Co-op 4 direct debits: all from Tesco savings?

7sefton · 9 October 2017 at 11:15PM

Hi there.

I am going to switch to the Co-op for the £125 incentive..

They require 4 active direct debits.

I have 2 Tesco Bank savings accounts, and can set up multiple direct debits from the same savings account.

So my question is, if I set up 2 direct debits on the 2 Tesco savings accounts, would this count as 4 active direct debits for the Co-op's purposes?

Thanks!

soulsaver · 9 October 2017 at 11:21PM

Yes for everyday rewards, 4DDs paying out no matter if only one Tesco 4 times PM... but not for the switch - the repeat will be seen as the same DD, so only 2.

xylophone · 10 October 2017 at 10:17AM

but not for the switch - the repeat will be seen as the same DD, so only 2.

I have two Tesco savings accounts. I had two DDs set up on each of these (different days, amounts, a/c nicknames) to pull money from a current account into these accounts.
See post 253 http://forums.moneysavingexpert.com/showthread.php?t=5463084&highlight=tesco+direct+debits&page=13

I switched that current account to Co-op with no difficulty and received the switching bonus.

soulsaver · 10 October 2017 at 1:13PM

xylophone wrote: »

I have two Tesco savings accounts. I had two DDs set up on each of these (different days, amounts, a/c nicknames) to pull money from a current account into these accounts.
See post 253 http://forums.moneysavingexpert.com/showthread.php?t=5463084&highlight=tesco+direct+debits&page=13

I switched that current account to Co-op with no difficulty and received the switching bonus.

Seems to be conflicting opinions on this - but I have to admit I was passing on info argued on here before - not my own experience, as I have several other sources of DD. So could work for the OP.
However if it were me, without alternate options, I'd open another 2 off TIS and set up additional DDs to be sure.

Rich2808 · 10 October 2017 at 7:14PM

It does work for everyday rewards payments - but best not to advertise that fact!

ceredigion · 10 October 2017 at 8:55PM

Co-op switching incentive

3.3 switch in a minimum of four active Direct Debits

Co-op Everyday Rewards

Pay out at least four Direct Debits

Spot the difference.

As for the original question. if you have four mandates is will suffice. For the switching incentive

TheShape · 11 October 2017 at 12:18AM

xylophone wrote: »

I have two Tesco savings accounts. I had two DDs set up on each of these (different days, amounts, a/c nicknames) to pull money from a current account into these accounts.
See post 253 http://forums.moneysavingexpert.com/showthread.php?t=5463084&highlight=tesco+direct+debits&page=13

I switched that current account to Co-op with no difficulty and received the switching bonus.

I've got almost the same set-up as xylophone, only difference being my DDs are for the same amounts. Received the switching bonus and receive the rewards each month.

Wendy_-_H · 16 October 2017 at 4:09PM

I was planning open a Co-op account this week and start the switch from my Barclays account to the Co-op next week after payday - but the links regarding the £125 switch bonus seem to have vanished. Anyone know if this bonus has now finished ?:(

binaryuniverse · 16 October 2017 at 4:51PM

It would appear to have ended, for now. I can't see any reference to it on their site.
However, Halifax are also offering £125, if you haven't switched to them yet.

EachPenny · 16 October 2017 at 4:53PM

Wendy_-_H wrote: »

I was planning open a Co-op account this week and start the switch from my Barclays account to the Co-op next week after payday - but the links regarding the £125 switch bonus seem to have vanished. Anyone know if this bonus has now finished ?

Possibly, the bank switching offers come and go on a regular basis. Don't panic, just leave it for a few days and see if the offer is back - and check to make sure it is a good one as from time to time the new offers are less generous (but in time get replaced with a better one again

).

Co-op 4 direct debits: all from Tesco savings?

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