Coop Bank New switch offer: £150

[Deleted User]

A new Co-op Bank switch offer of £150 came into effect on 3 May. It can be withdrawn at any time, so I suspect that I need to get my skates on.

Problem is that the account being switched needs to have 4 ( yes, 4!) active direct debits, which must stay active until the incentive is paid (within 45 days of switch date).

All my DDs are committed elsewhere. Some are with Santander 123 (for cashback), 2 are with Halifax Reward (for £5 monthly reward) and 2 are with M and S Bank (for ongoing monthly credit of £10 to gift card following completed switch in April).

Im looking to set up (quickly) 4 DD's on a Tesco current account which I will use for the Co-op switch.

Today I opened a Tesco internet saver, transferring £1 in as a deposit, and setting up a direct debit to it from the Tesco current account which I plan to switch. Only problem is that the direct debit is not showing on the current account. Does this take a few days?

How can I create 3 other DD's? Can I create more than one DD from the Tesco current account to the Tesco internet saver or do I need another 3 internet savers?

Any advice welcome. As I say, I need to move quickly.

eskbanker

Deleted_User wrote: »

Any advice welcome

There have been quite a few posts on here about the potential ramifications of too many people openly promoting the DD facilities with this bank's savings accounts but I don't remember anyone being brazen enough to be abusing them to the extent of using a DD to transfer funds from a current account at the same bank! You might get away with it but if you're genuinely looking for advice I'd suggest getting your DDs elsewhere, whether that's charity donations or whatever, or swap some around with your other current accounts perhaps....

ceredigion

You can't set up a DD from a current account

[Deleted User]

eskbanker wrote: »

There have been quite a few posts on here about the potential ramifications of too many people openly promoting the DD facilities with this bank's savings accounts but I don't remember anyone being brazen enough to be abusing them to the extent of using a DD to transfer funds from a current account at the same bank! You might get away with it but if you're genuinely looking for advice I'd suggest getting your DDs elsewhere, whether that's charity donations or whatever, or swap some around with your other current accounts perhaps....

Why is it more brazen to transfer the money to a savings account with the same bank rather than to an outside bank?

velocity_girl

Anyone know if you can combine this offer with TCB cashback? Or am I just getting greedy now...

I see there's a thread of people who have attempted it but haven't spotted anyone reporting they did actually get both incentive and cashback successfully.

alternate

DD take 7-10 days usually.

ceredigion wrote: »

You can't set up a DD from a current account

I think the OP means pulling from the tesco Current in to the tesco saver.

Deleted_User wrote: »

Why is it more brazen to transfer the money to a savings account with the same bank rather than to an outside bank?

This will be a standing order - not a DD.

velocity_girl wrote: »

Anyone know if you can combine this offer with TCB cashback? Or am I just getting greedy now...

I see there's a thread of people who have attempted it but haven't spotted anyone reporting they did actually get both incentive and cashback successfully.

You will find the terms on the cashback sites say something similar to "Cashback will not be paid in conjunction with any other offer, voucher or discount code unless listed on this page, or with any other discounts such as staff or student discounts"

bigadaj

alternate wrote: »

You will find the terms on the cashback sites say something similar to "Cashback will not be paid in conjunction with any other offer, voucher or discount code unless listed on this page, or with any other discounts such as staff or student discounts"

Don't tell topcashback then!

danlightbulb

I have a question about the related Smile account which also offers £150. I assume the conditions are the same, but MSE says its online only. Does this mean that the entire switch can be done online, or is a call still necessary?

I too am looking around for 2 new DD's now also. I may move 2 small ones from my main current account. Is the only way to move a DD to do it via the originator?

Or can I set up double DD's from Tesco to the same account (I have 2 tesco savings accounts)?

YorkshireBoy

danlightbulb wrote: »

I have a question about the related Smile account which also offers £150. I assume the conditions are the same but MSE says its online only. Does this mean that the entire switch can be done online, or is a call still necessary?

Your question seems to be answered in the switching incentive T&Cs on the Smile website. Maybe take a look?


EDIT: re your 2 questions subsequently added via edit...

1. Yes, or via a CASS switch.
2. Why risk it when there's no (pre-notified) limit to the number you can hold?

bristolleedsfan

bigadaj wrote: »

Don't tell topcashback then!

TCB sent out a newsletter yesterday stating -

"In addition to the cash-back offer from TopCashBack, The Co-operative Bank are also offering each customer £150 to switch"

danlightbulb

YorkshireBoy wrote: »

Your question seems to be answered in the switching incentive T&Cs on the Smile website. Maybe take a look?

Ah thanks. I did open the T&C pdf but didn't notice a further switching conditions area further down the page. For anyone else who is looking the call is still necessary.

YorkshireBoy wrote: »

2. Why risk it when there's no (pre-notified) limit to the number you can hold?

Just minimising the number of accounts I have. I take it 4 tesco savers is not a big deal then.