Co-operative Bank reward received

SnowTiger

I've just received my £4 Co-operative Bank Everyday Reward of £4, plus 30p cashback.

colsten

£4 arrived for me as well. My DDs go to 4 different accounts. What about yours?

R34GTT

Me too. All 4 DDs to Tesco on the same day.

colsten

R34GTT wrote: »

Me too. All 4 DDs to Tesco on the same day.

How many Tesco accounts? 1? 2? 3? 4?

R34GTT

colsten wrote: »

How many Tesco accounts? 1? 2? 3? 4?

Just 1 Internet Saver.

R34GTT

I recently found Co-Op Bank have a mobile app which is so much quicker to login to than their website. I've standing orders set up for funding in and back out so the App makes meeting the criteria even easier.

YorkshireBoy

R34GTT wrote: »

I've standing orders set up for funding in and back out so

Just this morning applied for the account (had to wait a while for 2 extra DDs to appear on the account to be switched - not as brave as you making them all to the same account!).

But I seem to remember from the last time I had one, that Co-op have a delay in registering/showing payments in? So have you left a day or so between the in and out payments?

I'm thinking of doing the transfers manually, as I do with Halifax and one or two others on payday, but may consider automating it with this one...just to cut down on the admin!

R34GTT

YorkshireBoy wrote: »

Just this morning applied for the account (had to wait a while for 2 extra DDs to appear on the account to be switched - not as brave as you making them all to the same account!).

But I seem to remember from the last time I had one, that Co-op have a delay in registering/showing payments in? So have you left a day or so between the in and out payments?

I'm thinking of doing the transfers manually, as I do with Halifax and one or two others on payday, but may consider automating it with this one...just to cut down on the admin!

My £800 SO leaves Lloyds on 25th each month and £790 back (I have my DDs set up as £1,£2,£3,£4 to make it a nice £10 for withdrawing from Tesco - also use their App which is great!) on 26th because like you found Co-Op are a bit slow and I don't want to accidentally go into an unarranged overdraft. I didn't actually see what time the £800 SO showed up but it is listed now as going in on the 25th so it may be OK but for the cost of one day's interest on £790 I'm happier to play it safe.

Also now I know the reward goes in around the middle of the month I'm considering changing the return SO to be £794 so they'll be £4 sat in the account between the 16th-26th and then £10 from 26th to the 7th when the 4 DDs go out. I chose the 7th because I have all my other Tesco DDs deposit on that day (Halifax and Lloyds) and it means I only need to login into the Tesco App once a month to withdraw. I think I can bring forward that date to nearer the beginning of the month but it's probably not worth changing now.

tg99

Received mine too - I have two DD set up for each of my two Tesco savings accounts.

Dan83

I noticed your S/O and direct debits are set up for 25th and 26th, will money moving accounts be affected by Christmas holidays?

R34GTT

Dan83 wrote: »

I noticed your S/O and direct debits are set up for 25th and 26th, will money moving accounts be affected by Christmas holidays?

Yes you are right, it will be affected and looking at the dates for this year it will mean the payment in and out will occur on the 28th or 29th so I'll need to login to Co-Op on those mornings to make sure I'm not overdrawn. Actually it's also a potential issue this Easter and possibly other non-working days. I'll just be careful to monitor it on those days but I think it'll be fine.

However, I've just seen this on the Co-Op website:

A fee waiver once per year

If you accidentally go overdrawn by more than £20 without an agreed overdraft you'll have six days to return your agreed balance before a fee is charged and provided an informal overdraft has not been requested in the last 12 months (debit interest is still applied)