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

sms_sms

realaledrinker wrote: »

UK residents only I would imagine

I am a UK resident, it is only temporary, part of my university course placement.

rb10

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

This would comply fully with the T&Cs ("two standing orders or direct debits") so there is no reason why you should not be eligible.

DragonQ

rb10 wrote: »

This would comply fully with the T&Cs ("two standing orders or direct debits") so there is no reason why you should not be eligible.

Indeed. This is exactly what I'm doing:

- Switch my Halifax Reward Current Account, which has two £1 standing orders to my main current account, to the Co-Op. The Halifax account will remain open according to the Co-Op, so I can continue getting £5 per month from it.
- Transfer £800 into the Co-Op account and straight out again for three months.
- Make £200.

IrishGypsy

Account processed, waiting for confirmation e-mail now.

pedlar

is it legit to open current accounts with both santander and co-op, since both are offering cashback for doing so...

i am doubting so because the details say about making the new account(s) the main current account...

if i put the right amount of money in monthly, and set up the 2 DDs or SOs, on both, can it be done...?

both accounts seem to want to do the switching for me thereby clearing out the lot from my old current account...which obviously can only be done once?

any ideas?:beer:

Irishorangutan

I'm considering switching from my Lloyds TBS account - but there is one feature which keeps me there. Lloyds give you until 3:30 on the day to credit your account, before charging you for going into your overdraft. I love this feature as it gives you a chance to rectify any mistimed Direct Debits etc.

Does anyone know if this Co-op account offers anything similar?

DragonQ

Just got an email saying I'm approved, subject to "a few formalities". I'd be amazed if they don't ask for proof of ID & address though, since every other bank I've applied with has.

pedlar wrote: »

is it legit to open current accounts with both santander and co-op, since both are offering cashback for doing so...

i am doubting so because the details say about making the new account(s) the main current account...

if i put the right amount of money in monthly, and set up the 2 DDs or SOs, on both, can it be done...?

both accounts seem to want to do the switching for me thereby clearing out the lot from my old current account...which obviously can only be done once?

any ideas?:beer:

Set up two standing orders on your existing current account (to another account of your choice, e.g. savings account), then switch it to the Co-Op. Your old current account will still be active so then make some more standing orders and switch it again to Santander. Santander might close your existing account after this though, I'm not sure.

Then just make sure you transfer in enough money to the Co-Op and Santander accounts each month to satisfy the conditions.

notts_phil

So say i dont wish to transfer my main account. Can i simply set up another account(say with the halifax) create two standing orders tonight to my partner and one to myself, then open co-op account and then do the switch?

Would this work?

hethmar

In theory, yes

notts_phil

am on the phone to them as realised got a spare nationwide current account

She confimed that two standing orders were enough

They have been set up to pay me and partner of £1 per month each

Said account had been accepted subject to overnight checks (which i assume is hunter etc)