Cooperative Membership

Person_one

I'm not sure if this is the right forum but nowhere else seemed more appropriate!

I'm wondering if anyone else is a member of the co-op and if they feel its worthwhile. I have a current and savings account with them in my name, a current and savings account with them in joint names with my partner, a credit card and a mortgage!

I can't tell from the website if there is any cost to being a member, if not then how do the co-op benefit?

Thanks for any advice!

BruceyBonus

The cost is £1, but you don't have to pay upfront. It is deducted from your first payout.

I can't see any reason not to be a member if you use Co-op's services.

They also award points on your entire spend, not just the nearest pound - so for £1.49 you would earn 1.49 points (as opposed to 1 in other stores).

I love the payout time of year - waiting to find out how much each point is worth!

oldagetraveller

I'm a member and use their banking facilities. The dividend payout, direct to my current account, although usually about £7 or less each time in my case, is better than a poke in the eye with a sharp stick?
Yes, as stated, it's £1 initially and that's it. No reason I can think of not to go for it.

snoopysheena

I am a co-op bank staff member and I would certainly say it is worth joining the membership as you will get points for everything you hold with them.With your mortgage being with them you should get a good payout. It really is money for nothing and believe me i do not fall for any old speil and the best bit is it is money in your hand:beer:

Person_one

Thanks for the replies! It seems there's no reason not go ahead and join so just as soon as I've moved into the flat that the mortgage is for I'll sign up. (I don't think I can cope with any unrelated paperwork until that's all over!)

ilukan

Is being a member worth it? Because I want to buy a laptop for about £500 and an ipod nano for about £115 from the business. How many points on my card will I get and what is a rough estimate of profit I will get after 6 months? Pls feel free to state your previous experiences as I will very much appreciate it.

Thanks

[Deleted User]

I got a card today. I have a basic account with the coop do I get any rewards through the scheme for it?

MacsReturns

I joined up recently, and as I have a couple of bank accounts and a mortgage with the co-op I'm looking forward to my first divi day I've even applied for the member's credit card as the cashback looks good... still waiting for it to arrive... but I've NEVER had (or even wanted) a credit card before. But with a few ideas learnt from this board, I know I can make the most out of it now. But really, if you're already using Co-op services, there's absolutely nothing to lose by joining.

If you want to check out the points and things have a look at http://www.co-operative.coop/

realaledrinker

ilukan wrote: »

Is being a member worth it? Because I want to buy a laptop for about £500 and an ipod nano for about £115 from the business. How many points on my card will I get and what is a rough estimate of profit I will get after 6 months? Pls feel free to state your previous experiences as I will very much appreciate it.

Thanks

You'll get 615 points which will be worth maybe £6 or so - depends on the annual profit made by the Co-operative Group. Points to date have been woth between 1p & 1.5p.

glider3560

realaledrinker wrote: »

You'll get 615 points which will be worth maybe £6 or so - depends on the annual profit made by the Co-operative Group. Points to date have been woth between 1p & 1.5p.

In June, they were worth 2p and in November were 1p.

Hungerdunger

glider3560 wrote: »

In June, they were worth 2p and in November were 1p.

Wasn't that payment in November an interim one? I think you'll find it may be "topped up" when the full divi is announced next June.