£100 To Open A Current Account With The Cooperative Bank

webmasterpolo

Hi everyone,

Lot's of people of asking the same questions I answered before earlier in this thread so I am reposting my earlier post.

I know people who work in the Coop Bank and I have signed up for one of these accounts and have the welcome pack here, so I can clear up a few questions I've seen while flicking through this thread.

a) You can do the whole application over the phone with your local branch, NOT THE CENTRAL CALL CENTRE. My local branch phone number is 0191 3873128, they are extremely friendly and helpful. I did my application over the phone, ask for the CURRENT ACCOUNT PLUS WITH THE £100 BONUS.

b) Credit searches can be quite strict with the Coop as they have a strong ethical tone they are very selective at who they will offer OD to and this account has one as standard. You may be accepted for other accounts but they will not give £100.

c) You don't have to transfer your banking to them, although that's what they would of course like you to do. You only need to transfer the money in each month or do a SO.

d) Yes for some processing they do add 00 to your account numbers, don't worry it's normal.

e) There is no reference needed. All branches should now have received and be displaying posters to advertise the £100 cash incentive. Ask for the CURRENT ACCOUNT PLUS WITH THE £100 BONUS.

f) The current account doesn't pay interest, but the linked savings account does, at 0.5% below BOEBR (guaranteed for life which is a first in UK banking I'm told). You do however earn membership points for being in credit see point h) below.

g) You must be a NEW current account customer to qualify, if you have an ISA or savings then you CAN still get the £100, if you have any of their current accounts you can't get the £100, but you can get the account itself. If you already have current accounts with them, tell your friends who don't and go halves on the £100 .

h) If you don't already have a co-operative membership card, sign up for one too as you get a profit share from the points you build up on the card. They just paid out £38m to their customers for this half years profit share. You get points for having money in the account, so this is instead of interest.

i) The £800 can be withdrawn from the account as soon as it's cleared. It doesn't have to remain there for any length of time to qualify.

j) My sort code is 089300, I have no idea about these faster payments, but as it only takes 2 or 3 months to get the £100 I don't mind.

k) Once you have the £100 if you don't want to keep the account you can stop crediting the £800 each month and you will be downgraded to a normal current account, which you can then leave to rot. Or you could write in to close it if you would like. Either way you keep the £100.

-Web

webmasterpolo

Jeddy wrote: »

I thought I could go back to the Co-op here, but apparently it's not worth my while.

I think the £100 cash would cover your lost current account interest for quite a while. Compared to 0.01% that some pay, or even the 8.5% for 12mths the £100 still makes a dent. Besides, you don't have to switch for good, just credit it with £800 2 months in a row and take the cash.

-Web

realaledrinker

I operate my smile a/c alongside a (no longer available) Co-op savings a/c which also pays BoE - 0.5%. I check my balance daily & make an instant transfer to/from the smile acount to keep it just in the black. As far as I am concerned this gives me 4.5% on my "current account", though granted it involves a bit of work.

Note that although you are supposed to have sufficient in the current account to cover the following day's transactions, I have never been hit with charges even if the balance subsequently slipped into the red, providing I covered this during the following day with a tfr from the savings account.

KTF

Just got back from opening one of these in the Southampton branch this morning. Usual 30 minute grilling over the finances but no hard sell. All approved and the cards, etc should start appearing next week...

lolly5648

Is the linked savings account transfer to the current a/c and back again instantaneous and can you do it online?

I have a joint a/c with Nationwide that works very well with the linked savings but would now like a sole account.

YorkshireBoy

lolly5648 wrote: »

Is the linked savings account transfer to the current a/c and back again instantaneous and can you do it online?

Yes, and yes.

lolly5648

YorkshireBoy wrote: »

Yes, and yes.

That was quick! Thanks

cheggers

Got all my cards & cheque book, still no pin number.

Hoping for the £100 towards xmas presents and a stamp for the letter to close my account.

KTF

I got my paperwork through yesterday and activated the online banking. No sign of the cheque book or debit card yet but I dont need them anyway

winnanan

I have been looking for a savings or current account that I can pay cash into thru the post office. I am a carer and have benefits paid into a Post office Card Acc, but often need a card to pay over the internet or out shopping, so decided to try this Co op account and make £100 too. I expected a knock back because i am unemployed but when I phoned my local branch they seemed to think it would be ok as i have a joint acc with my hubby elsewhere. They did try to tell me i'd gotta pay it all in at once and transfer my DD's etc but when I asked them to check the t&c's they said it would be ok! It took 10 minutes over the phone and it should be up and running by next week! Thanks everyone!

Got the paperwork thru today (12th) -v. quick but no t&c's for the account and no mention of the £100!!!! Will wait for the cheque book etc and if it doesn't come then will call the bank, I want it in writing!