Changes to Reward and Ultimate Reward Accounts

Nine_Lives

ses6jwg wrote: »

I think I'm going to close both my URCA and my Reward in May and go to the Co-op.

I'll never make that mistake again. Online banking was god awful, just about the worst i've experienced & their 'helpfulness' was beyond anything negative i've ever heard about Santander.

Just my experience.

innovate

ses6jwg wrote: »

I think I'm going to close both my URCA and my Reward in May and go to the Co-op.

What's brought that on?

Why do you have an URCA if a Coop acct would be a viable alternative to you?

innovate

Nine_Lives, there are plenty of savings accounts that allow DDs. https://forums.moneysavingexpert.com/discussion/4168667

ses6jwg

innovate wrote: »

What's brought that on?

Why do you have an URCA if a Coop acct would be a viable alternative to you?

I want an account with an interest-free OD and breakdown, travel, mobile phone cover.

It was a choice between the URCA and the Co-op Priv Premier.

The £5 reward on the URCA swung it for me but the DD and funding business is no longer viable.

innovate

ses6jwg wrote: »

The £5 reward on the URCA swung it for me but the DD and funding business is no longer viable.

sorry, I can't follow you there....the £1k funding gets reduced to £750/mth, and setting up 2 new DDs is not really hard to do, for 2 x £60 a year. Why would you give up the £120?

zerog

innovate wrote: »

sorry, I can't follow you there....the £1k funding gets reduced to £750/mth, and setting up 2 new DDs is not really hard to do, for 2 x £60 a year. Why would you give up the £120?

Where are you getting 2x £60 from? Basically his URCA fee is going up from £10 to £15 while the coop fee is £13, so only losing out on up to £36 per year (probably less if they only pay when the DDs are paid)

innovate

zerog wrote: »

Where are you getting 2x £60 from? Basically his URCA fee is going up from £10 to £15 while the coop fee is £13, so only losing out on up to £36 per year (probably less if they only pay when the DDs are paid)

He gets 2 x £60 atm, if he has an URCA and a RCA, and pays in £1K each atm. £60 on each account (never mind the URCA costs him £180 a year.....)

No fee is going up if he maintains his monthly deposits (or reduces them to £750), and puts 2 DDs in place for each account.

I don't get what the advantage of the Coop should be.

stuckdebt

I use my reward account as my main account, but i only have one direct debit for my phone bill. does that mean i am screwed?

Gromitt

stuckdebt wrote: »

I use my reward account as my main account, but i only have one direct debit for my phone bill. does that mean i am screwed?

No, it means that if you want to keep getting the free fivers, you need to setup another DD, like to a Tesco Internet Saver for £1/month. You can withdraw the money at any time.

derrick

I have 3 reward accounts, main one has DD's set up, if I set up 1 DD to Co-op current account and 1 DD to Coventry current account for £1.00 each from my second and third accounts will this qualify me to continue receiving the free fivers?

Obviously I will be funding the monthly requirement.

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