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

athcnv

I see on the Co-Op bank site there are 4 options. The top 2 have a monthly subscription cost, so they are out.

This leaves the "Current Account Plus" and the "Standard Current Account".

As far as I can tell, although the "pay £800 per month for 3 months and get the £200 cashback" applies to both of these, the details for "Current Account Plus" seem to state "Minimum £800 a month deposit", which seems to imply that after you get the cashback, YOU STILL NEED to put in £800 a month! I tried phoning Co-Op bank on 08000 287 287, and the guy seemed to confirm the above (actually, he said it need to be funded for a whole year).

This would be ok if in a job, but I'm not. So, my plan is to open the "Standard Current Account", shift over my standard orders/direct debits, fund it £800 per month for 3 months, get the cashback and then stop funding it, since the "Standard Current Account" doesn't seem to have its own monthly funding requirement.

Which current account did everyone else do? One thing is that Martin's newsletter actually links straight to the "Current Account Plus" page, not the "pick which of the 4 current accounts you want" page.

bubblesbonbon

glasgowm148 wrote: »

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?

Not in my opinion - Been with them for many hassle free years.
Customer service is UK based and they have always been polite and efficient.

Debit cards use the Link network or you can use the Post Office for withdrawals of up to £250.
Now that they have taken over Britannia, plenty of branches too.

If you join the Co-op membership, you will get a divi twice a year. Not a lot but never the less...

leanne_Harrison-Pittam

Does anyone konw if you have to keep the account open after the £200 has been paid to you as the A&L offer some time back stated that you had to stay with them for 1 year.

ejv

BargainGalore wrote: »

Can't see on tcb any other cashback but nhs cashback pay an additional £25, may other cashback sites might follow

To qualify, you must open a Co-operative Bank Current Account Plus

If you use NHS discounts link, you can open only the Current Accountb Plus, which I understand require £800 everymonth as opposed to just 3 months in Standard account.

Also it appears that when going through NHS, they would send us the forms for DD switch rather than auto-switch.This may delay the process.On the bright side we could choose which all DD to transfer.

Am I correct to assume that it would work with 1 DD+1 SO or with just 2 SO?

noh

ejv wrote: »

If you use NHS discounts link, you can open only the Current Accountb Plus, which I understand require £800 everymonth as opposed to just 3 months in Standard account.

Also it appears that when going through NHS, they would send us the forms for DD switch rather than auto-switch.This may delay the process.On the bright side we could choose which all DD to transfer.

Am I correct to assume that it would work with 1 DD+1 SO or with just 2 SO?

You have to switch all your DDs and SO to qualify for the £200 payment.
The web page seems to have been updated to clarify this.

http://www.co-operativebank.co.uk/servlet/Satellite/1317107171110,CFSweb/Page/Bank-CurrentAccounts?WT.mc_id=RTBofferBankHomepageFlash

Am I eligible?

• I'm a new customer - simply open a new standard current account, Current Account Plus, Privilege or Privilege Premier current account and request a full switch (a full switch means all Direct Debits and/or standing orders which must include a minimum of 2 Direct Debits and/or standing orders) from another provider using our dedicated switching service before the incentive is withdrawn. If you apply online you must request a full switch from another provider within 14 days of account opening.

"3.New Customers must apply to open a Co-operative Bank current account, Current Account Plus, Privilege or Privilege Premier current account and request a full switch (including a minimum of 2 Direct Debits and/or standing orders) from another provider using our dedicated switching service before the incentive is withdrawn. If you apply online you must request a full switch from another provider within 14 days of account opening."

ejv

I have a redundant current account.If I set up 2 SO on it and then switch, would it work?
I'm wary of something going wrong while switching the 15+ DD from my main account and jeopardising my credit rating for £200._pale_

noh

ejv wrote: »

I have a redundant current account.If I set up 2 SO on it and then switch, would it work?
I'm vary of something going wrong while switching the 15+ DD from my main account and jeopardising my credit rating for £200._pale_

Thats what I am doing.
My spare account does (or will) have a few DDs that I have shifted there for for the purpose.
I have moved the DDs associated with two savings accounts and a credit card I no longer use.
It should work with SO only.

ejv

noh wrote: »

My spare account does (or will) have a few DDs that I have shifted there for for the purpose.

How could you shift the DDs to the spare account? Is it easy?(sorry...a novice).Don't we have to contact the beneficiary(eg:Vodafone) for that, which I suppose would take few days and by then this offer could be withdrawn.That's why I thought of setting 2 SO to mine and spouse's main accounts and grab the offer.

adindas

I would not do for a current a/c with 15 DDs even they pay me £1000.00, not worthy.

One or two switching might go worng, not just jeopardise your credit rating but also you will get fine for late payments.

ejv wrote: »

I have a redundant current account.If I set up 2 SO on it and then switch, would it work?
I'm wary of something going wrong while switching the 15+ DD from my main account and jeopardising my credit rating for £200._pale_

adindas

I will answer this question, hope "noh" would not mind. Yes indeed you need to contact to companies to tlell them that you switch the DDs to another bank They have to agree with this otherwise the switching will not go ahead. The DDs swithcing itself might take less thank an hour, but Yes it might take more than a month before the real DDs are taken from the new a/c.

i would not do switching for a serios DDs, but I could for insatnce do that with a Credit Card that I rarely use, newpaper subscriptions, etc. Mind you, be cautious if you are swthcing your utiliity bills.

ejv wrote: »

How could you shift the DDs to the spare account? Is it easy?(sorry...a novice).Don't we have to contact the beneficiary(eg:Vodafone) for that, which I suppose would take few days and by then this offer could be withdrawn.That's why I thought of setting 2 SO to mine and spouse's main accounts and grab the offer.