Coop Bank New switch offer: £150

Blue_Max

4 Direct Debits is too much for me to sustain.
Apart from the £150 bonus I was attracted by the offer of
£4 per month with its Everyday Rewards scheme if at least £800 is paid in per month.
If I were to stop these 4 SOs after getting the £150 bonus will I sill be eligible for the £4 per month Everyday Rewards scheme?
Thanks!

john1002

Each month you need to pay in at least £800, stay in credit or within the agreed overdraft limit per month, log in once to Online or Mobile Banking, remain opted in for Paperless Statements & pay out 4 or more Direct Debits to get these rewards.

So no you will still need the 4 DD I'm afraid

John

Blue_Max

The 4 DDs Issue
I have 6 DDs but four of those are used to meet the 2 DDs per month requirement by Halifax Reward, Club Lloyds and Clydesdale banks.
But I found inexpensive DDs with charities. Minimum used to be £1 per month but due to costs they incurr to set up DD facilities, the minimum is now £2 per month.
I setup four of these for use with Co-op and M&S accounts.
So the cost will be £96 per year.
Expensive, thinking in terms of money saving only, but there is the 'feel good factor' of giving a little to charities.
The ones I found are:
Water Aid, Christian Aid, StreetChildAfrica, Oxfam and Save The Children
There might be more to find if you like the idea.

[Deleted User]

As the OP'er, just updating where I've got with this.

First of all, I'm very impressed with CS at Cooperative Bank. So far, very easy and quick account opening and switching service. My experience suggests that this is going to be a VERY easy incentive to bag.

The story so far:-

New switching offer opened on 3 May. I applied online for current account on 4 May and received email on 5 May confirming acceptance subject to "formalities".

In meantime, I set about ensuring a minimum of 4 DD's on the intended sacrificial current account, which had none on it to start with. I now have 6 DD's on the SCA.

On 12 May, I received debit card from Co-op, followed by PIN letter and welcome letter, both on 13 May. So now set up with sort code, account number and 16 digit debit card number.

Switching has to be done by phone or branch visit. I decided to brave the phone service today (14 May). Fantastically good service. Straight through to a customer adviser (no button pressing) an extremely helpful young lady with American accent. Explained to her what I wanted to do. She asked for my memorable name for phone banking (this you set up when you do the initial online account application, KEEP A NOTE OF IT), then my sort code and account number and that was it, I was security-passed and ready to go ahead with the switch. She then asked me to make up a 4 digit security number for telephone banking (so worth having that ready when you phone to switch), and then it was on to the switch itself. Have both debit cards for the sacrificial account and for the new account handy. You will be asked for sort code and account number of the sacrificial account and also the 16 digit debit card number for the sacrificial account.. Then it's a case of listening as she goes through terms of the switch and choosing the date. I chose the earliest date on offer (25 May). She also goes through the terms for the incentive payment (check these carefully in advance) and that's it. Incentive (£150) will be paid within 45 days of the switch date.

I was pleased that there was none of the waiting for switch paperwork to arrive by post, then phoning back to confirm that you want to switch. One phone call does it.

I was then transferred to an equally helpful young lady who set me up with security details for internet banking on the new Co-op website. I later logged on for the first time, very straightforward.

The call took about 10 to 15 minutes. No waiting time at all. Both customer advisers I spoke to seemed well trained and very efficient.

So far, this looks like a very easy switch.

[Deleted User]

alternate wrote: »

DD take 7-10 days usually.



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




This will be a standing order - not a DD.



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"

Wrong, it's a direct debit

gunsandbanjos

Got my card through yesterday, just need to switch now.

alternate

Switching has to be done in branch or on the phone because there is no facility to do it online. You can open an account online but are prompted to switch by phone or in person.

HornetSaver

If I went for this, it strikes me as an account I'd switch away from as soon as I could.

The number of hoops are worth jumping through for a short while for the switching bonus, but 4 DDs, several things handled by phone rather than online, and having to log in are a bit much to justify the ongoing reward, in comparison to using those 4 DDs elsewhere.

bigadaj

HornetSaver wrote: »

If I went for this, it strikes me as an account I'd switch away from as soon as I could.

The number of hoops are worth jumping through for a short while for the switching bonus, but 4 DDs, several things handled by phone rather than online, and having to log in are a bit much to justify the ongoing reward, in comparison to using those 4 DDs elsewhere.

Well this is supposed to be your one and only, sole, main account after all.

Who has multiple current accounts?

HornetSaver

bigadaj wrote: »

Who has multiple current accounts?

Most enlightened people.

But even if it were a person's one and only, sole main account, I'd still say the same thing.