Co-Op bank - £200 if you switch to them

hethmar

deutsch wrote: »

in regards to standing orders. i've set 2 up today, but the earliest first payment dates are the 24th october.

can i still apply, as the SO is active, just no first payment made yet?
would prefer to apply asap incase the incentive closes quickly.

Its not going to be instant, so apply now. I think they send out a form for you to complete to swap the accounts and then you have 14 days or something. And it doesnt matter when the SO goes out - as long as they are on there.

Carl_Carlson

I'm interested in doing this, but I don't want the hassle of moving my direct debits out of my current account.

I have several Lloyds TSB Vantage accounts with £5,000 in. If I set up two standing orders online out of one of these accounts for -£1 each to go from this account to my current account and then I use CO-OP's switching service to switch these two standing orders to my new Co-op bank account, would this work?

I would then bounce £800 in and out of the account like I do with my Lloyds TSB vantage's to qualify for interest.

Thanks

noh

Frogletina wrote: »

Originally Posted by noh
Doesn't need to be salary. You can transfer money in from other external sources.

Terms and conditions state

1. Your account
1.1 To open an account you must be a UK resident 16 or over and to have an account you must receive a regular payment (i.e. wage, salary, pension) which you must pay into your account.

Thats refers to keeping the account open. It is not a condition for receiving the £200 bonus.
Paying money in regularly from an external source satisfies the above condition. It does not say it must be salary/pension.

dave76

I have just applied for this too I have an account that is solely for DDs so that can be switched without much hassle hopefully (as long as they dont pull the offer before my account is opened!)

[Deleted User]

Has any existing Smile account holder actually been accepted for the offer? Ringing the callcentre on 5 different occasions all gives conflicting answers, some yes, some no.

Edit - hopefully final answer on this as I made one last call - the lady seemed very knowledgable and sure about it - existing Smile account holders are only eligible if they are opening up a new Co-Op account under the offer AND transferring their d/ds or SOs from an EXTERNAL bank - i.e not from Smile.

If you try to apply and transfer from Smile you will not be eligible.

harz99

If like me you applied online and have had the "acceptance" email, the number quoted in it to ring with any queries is wrong.

Instead use 0800 022 3510. It may also save a lot of time if you then do the switching bit on the phone with an advisor to ensure your application is linked in to the £200 incentive.

I was also offered a 90 day free overdraft facility (plus account application) to ensure a smooth changeover, which in my case is for a £1000 (they ask you what amount).

For me it's going back to where I was years ago before I switched to Cahoot, which was great until Santander took over. Been thinking about changing for ages, this incentive from the one bank I only ever had good service from clinched it!

kar999

noh wrote: »

Paying money in regularly from an external source satisfies the above condition. It does not say it must be salary/pension.

We've just had a second email confirming acceptance for Mrs KAR who doesn't receive a salary!


Hello Mrs ******
Thank you for your recent application for a Current Account through our website at https://www.co-operativebank.co.uk.
We're delighted to tell you that subject to a few formalities, your application has been approved.
In the next few days you'll receive the paperwork and information for your new account.
If you have any questions about your application, please phone us on 08457 240 752, and we'll be happy to help you.
Thanks
The Co-operative Bank

I've yet to receive my second email even though I decared my employer and salary.

moneyuser

No decision for me yet Had another email yesterday to say they are still processing it.

Only opened a halifax account 2 mths ago and did a 3k BT last week so fearing the worst

glasgowm148

Just applied for this, I was switching away from Halifax anyway since their customer service is horrible, and they've just bumped their fee for Ultimate Reward up to £15/m when I don't use any of the services!

Looking away to get away from all the big banks so co-op looks like my best choice. In the T&C it states the money can take up to 4mo after you've met all the criteria so (3 months + 4 months = 8 months total before you'll receive the £200)

Is there any disadvantages to using the co-op as your main bank? Will I still be able to use chip&pin/cash machines as I would with my halifax card?

adindas

In my personal experience, Switching DDs are a lot of hassless and pains unlless you prepare to put a bulk sum of money in BOTH accounts (so double the amount of ready cash you need)? You might also get fined and damage your credit score in case the DDs did not go smoothly ....

It happened to me once a few years ago with Barclays Credit Card. and also involved Barclays Bank. The worst thing was that even they realised it was not my fault, as they reimbursed the money (after getting involved in an arguments and wasting a lot of time with a lot of phone calls) but they would not be able to stop damaging my credit score as it has gone into my credit file. This is actually something wrong with the credit agency as it is extremely difficult to reverse the thing like this ...

Also I have no wonder that Barclays have got a alot of unsatisfied customers.

dave76 wrote: »

I have just applied for this too I have an account that is solely for DDs so that can be switched without much hassle hopefully (as long as they dont pull the offer before my account is opened!)