses are paid in/out out of First Direct. Would it be enough to move my salary to TSB before the switch or would it still be flagged because there is so little activity (I only set it up in the first place to move half of my earnings to for the interest before then moving them back to other accounts).

    Thanks
Page 1
    • surreysaver
    • By surreysaver 6th Aug 17, 1:50 PM
    • 2,296 Posts
    • 1,293 Thanks
    surreysaver
    • #2
    • 6th Aug 17, 1:50 PM
    • #2
    • 6th Aug 17, 1:50 PM
    As long as you follow the minimum requirements (ie £800 into the account each month and four direct debits) you'll be fine. I would be worried if they knew which one was your 'main' account!
    I consider myself to be a male feminist. Is that allowed?
    • binaryuniverse
    • By binaryuniverse 6th Aug 17, 1:55 PM
    • 413 Posts
    • 208 Thanks
    binaryuniverse
    • #3
    • 6th Aug 17, 1:55 PM
    • #3
    • 6th Aug 17, 1:55 PM
    To put your mind at ease, I opened a new account elsewhere, moved 4 direct debits to it, didn't have my salary going in to it, did the switch to Co-Op and got the bonus for switching.
    • teddysmum
    • By teddysmum 6th Aug 17, 2:02 PM
    • 8,375 Posts
    • 4,980 Thanks
    teddysmum
    • #4
    • 6th Aug 17, 2:02 PM
    • #4
    • 6th Aug 17, 2:02 PM
    Four direct debits have to be taken every month (though they don't have to be the same ones) or the monthly bonus will not be paid.


    I found this when ,as a current customer, I registered for the new rewards system, but didn't take account of the water rates only being taken over 10 months. (now sorted to 12)
    • stuckinazoo
    • By stuckinazoo 6th Aug 17, 2:20 PM
    • 10 Posts
    • 0 Thanks
    stuckinazoo
    • #5
    • 6th Aug 17, 2:20 PM
    • #5
    • 6th Aug 17, 2:20 PM
    Thanks all. So seems I can keep my salary with First Direct. But I must query this £800. Says nothing about it and only lists 3 criteria for new customers in the link today:


    3. If you are an eligible new customer, you will qualify for this offer if you:
    3.1 open a new Co-operative Bank standard Current Account or Everyday Extra Account;
    3.2 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
    3.3 switch in a minimum of four active Direct Debits to your new current account, which must remain active until the incentive payment is made.
    • YorkshireBoy
    • By YorkshireBoy 6th Aug 17, 2:28 PM
    • 29,447 Posts
    • 17,230 Thanks
    YorkshireBoy
    • #6
    • 6th Aug 17, 2:28 PM
    • #6
    • 6th Aug 17, 2:28 PM
    But I must query this £800.
    Originally posted by stuckinazoo
    The poster assumed because you were switching 4 DDs you were also going to register for Everyday Rewards, for which there is an £800 monthly credit requirement. If you just want the £125, and you're not bothered about the additional £4 or £5.50 you don't need to credit £800 per month.
    • stuckinazoo
    • By stuckinazoo 6th Aug 17, 3:03 PM
    • 10 Posts
    • 0 Thanks
    stuckinazoo
    • #7
    • 6th Aug 17, 3:03 PM
    • #7
    • 6th Aug 17, 3:03 PM
    Thanks. I will arrange that as well then to get the reward.
    • polyphonic99
    • By polyphonic99 7th Aug 17, 11:12 PM
    • 42 Posts
    • 20 Thanks
    polyphonic99
    • #8
    • 7th Aug 17, 11:12 PM
    • #8
    • 7th Aug 17, 11:12 PM
    Do the 4 Direct debits have to exist on the account that you are moving from BEFORE you switch (I only have 3 at the moment) or can you add a 4th DD to the coop account after you switch?
    • eskbanker
    • By eskbanker 8th Aug 17, 12:30 AM
    • 5,611 Posts
    • 5,451 Thanks
    eskbanker
    • #9
    • 8th Aug 17, 12:30 AM
    • #9
    • 8th Aug 17, 12:30 AM
    Do the 4 Direct debits have to exist on the account that you are moving from BEFORE you switch (I only have 3 at the moment) or can you add a 4th DD to the coop account after you switch?
    Originally posted by polyphonic99
    See clause 3.3 of the Ts & Cs, as quoted in post #5 above!
    • garreh
    • By garreh 5th Oct 17, 11:02 PM
    • 114 Posts
    • 16 Thanks
    garreh
    Did you ever get that 4th DD setup and have the incentive paid?
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