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

Doc_N

claire07 wrote: »

Is anyone else paying in the £800 in October? I've switched 2 standing orders and a surplus Vantage account and was intending to pay in the £800 from savings each month. I was going to leave it till next month but would hate to breach any of the conditions.

Gromitt wrote: »

I've set up an SO to pay £800/month into the account on the 28th, so yes, I'll be paying into the account this month. On the first, the full amount will be moved into my Nationwide savings account, leaving £1 in the co-op account that was my test payment last week.

T&C below.

As I read it, the starting date from which the £800 credits have to be made is the 'completed switch' date. In the month following that date there has to be a credit of £800, with further payments in each of the two following months.

So you don't need to worry about the £800 until after the switch has taken place, and you then have a month in which to make the first payment. The danger in making a payment now is that if you leave the next one until the end of November you'll breach the conditions - because they aren't referring to calendar months.

Any thoughts?

Terms and conditions

1. Strictly limited funds available.
2. We have the right to withdraw this incentive at any time and can do so without any prior communication.
3. New Customers must apply to open a Co-operative Bank current account, Current Account Plus, Privilege or Privilege Premier current account before the incentive is withdrawn. You must subsequently request a full switch from another provider using our dedicated switching service. If you apply online you must switch within 14 days of the account opening.
4. Existing Customers must request a full switch from another provider using our dedicated switching service before the incentive is withdrawn.
5. To qualify you must switch a minimum of 2 Direct Debits and/or standing orders from your current bank account.
6. You must credit a minimum of £800 per month for the first 3 months from the date of your completed switch.
7. Only one account per customer whether held in sole or joint names will be eligible for the £200 offer.
8. To hold a Co-operative Bank Current Account you must be 18 or over and a UK resident.
9. A credit of £200 will then be paid into your account within 4 months of the above criteria being met.
10. By providing us with your mobile phone number when you request to switch in branch, online or by phone, you are opting in to receive SMS updates on the progress of your switching request.
11. The terms and exclusions applicable to any of the account benefits are set out in the Welcome guide.
12. Policy and supplier terms and exclusions apply.
13. Credit facilities are subject to status and our lending policy.

Cash_Flow

Doc_N wrote: »

T&C below.

As I read it, the starting date from which the £800 credits have to be made is the 'completed switch' date. In the month following that date there has to be a credit of £800, with further payments in each of the two following months.

So you don't need to worry about the £800 until after the switch has taken place, and you then have a month in which to make the first payment. The danger in making a payment now is that if you leave the next one until the end of November you'll breach the conditions - because they aren't referring to calendar months.

Any thoughts?

Terms and conditions

1. Strictly limited funds available.
2. We have the right to withdraw this incentive at any time and can do so without any prior communication.
3. New Customers must apply to open a Co-operative Bank current account, Current Account Plus, Privilege or Privilege Premier current account before the incentive is withdrawn. You must subsequently request a full switch from another provider using our dedicated switching service. If you apply online you must switch within 14 days of the account opening.
4. Existing Customers must request a full switch from another provider using our dedicated switching service before the incentive is withdrawn.
5. To qualify you must switch a minimum of 2 Direct Debits and/or standing orders from your current bank account.
6. You must credit a minimum of £800 per month for the first 3 months from the date of your completed switch.
7. Only one account per customer whether held in sole or joint names will be eligible for the £200 offer.
8. To hold a Co-operative Bank Current Account you must be 18 or over and a UK resident.
9. A credit of £200 will then be paid into your account within 4 months of the above criteria being met.
10. By providing us with your mobile phone number when you request to switch in branch, online or by phone, you are opting in to receive SMS updates on the progress of your switching request.
11. The terms and exclusions applicable to any of the account benefits are set out in the Welcome guide.
12. Policy and supplier terms and exclusions apply.
13. Credit facilities are subject to status and our lending policy.

If they are not talking about calendar months what type of months are they talking about?

Cash_Flow

Well I applied for my account on the 19th of October and spoke to the switching team yesterday.

Overall impressions are they seem nice enough on the phone but the online banking is poor.
What are they like for faster payments?

Doc_N

Cash_Flow wrote: »

If they are not talking about calendar months what type of months are they talking about?

Periods of one month from a particular date, rather than actual calendar months.

So if the switch takes place, say, on 27 October, the first £800 needs to be with them by 26 November, the second by 26 December, and the third by 26 January.

Gromitt

So if I told my place of work my new bank account and they happened to credit the account before the switch completed, I'd be breaching the conditions? That would be a bit silly.

"£800 per month for the first 3 months from the date of your completed switch." could also mean that you need to fund your account with £800 from the month of your switch. Eg. If your switch completed in October, you would need to fund the account in October.

It doesn't really matter that much though, as the £200 will be paid "within 4 months of the above criteria", so if you don't comply with the criteria in the first month it just rolls forward to the next month, it could also be interpreted as "within 4 months of the above being met" as in, you need to do it for 3 months, and then they pay the amount within 4 months (as that would be when you have met all the criteria), but the staff seem to think that you'll get paid on month 4.

All very confusing.

moneyuser

Spoke to these last night. Take longer than Santander to pick up the phone but never mind.

I specifically asked about what counts for the £800 pay in. They said it was calander months. I asked the operator to confirm it would be oct, nov and dec that counted for the £200, which she did.

I'm going to pay in at the end of each month anyway so should be covered if it's calander month or from day you open account.

Online banking looks functional and quick but user interface is pretty basic and not that nice to look at.

horngkai

how long does it take to set up internet account with Co-op?

Its already 27th Oct, not a lot of time left before 31st goes pass.... Wonder whether I should bank £800 this month or not

moneyuser

horngkai wrote: »

how long does it take to set up internet account with Co-op?

Its already 27th Oct, not a lot of time left before 31st goes pass.... Wonder whether I should bank £800 this month or not

You need to ring them to get online. You need to set up 5 security questions and pin number. Then you can log in same day.

PS I did a faster payment before setting up online banking using the account number/sort code from welcome letter

noh

horngkai wrote: »

how long does it take to set up internet account with Co-op?

Its already 27th Oct, not a lot of time left before 31st goes pass.... Wonder whether I should bank £800 this month or not

It's instant.
You have to contact them by phone on 0800 590 483
see http://www.co-operativebank.co.uk/servlet/Satellite/1199779298852,CFSweb/Page/Bank-InternetBanking?WT.svl=copy

If you pass security they will be able to set up online banking for you.

DragonQ

Just called up saying that I was approved 7 days ago but haven't received anything further. They're going to send out the agreement forms again. Since the switching process needs to be done 14 days after the account opening and the account isn't open yet, I shouldn't have any problems with the timing.