Coop Bank New switch offer: £150

alternate

danlightbulb wrote: »

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.

The "online only" bit means you cant use coop branches is all.

bristolleedsfan wrote: »

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"

Then they contradict themselves.

Might as well try it if you are doing the switch anyway - wouldn't count on it though.

danlightbulb

How does the minimum payment (£800 according to MSE) work on this one, as its not mentioned at all in the switching T&Cs, only in the ongoing rewards T&Cs?

Does this mean that switching 4 DD's is enough on its own on this one, for the £150?

alternate

Go by the T&C. You don't need to pay in a minimum to get the switch - only the monthly reward.

eskbanker

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?

It's where the funds are coming from rather than where they're going to that may raise suspicions, i.e. using a direct debit to pull in funds from the same bank rather than from a different one is clearly not what they had in mind, given the other options for transferring internally.

As I say, you may get away with it but, in the context of posters reporting above average levels of scrutiny of their DDs with these savings accounts (why do you need multiple linked accounts, prove that the other account is yours, send us statements, etc), it seems to be deliberately taking an unnecessary risk, and one that could ultimately contribute to this facility being withdrawn.

bigadaj

bristolleedsfan wrote: »

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"

Yes, that was my point.

LankyMoneySaver

I'm planning on switching to this but want to check what this bit actually means:

including the transfer of four direct debits which must be active until you're paid the bonus

Does the frequency of the DDs make a difference?

I have 4 direct debits listed on the account I'm switching from but one of them only pays out quarterly (charity DD, they asked to swap it from monthly to reduce their processing costs).

I think it's next due on 14/5 (can't check for sure as already switched from the account it last paid out on) so might go out of my old account before the switch completes, then won't go out again until around 3 months after I've switched.

Is the fact that it's on the account enough to count as active even if it doesn't pay out during the 45 days until the bonus is paid?

fonsde

Is the offer available to customers who have prevs switched to Co-op to claim the £100?

LankyMoneySaver

fonsde wrote: »

Is the offer available to customers who have prevs switched to Co-op to claim the £100?

Details are on the best bank accounts page: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#coop

You can't get the bonus if you've received a Co-op current account sign-up bonus since Jan 2014. Existing Co-op customers can get the £150 unless they’ve been paying in an average £800+/mth into their current account since 3 Feb 2016.

LankyMoneySaver

LankyMoneySaver wrote: »

...but one of them only pays out quarterly...

...Is the fact that it's on the account enough to count as active even if it doesn't pay out during the 45 days until the bonus is paid?

I checked with CO-OP and they said that this would still qualify as an active DD.

However I'll have to move another monthly DD across to claim the Everyday Rewards £4/month but will do this once I've switched as want to apply before the Topcashback bonus ends in 3 days.

LankyMoneySaver

bristolleedsfan wrote: »

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

It also says it on the TCB page for Co-op bank - http://www.topcashback.co.uk/the-co-operative-bank-current-accounts

However when clicking through to co-op site from it there's no mention of the £150 switching bonus.

If you go from the link on mse - http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#coop
it looks like a similar page but is there in a banner at the top with the £150 bonus.

I'm know wondering if I'll actually get the Co-op £150 if I use TCB. Has anyone tried getting both yet or queried with TCB/Co-op?