Cashminder - open before or after br

jabb78

Just a straw poll I guess..would you open a coop cashminder account before or after br. CAB have told me to open before but I keep hearing conflicting things..

skylight

Most people here (I guess!) would tell you to do it beforehand.

Most ORs are not interested in an account with no debt on it, is basic (so no means of getting into debt) and used for normal household stuff. It's best to get one up and running and smoothly transfered all income/outgoings before BR, just to make life easier on yourself.

Just make sure its a basic account.

philnicandamy

Really up to you...the receiver wont be interested in a basic account so long as it's not got a huuuge balance (just leave enough to cover bills etc till after you have your interview) the ONLY receiver that insists on closing a cashminder account for some strange reason is brighton...

dojoman

I opened ours 10 weeks before BR, transferred all dd`s/so`s and incomes in to it so when I went BR it was up and running. The OR said she had no interest in it and to tell the Coop what she had said. The account has been running fine since we opened it.

pinksnapdragon82

I just opened mine with Co-Op today (due to go BR early March), was able to open it over the phone, don't even have to take ID into the branch.
No money will go into it until after the BR date so I am presuming its fine.
Lady on the phone was great and didn't try and "Sell" a higher account to me

Angiepange

dojoman wrote: »

I opened ours 10 weeks before BR, transferred all dd`s/so`s and incomes in to it so when I went BR it was up and running. The OR said she had no interest in it and to tell the Coop what she had said. The account has been running fine since we opened it.

Can only echo dojomans advice, apart from we opened ours 1 week before BR. No problems at all with it.

philnicandamy

as others said though..MAKE SURE its the cashminder account you ask for..they have been known in the past to screw up & try to put through a standard acc instead of a basic one

alastairq

for many who are in debt...but perhaps not at the stage where BR is an option, or looming.............sage advice from CAB said to open new account anyway...basic accounts....to move income/expenditure away from bank to whom one owes...or who are linked to credit cards, etc, one owes on.

This prevents any moneys being removed to meet payments, without your knowledge.

I opened Co-op cashminder accounts more than 6 months before I eventually went BR...nop problems whatsoever with DD's, paycheques, etc.

onward

Just to add my experience to this - I opened a Cashminder account prior to BR. I transferred a couple of DD's before BR, the rest after, and my weekly wages get paid in there too. The OR contacted the co-op to say she had no interest in the account as it was for basic living.

However, when I opened that, I also (on suggestion from the Co-op) opened a Smart Saver (basic savings) account. Co-op closed this after I informed them of my BR, as unlike the Cashminder, it is part of the main marketing system for the bank and therefore savings account holders can get sent offers for loans etc (whereas the Cashminder does not).

I didn't really need the savings account at the moment, so no great loss for me, just save yourself the time and don't bother getting one as it will just get closed.

john1002

I second onward we did exactly the same and our savings was closed but cashminder was opened before and no problems befor BR or after.

john

jabb78

Well I opened cashminder account yesterday over the phone, it took 10 mins tops, i told her of impending br and they were fine with it...the ball is rolling!!!:beer: