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

Hurri

I'm a bit paranoid right now... I have a DD to come out on the 31st (Personal Finance for car) which appears on my credit report. I'm a bit wary of initiating the switch today - which I haven't done yet...

I'm not so worried about funds, I can put enough in both accounts to cover the switch, but just a bit worried that my existing bank would cancel the DD before Co-Op get it set up. There's only 6 working days between now and the 31st, excluding today.

Are my concerns founded or should I go ahead?

starM

Hi,

My partner applied for Co-Op account on Monday and received the following email:-

Thank you for your application for a Current Account.
Where no extra information is required a decision will be sent to you by post or email within 5 working days.
If you have any queries about your application, please telephone us on: 08000 287 287 (lines are open 8am-8pm Monday to Friday, 8am-5pm Saturday and 9am - 4pm on Sunday).

Then she received another email on Tuesday:-
[FONT=verdana, arial, helvetica, sans-serif;] Hello

Thank you for your recent application for a Current Account.
Your application is still being processed and we'll do our best to let you know our decision within the next few days.
We may need to contact you to provide some more information about your application. If we do, we'll send you an e-mail to let you know.
Thanks
The Co-operative Bank
[/FONT]
Not heard anything after that. Has anyone received a reply after the second email?
Thanks MS

tagq2

Hurri wrote: »

I'm a bit paranoid right now... I have a DD to come out on the 31st (Personal Finance for car) which appears on my credit report. I'm a bit wary of initiating the switch today - which I haven't done yet...

There appear to be DD reason codes for "Account transferred" but I'm not sure whether they're as obvious as, "Here are the new account details. Computer, update your records and immediately try again."

I have a horrible impression that the BACS account switching service simply involves flying off a human-readable message to each originator asking them to update their records from A/B to C/D and please don't cancel the extremely important insurance policy because of any typo or waiting period you apply. Please can someone confirm that I'm wrong? :-)

horngkai

starM wrote: »

Hi,

My partner applied for Co-Op account on Monday and received the following email:-

Thank you for your application for a Current Account.
Where no extra information is required a decision will be sent to you by post or email within 5 working days.
If you have any queries about your application, please telephone us on: 08000 287 287 (lines are open 8am-8pm Monday to Friday, 8am-5pm Saturday and 9am - 4pm on Sunday).

Then she received another email on Tuesday:-
[FONT=verdana, arial, helvetica, sans-serif;] Hello

Thank you for your recent application for a Current Account.
Your application is still being processed and we'll do our best to let you know our decision within the next few days.
We may need to contact you to provide some more information about your application. If we do, we'll send you an e-mail to let you know.
Thanks
The Co-operative Bank
[/FONT]
Not heard anything after that. Has anyone received a reply after the second email?
Thanks MS

I have the same situation. Just got off the phone with co-op, he says my application has been approved. Not sure why no emails been sent to me confirming that though

x__Indigo_x

hi all i was wondering whether someone can help i have one Natwest account that i use for everything...about 15 DD/SO 's

i also have a nationwide account with (at mo) no DD/SO..just has £100 ish in which sits there in case of emergency

I would like to move from Natwest to Co Op (natwest dont giev me anything so im happy to move) but am worried that there may be problems with DD s switching and not being paid.... if i have money in both the new co op bank and my old natwest account i dont have to worry do i??? or do i? i dont want my credit history all the wall.

or should i just set up to SO's in the nationwide account and class that as my main account for the switch to co-op?

when does the £200 incentive offer end?

thanks- sorry for the dumb questions!!!

ejv

If me and spouse get an account each and bounce £800 between the accounts, would this be £400 reward/cashback for £1600 in 3 months?
On interest terms, wouldn't that compute to 300%?

Be gentle... not great at maths...

Nessie23

ejv wrote: »

If me and spouse get an account each and bounce £800 between the accounts, would this be £400 reward/cashback for £1600 in 3 months?
On interest terms, wouldn't that compute to 300%?

Be gentle... not great at maths...

If you both make separate applications, you would both be elegible for the £200 reward giving a total of £400. The percentage is not really relevant because you do not have to leave the money in the account, but doesn't have to stay there. (If you really want to know you are looking at an 8.33% per account but that is only indicative)
I would expect that the £800 funding would have to come from an external account (noon-coop) I don't think just doing internal (coop-coop) transfer would be elegible for the bonus.

adindas

As long as you still have address in UK, I do not see any problem at all.
Just use the address of your parents do not tell them that you are doing placement abroad.

A lot of Erasmus students in EU have both a/c in their home countries and in their destination countries.

sms_sms wrote: »

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

pqrdef

Hurri wrote: »

I'm not so worried about funds, I can put enough in both accounts to cover the switch, but just a bit worried that my existing bank would cancel the DD before Co-Op get it set up.

No reason your existing bank should cancel the DD at all. No reason anybody should ask them to. It can just be left to go stale.

But we are against the clock, because the switching application has to go in before the incentive is withdrawn. And for online applicants, there's also something about filling in the online switching form within 14 days of account opening.

MarkFromCornwall

ejv wrote: »

If me and spouse get an account each and bounce £800 between the accounts, would this be £400 reward/cashback for £1600 in 3 months?
On interest terms, wouldn't that compute to 300%?

Be gentle... not great at maths...

It depends how long you keep the account but if you kept the account for 3 months the percentage would be 400/800 = 50%. If you keep the account longer you don't get any more so the percentage decreases. If you move the £800 elsewhere and only move it through your two accounts for a few minutes each month then the percentage rate effectively increases because your £800 can be earning you additional interest elsewhere.