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

harz99

Goonie wrote: »

My intention was to wait for my £200 then switch to First Direct, taking advantage of their £125.00 Switch Offer. However, according to this weeks MSE Newsletter that offer ends this Sunday

Does anyone think I'd be able to start the switch and still get my £200 from Co-op? Or is it best to wait until I have the £200 before switching in case they try not paying me?

I have adhered to the terms and made 3 payments over £800 and switched all my SO's and DD's

Risking £200 to gain £125 doesn't sound sensible to me.

andrewmp

harz99 wrote: »

Risking £200 to gain £125 doesn't sound sensible to me.

Like any gamble, it depends on the risk. As long as you've met the co-op's t&c's switching before the bonus is paid shouldn't risk your money.

So check the t&c's, it could be a near risk free gamble.

pqrdef

Goonie wrote: »

My intention was to wait for my £200 then switch to First Direct, taking advantage of their £125.00 Switch Offer. However, according to this weeks MSE Newsletter that offer ends this Sunday

Still £100 after Sunday.

andrewmp

pqrdef wrote: »

Still £100 after Sunday.

Wouldn't bother for the sake of £25 then, I'd just wait. I'm hoping to have mine in time to switch to Halifax, that's if it's still on.

cptncanary

andrewmp wrote: »

Like any gamble, it depends on the risk. As long as you've met the co-op's t&c's switching before the bonus is paid shouldn't risk your money.

So check the t&c's, it could be a near risk free gamble.

That was my thinking. I confirmed with the Co-Op that I had met the T&Cs in order to qualify for the incentive.

u704446

I am almost ready to go for the Santander switching offer next. But I'm doing nothing until the £200 Co-Op bonus has appeared in my account. As far I see it, the t's&c's for these offers are not a detailed legally-binding contract. (see the Halifax threads!).

What could possibly go worng?!

Goonie

I'm hoping to have mine in time to switch to Halifax, that's if it's still on.

Halifax ends a week on Sunday according to the newsletter

Santander ends Sunday also but it mentions the £30 Amazon Voucher so maybe it's only that which will end and you'll still be able to get the £100

nzseries1

stuzhunter wrote: »

same here..see earlier post.. on top of that they are dragging the bonus payment should have been paid at the beggining of this month..

cptncanary wrote: »

As many others have already mentioned, the incentive payment will be paid around 4 months after the first payment was made.

Do you have a source for this?

I don't have the original terms and conditions handy, they're at home while I'm at work, but I remember them saying that the bonus will be paid within 4 months of the last payment, not the first payment, i.e. we could potentially be waiting until May.

EDIT: Post 59 of this thread seems to confirm this. The exact wording is:

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

The "above criteria" was £800 per month for three months. So therefore, the "above criteria" have not been met until the last payment has gone in, and therefore, the bonus will be paid within 4 months of the last payment, not the first. So while it could potentially be this month, it could also potentially not be until May.

10_66

nzseries1 wrote: »

...So therefore, the "above criteria" have not been met until the last payment has gone in, and therefore, the bonus will be paid within 4 months of the last payment, not the first. So while it could potentially be this month, it could also potentially not be until May.

I'd say it's unlikely to be May. The last time OH applied for this, the Co-op paid the incentive just two weeks' after the final payment of £800 had been made.

cptncanary

nzseries1 wrote: »

Do you have a source for this?

I don't have the original terms and conditions handy, they're at home while I'm at work, but I remember them saying that the bonus will be paid within 4 months of the last payment, not the first payment, i.e. we could potentially be waiting until May.

EDIT: Post 59 of this thread seems to confirm this. The exact wording is:

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

The "above criteria" was £800 per month for three months. So therefore, the "above criteria" have not been met until the last payment has gone in, and therefore, the bonus will be paid within 4 months of the last payment, not the first. So while it could potentially be this month, it could also potentially not be until May.

I called the Co-Op yesterday, and was told verbally, that the incentive would be paid at the end of February, 4 months after the account being opened and the first payment being made, as long as I had met the minimum payments, which I have.