Which co-op account?

Desperate4help

Although I'm possibly at least 2 months from filing for BR, I think I should open a new account now and start getting my wages paid in there instead. Mainly because my mortgage and a loan are with the same people who I bank with, and I've heard worrying things about them pinching money from your current account to cover missed payments?

Which co-op account should I open? I can't find it now, but I'm sure I read somewhere that it might be better to open a 'proper' account initially, and then get it downgraded to the cashminder on the day I go BR? Or should I just go for the cashminder straight away?

(I dont' live in Brighton btw! lol!)

Thanks
D4H

crowman19

I would just go straight for the cashminder if it does everything you need. Saves complicating the process any further. Only thing you don't get is a cheque book that you might need/require.

ToriD29

Hi I opened my cashminder a couple of weeks before going br, and just opened a second one to put my surplus in.

Desperate4help

I don't think I've used a chequebook for about a year! :-) So no worries about that. I think I'll go straight for the cashminder then. Thanks guys!!

alastairq

banks are desperately trying to 'phase out' cheque books anyway...they cost so much to administer.

The Cashminder Co-op account can also be used via the tinternet, with cash access via holes-in -walls....AND Post Offices.

DD, Standing Orders, transfers cna all be done via phone or tinternet with Cashminders..I have a dandy little leccy gizmo they sent me, for security [I have also found my old Barclays gizmo to]....


plus.....if you cough up the one pund membership fee, for Co-op dividend, they pay so much a year for all the pounds you get put in your bank account....and insurances, etc.

Desperate4help

plus.....if you cough up the one pund membership fee, for Co-op dividend, they pay so much a year for all the pounds you get put in your bank account....and insurances, etc.


Is that allowed in BR though?? Surelyt hat money just gets swallowed up by the OR/IPA? But thanks for the info - sounds pretty good :-)

alastairq

nope...it isn't a vast amount anyway...and it is paid annually....and also , the Co-op gives you a shed-load of options as to what you want to do with your divi.....including, automatic payment into a charity of choice!

I don't think an OR will give it a second thought.....they don't worry about Tesco clubcard points, yet one can use them to buy a variety of services......some of which will , no doubt, be included in one's SOA? [RAC membership is a good one?]