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

avantra

Ok, this enough dosh to pull my finger and ditch NatWest after 11 years.

Just got the acceptance email, did anybody calculated what is the equivalent interest in % of £200 if you transfer the minimum of £800X3?

Sorry I feel too thick tonight to do the math :rotfl:

adindas

I could also confirm that Coop customer service is excellent and efficient. I had a privilege account with them and I recently terminated after one year of use as I just did not want to pay monthly fee of £9.99 (?).

ADINDAS

princessfufu wrote: »

I applied on Monday and got an acceptance email on Tuesday. Today I got a call from the local HQ of the co-op bank offering to do all the leg work for the 'switch' for me. I was delighted to hear that I now have a local landline number to contact a bank!! The man was very helpful. I confirmed that I did not need to close my current 'current account' and that he would transfer my DD over for me to my new co-op account. He asked me if I intended to pay in £800 a month as there was an incentive deal around (really say me!!). I am delighted to transfer all my DD as I hate my current bank. By the way I do not work or have an income and have still been accepted. HTH x

hethmar

Im switching an account which we rarely use - it just has two SOs to charities. Im quite happy to close the account with Barclays if need be. But I will keep my main accounts going in other banks as its all too complicated to switch with lots of DDs and SOs.

realaledrinker

sms_sms wrote: »

I am living abroad for a few months, is there any paperwork that needs doing or is it all online?

UK residents only I would imagine

adindas

There is no need to close your old a/c but you need to do full switching (e.g switch all of the existing SOs and DDs) . In the switching form there is normally an option to ask you whether you want to close your a/c in the switching process or not. Do not tick that box.

You could try your luck with only 2SOs as it seems that in their ad they allow this. But TBH I will be more cautious if I only have 2SOs and no DDs to switch. But you could always go ahead and see how it is going ....

hethmar wrote: »

Im switching an account which we rarely use - it just has two SOs to charities. Im quite happy to close the account with Barclays if need be. But I will keep my main accounts going in other banks as its all too complicated to switch with lots of DDs and SOs.

stuzhunter

princessfufu wrote: »

I applied on Monday and got an acceptance email on Tuesday. Today I got a call from the local HQ of the co-op bank offering to do all the leg work for the 'switch' for me. I was delighted to hear that I now have a local landline number to contact a bank!! The man was very helpful. I confirmed that I did not need to close my current 'current account' and that he would transfer my DD over for me to my new co-op account. He asked me if I intended to pay in £800 a month as there was an incentive deal around (really say me!!). I am delighted to transfer all my DD as I hate my current bank. By the way I do not work or have an income and have still been accepted. HTH x

What did you put in the application form regarding your annual income & monthly income after tax?

stuzhunter

On the application form they ask you for your main current account details? When you make the switch later, do you get the option to specify another/alternative current account? or does it have to be the account you put on the application form?

Wilma33

avantra wrote: »

did anybody calculated what is the equivalent interest in % of £200 if you transfer the minimum of £800X3?

Sorry I feel too thick tonight to do the math :rotfl:

If you just put the £800 in and straight back out again 2 minutes later (what I intend to do) then the interest rate is infinity! You don't need to leave the money there for 3 months. If someone was using the current account properly then 3 months salary would not still be there after 3 months.

Carl_Carlson

Carl_Carlson wrote: »

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

Anyone please?

adindas

Carl
I think the reason why noone wants to reply because noone could guarantee that it will be successful. If people got approved for a bank a/c with only 2SOs active it does not mean they will get incentive in four months time.

FYI, If you read this thread carefully you will see a few people got approval to open a bank a/c with only 2SOs.

But if you can not have any DDS then you just need to take your chance and see what happen.

Carl_Carlson wrote: »

Anyone please?