Coop Bank New switch offer: £150

debtfreeforlife

I've just applied for a current account now - I've not really moved accounts much as I prefer to bank with more ethical companies (my mortgage and ISA are currently with building societies), but the Co-Op are comparatively ethical so I thought I would take advantage of this. I'm keeping my fingers crossed that it works; I've just been offered a new job across country and need to pick up and move my life 120 miles south, so an extra £150 would be much appreciated!

MABLE

UPDATE.

Applied on the 31st August and according to their letter account was opened on the 5th September. Phoned yesterday and switch in progress. The whole process was very straight forward. However for the avoidance of doubt and despite of some misinformation given by an advisor this is the situation with the direct debit situation.

As explained by the bank you need 4 active DD's to qualify for the £150.00. They do not need to be taken monthly but they must show money has been claimed from all of them at some point.

Now to qualify for the £4.00 Reward payment the 4 DD's must have money claimed from them every month and if you use the debit card associated with the account you get 5p per transaction up to a max of £1.50. Also if you elect you can have the rewards money paid into a charity or paid into your bank account.

I know the seasoned contributors on here will no doubt be aware of the above but sometimes in life it helps to spell everything out. For me anyway.

[Deleted User]

MABLE wrote: »

UPDATE.

Applied on the 31st August and according to their letter account was opened on the 5th September. Phoned yesterday and switch in progress. The whole process was very straight forward. However for the avoidance of doubt and despite of some misinformation given by an advisor this is the situation with the direct debit situation.

As explained by the bank you need 4 active DD's to qualify for the £150.00. They do not need to be taken monthly but they must show money has been claimed from all of them at some point.

Now to qualify for the £4.00 Reward payment the 4 DD's must have money claimed from them every month and if you use the debit card associated with the account you get 5p per transaction up to a max of £1.50. Also if you elect you can have the rewards money paid into a charity or paid into your bank account.

I know the seasoned contributors on here will no doubt be aware of the above but sometimes in life it helps to spell everything out. For me anyway.

Just to add, for the avoidance of doubt, that for the £4 monthly reward payment only, you do not need to have four different DD mandates paying out each month. One mandate paying out 4 times in the calendar month would do, as would 2 mandates paying out twice each or 2 mandates one paying out 3 times and one paying out once (or any combination making up 4 payouts in the month).

MABLE

Deleted_User wrote: »

Just to add, for the avoidance of doubt, that for the £4 monthly reward payment only, you do not need to have four different DD mandates paying out each month. One mandate paying out 4 times in the calendar month would do, as would 2 mandates paying out twice each or 2 mandates one paying out 3 times and one paying out once (or any combination making up 4 payouts in the month).

Good to see you are on the ball Hattie. If what you say is correct then even better.

joanneharris

I'm so confused by these terms... I'm with co-op for last 2-3 years and can't remember receiving an incentive to join. Is there some way I can apply for a new account with them to receive this incentive or am I completely excluded being an existing customer?

YorkshireBoy

joanneharris wrote: »

I'm so confused by these terms... I'm with co-op for last 2-3 years and can't remember receiving an incentive to join. Is there some way I can apply for a new account with them to receive this incentive or am I completely excluded being an existing customer?

The eligibility section of the incentive T&Cs will set out whether you qualify. Maybe read it and see?

[Deleted User]

joanneharris wrote: »

I'm so confused by these terms... I'm with co-op for last 2-3 years and can't remember receiving an incentive to join. Is there some way I can apply for a new account with them to receive this incentive or am I completely excluded being an existing customer?

"4. You will be considered an existing customer if you already have a Co-operative Bank or smile current account of any type as at 3 May 2016.
5. You will be eligible for this offer if you are an existing customer unless:
5.1 you are an existing customer and an average of £800 or more per month has been credited to your Co-operative Bank or smile current
account between 3 February 2016 and 3 May 2016, or between your account opening and 3 May 2016 if that is a shorter period of time; or
5.2 you have previously received any other incentive, offer or benefits for switching to a Co-operative Bank or smile current account at any
point since January 2014.
6. As an eligible existing customer, you are able to qualify for this offer in either one of the two alternative ways, explained in paragraphs 7 and 8.
7. If you are an eligible existing customer, you will qualify for this offer if you:
7.1 switch your main current account to your existing Co-operative Bank standard Current Account, Privilege Account, Privilege Premier
Account or Current Account Plus. The switch must be completed using the full Current Account Switch Service, which will include the closure
of your old account on the day that your switch completes; and
7.2 switch in a minimum of four active Direct Debits to the account that you have switched to, which must remain active until the incentive
payment is made.
8. The alternative way of qualifying for this offer as an eligible existing customer (for example if you do not hold any of the accounts in 7.1) is
if you:
8.1 open a new Co-operative Bank standard Current Account;
8.2 switch your main current account to your new current account using the full Current Account Switch Service, which will include the closure
of your old account on the day that your switch completes; and
8.3 switch in a minimum of four active Direct Debits to your new current account, which must remain active until the incentive payment is made."

The above are the Co-op T and C's for existing customers seeking the switch incentive. You are an "existing customer" if you held a Co-op Bank or smile current account of any type as at 3 May 2016. If you are an "existing customer" within this definition, you are entitled to benefit from the switch incentive UNLESS you are disqualified by conditions 5.1 OR 5.2. From what you say, condition 5.2 does not apply to you, so check if condition 5.1 applies. If it does NOT, you are entitled to the switch incentive.

If you are entitled, you need to switch another current account to your existing Co-op current account using CASS: see conditions 7.1 and 7.2. You need to have 4 active DDs set up on the account being switched before the switch takes place. The switch will involve the account being switched closing.

rossco01

I used the Quidco £70 cashback link (currently showing as tracked) and applied for the account. Did get email confirmation of acceptance from COOP of receipt of application but received confirmation of account opening in the post only rather than by email. Was on hold a long time on the phone just to get through to COOP banking (probably 20mins) where they then walked through security (which I'm led to believe was quicker than normal as I had a very old SMILE Isa) then had to wait a further 10 mins to be put through to account switching. Account switching was quite straight forward (quite why not online I'm not sure) so just waiting now for switch to start and complete. All told though expect to spend 45 mins on the phone.

chockydavid1983

Anyone had issues getting the bonus?
Switched over 2 months ago from an account that had 4 DD's, 2 each to my Tesco Internet Saver and Instant Access Savings and have paid £800 per month in.

YorkshireBoy

chockydavid1983 wrote: »

Anyone had issues getting the bonus?
Switched over 2 months ago from an account that had 4 DD's, 2 each to my Tesco Internet Saver and Instant Access Savings and have paid £800 per month in.

How many DDIs are showing in your Co-op online area?...2 or 4?