Coop Bank New switch offer: £150

Blue_Max

bigadaj wrote: »

Who has multiple current accounts?

do you mean having multiple accounts with one bank or with different banks?
Couple weeks ago I opened an Internet Saver and an Instant Access Savings accounts with Tesco Bank. Six DDs were setup into these accounts from 2 different bank accounts that I hardly ever use. Four from one and two from the other. After first DD payments have gone through, I hope to use these two bank accounts for switching.

bigadaj

HornetSaver wrote: »

Most enlightened people.

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

Yes my point was ironic or sarcastic depending on your perspective.

But in relation to your second point you presumably mean that you'd run a basic account in preference to the co op offering, eventhough there were no alternative benefits or rewards?

HornetSaver

bigadaj wrote: »

But in relation to your second point you presumably mean that you'd run a basic account in preference to the co op offering, eventhough there were no alternative benefits or rewards?

I'm simply saying that there are easier ways for anyone who stays in credit to get that level of rewards, with the exception of the switching bonus which is worth the hassle.

Make not mistake, I do give the bank a huge amount of credit. It's a very well thought-through package, that rewards the typical British banking customer well provided that they take interest in their bank account on a regular basis.

Then again it's a sad reflection on society and/or the cost of living, that if you're frugal enough not to occasionally go overdrawn, you are not a typical British banking customer. And that a lot of people do not take interest in their bank account on a regular basis - which will significantly reduce the cost to the Co-Op of offering this account.

Westie983

I use PayPal, and tescos to make my 4 DD a month then send the money back to the account when it's been paid.

That way the money is still mine, nothing against charity DD fine for the first few months then they start hounding you to increase the DD or its done for you!!

There are ways to obtain 4 DD if you think outside of the box, (credit card payments, insurances, TV licience, bills that don't give you cash back elsewhere)

Worth the £4 each month for a few mins setting up and transferring funds.

Blue_Max

Westie983 wrote: »

That way the money is still mine, nothing against charity DD fine for the first few months then they start hounding you to increase the DD or its done for you!!

I have had tiny amounts going to charities. Only once I had a call to increase payments. I refused and adviced her not to waste time and money of the charity with phone calls and to use email for any communication.
Never had anyone increasing my DD payment without my permission.

Yeah, the £4 per month is handy but it is easy to forget servicing it every month; so prefer to automate the process.

I have other bank accounts that also require DD payments.
Problem with credit cards is that I have to remember to use them all at least once a month; rather than using just one card
So I prefer 'automatic' DDs to pay gas, elec, broadband, council tax and so on.
DDs to Tesco is also 'automatic'.
So would use these in place of those DDs to credit cards that I do not really need.

TSB and M&S accounts can also be automated this way.

[Deleted User]

My switch to Co-op, from Tesco Bank, completed today.

This has all gone very smoothly. I applied online for the Co-op account on 4 May, the day after the announcement of the new switch incentive. Immediate acceptance.

I then set up 6 DD's on the Tesco current account (4 of which were to 2 X Tesco internet saver accounts). All 6 DD's have transferred successfully to the Co-op account today, and are showing as "active". They need to remain as "active" until the incentive is paid (due within 45 days from today).

The account-opening process with Co-op was swift and efficient. Everything received by 16 May, and account open and ready to go. Switch took one phone call on 16 May. Quickly and efficiently dealt with.

I am going after the £4 monthly reward for May. I have moved £800 into the account (and £790 out again). I have logged into internet banking (and have gone paperless). I have today set in motion paying out 4 of the DD's now on the Co-op account (4 X £1 to Tesco internet savers). That should mean that I will get £4 credited at the beginning of June (the £150 incentive will be in sometime in July).

I reckon I will keep the Co-op account just for the £4 per month.


Edited to add:- only 4 (of the 6) DDs need to remain active on the account until the incentive is paid but I will be keeping them all (although only paying out 4 in each calendar month, for the monthly reward).

danlightbulb

My experience has been positive on this one too. Switching by phone was easy, and hopefully the incentive payment will be equally as forthcoming in approx 6 weeks time.

YorkshireBoy

Deleted_User wrote: »

That should mean that I will get £4 credited at the beginning of June...

Don't be too disappointed when it doesn't arrive until the middle of the month (my last two have been paid on the 13th & 15th).

Blue_Max

@ Hattie625
TY for sharing your experiences and tips on points to remember to be eligible for the switching bonus.
I asked Co-op CS if I need to log on every month; mentioning some posts at MSE. He checked it out and told me that only once is necessary.

I have automated the process by setting up SOs for paying in and paying out 6 days later.

[Deleted User]

Blue_Max wrote: »

@ Hattie625
TY for sharing your experiences and tips on points to remember to be eligible for the switching bonus.
I asked Co-op CS if I need to log on every month; mentioning some posts at MSE. He checked it out and told me that only once is necessary.

I have automated the process by setting up SOs for paying in and paying out 6 days later.

Hi Blue Max. The T and C's for Everyday Rewards say that you have to have logged on at least once in the calendar month to get the £4 reward for that month:-

6.3.3 you must have logged into our Online Banking or Mobile Banking service at least once during
that Calendar Month (or any shorter period which is relevant to you under clauses 3.4 or 5.2);