£100 To Open A Current Account With The Cooperative Bank

LongTermLurker

Essenchill wrote: »

Am I right in thinking that there is no credit-interest with this account?

That's right, only on the linked savings account. Apart from the £100, it's very basic.

webmasterpolo

Hi everyone,

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i) The £800 can be withdrawn from the account as soon as it's cleared.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.

-Web

inamabilis

Milarky wrote: »

Others branches accepting FP (no Google - can anyone add the names?)

08-90-35
08-90-47
08-90-51
08-90-55
08-90-56
08-90-92

All of these appear to be in Manchester - each with a different PO Box number as the address

YorkshireBoy

webmasterpolo wrote: »

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.

Thanks for your comprehensive post Web.

As you will see from earlier posts in the thread, the branch leaflets say "when you switch to us". I was in branch yesterday and the leaflets still say the same, so I checked with the cashier and she reiterated that switching (in a DD/SO sense) wasn't necessary to get the £100.

Helpfully, she was wearing a name badge...and she even let me borrow her pen to write it down.

ed123_2

...I rang and they stated that I had to transfer from an existing current account & also transfer over all direct debits......?

webmasterpolo

Hi

You DO NOT have to switch your DD etc over, you only need to pay in the £800 a month. I have setup a SO to put £800 in on the 1st, then on the 10th I have a SO to send it back. This gives it plenty of working days to clear even with BH. Once the £100 arrives I will simply stop it.

If the staff you talk to tell you otherwise they are just trying to force you to switch. Talk to someone else or try a different branch. My local branch did it straight away with no problems.

-Web

fablad75

Do you need to make an appointment to open an account, or can you just drop it?

ScratchandSniff-->[X]

Just nip in, pick up a form, complete it and drop in with proof of identity

stuzhunter

I phoned Coop and they said they will give me the offer but I need to switch to them not just open a current account..So I cannot do as I've run out of defunct current account to switch!

milton1970

Have any Smile customers managed to be accepted on this deal ?

Documents / Leaflets suggest that Smile customers are not excluded but branch personnel state they are ... or at least they are not eligable to the £100.

By Smile Customers I mean current account holders .....