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

ses6jwg

So if I set up 2x standing orders from my unused Nationwide Flex Account to my main current account, switch those accross, then pay in £800 from my main account to the new co-op account for a few months, I will get £200?

adindas

sjgore;

Do you switch with 2SOs and 2DDs or just 2SOs.
From the wording it should be either or but we will never know ? If only 2SOs are required it is very straight forwards. We just need to establsih 2 dummy SOs in value of 1p or £1 to our other a/cs.

I am asking because normally the banks will require at least 2SOs and 2DDs active in our a/c.

sjgore wrote: »

Well I applied for this at about 10am this morning, and got an "application accepted" e-mail about 1pm. I applied through NHS Discounts to get £225 in total.

E-mail said paperwork will be received in "the next few days".

I do not intend to close my existing bank account, so we'll see how it goes. Experience of switching previously is that you get a pre-written pre-printed form to send to your old bank, but the new bank have no way of knowing whether you use it or not.

CBGPR

The best number to call if you are interested in the offer is 0800 022 3510

chexum wrote: »

Since any "dedicated" account switching service is just a wrapper around those provided by BACS (the company), I would not be afraid to guess that all of them should work just the same.

But that's not enough on here - co-op's printable switching form includes a section:

"Would you like to receive a copy of the list of payments provided by your previous bank before we transfer the payments?
(please be aware that choosing this service will lengthen the account switching process)"

finder

I am a smile.co.uk customer; I am not finding any information as to whether I am classed as an existing customer (smile belongs to the coop) or I should just close my smile account and open a new coop bank account. Is anybody in the same situation?

Cheers

phred

I applied this morning and it looks like I've been accepted as I have received the following email:

Thank you for your recent application for a Current Account Plus through our website at [URL="mhtml:{7B10FEAE-CE7A-4691-813B-F7F55D3A55A4}mid://00000030/!x-usc:www.co-operativebank.co.uk"]www.co-operativebank.co.uk[/URL].
We're delighted to tell you that subject to a few formalities, your application has been approved.
In the next few days you'll receive the paperwork and information for your new account.
If you have any questions about your application, please phone us on 08457 240 752, and we'll be happy to help you.
Thanks
The Co-operative Bank

adindas

Congratulation phred;
Did you switch with 2SOs and 2DDs or just 2SOs to get approved ?

phred wrote: »

I applied this morning and it looks like I've been accepted as I have received the following email:

Thank you for your recent application for a Current Account Plus through our website at [URL="mhtml:{7B10FEAE-CE7A-4691-813B-F7F55D3A55A4}mid://00000030/!x-usc:www.co-operativebank.co.uk"]www.co-operativebank.co.uk[/URL].
We're delighted to tell you that subject to a few formalities, your application has been approved.
In the next few days you'll receive the paperwork and information for your new account.
If you have any questions about your application, please phone us on 08457 240 752, and we'll be happy to help you.
Thanks
The Co-operative Bank

hethmar

If you fill in the application form you have to give details of the bank account you want to switch. You then have 14 days after your new account is approved to do the switch. So Im guessing that the co op wont know if phred has an eligible account to switch until he authorises the action and they will then check.

IrishGypsy

Just keep an eye out for point 9 which reads:

"A credit of £200 will then be paid into your account within 4 months of the above criteria being met."

Seems like it could be anytime after month 3 - 7 before the £200 is paid. So in theory, I can set up a dummy account to switch and use two £400 standing orders into my wifes existing unused current account (also to switch for £200) and these 2 SO's combined make up the £800 we both need to fund for the next 7 months tops (and also mean the 2 mandates required are covered at the same time ).

Sounds like a cunning plan...

Also of point on their website:

"To qualify you must switch a minimum of 2 Direct Debits and/or standing orders from your current bank account."

Doesn't have to be both...

phred

Adindas said :
Congratulation phred;
Did you switch with 2SOs and 2DDs or just 2SOs to get approved ?


I only have two direct debits (mortgage and Council Tax) with my transferring bank, RBS.
I assume they will wait and see if I satisfy their conditions before giving me the £200.

I don't know the process they went through before sending me the above email; maybe just a credit check?

I would have expected that other applicants would have received similar notifications by now as I got the acceptance email within 3 hours of applying.

watcher1

IrishGypsy wrote: »

Just keep an eye out for point 9 which reads:

"A credit of £200 will then be paid into your account within 4 months of the above criteria being met."

Seems like it could be anytime after month 3 - 7 before the £200 is paid. So in theory, I can set up a dummy account to switch and use two £400 standing orders into my wifes existing unused current account (also to switch for £200) and these 2 SO's combined make up the £800 we both need to fund for the next 7 months tops (and also mean the 2 mandates required are covered at the same time ).

Sounds like a cunning plan...

Also of point on their website:

"To qualify you must switch a minimum of 2 Direct Debits and/or standing orders from your current bank account."

Doesn't have to be both...

I spoke to an advisor today and he told me that I have to pay in £800 for 3 months after the switch completes, if I do, the £200 will be credited the following month.