N&P Current Account Switch (Incentive)

pejayuk

Hi,

I have read all the threads on here regarding the closure of Norwich and Peterborough current accounts and wondered if anyone successfully switched to another bank and received a welcome bonus?

I was considering a switch to the Coop bank as they are offering £110 incentive. I just phoned them and two people said it didn't matter that N&P are not signed up to the switching service, as it's their (the Coop) switching service I will be using and therefore I still qualify for the bonus.

This can't be right can it? I thought from the other threads I've been reading that both banks had to be part of the scheme?

I would really appreciate any advice/clarification on this.

Thanks in advance.

WillPS

The Current Account Switching Service relies on both the losing and gaining financial institution offering the Current Account Switch Guarantee. N&P do not, so Co-op Bank will not be able to switch your account using the CASS.

Without CASS, they can arrange a 'partial switch', which comes with no guarantee, takes longer and does not shut your old account. Under most circumstances, you don't get a bonus if you want to do a Partial Switch, however HSBC and their subsidiary M&S Bank have said they will give you the bonus if you do a Partial Switch from an N&P account.

The Co-op have not offered the same - however if you can get some kind of record that you have been promised the switching bonus (and are willing to follow it up when it inevitably doesn't materialise) I would expect you to get it.

alanq

As of last month only HSBC and its M&S Bank brand were offering N&P customers switching incentives.

http://www.moneysavingexpert.com/news/banking/2017/02/banks-will-offer-switching-bonuses-to-norwich-peterborough-customers-facing-account-closures

I haven't seen any announcements of other banks following suit.

pejayuk

Many thanks, just the info I needed. I didn't think it sounded right what the Coop lady told me on the phone. Even though she double checked with a colleague.

As the link saying HSBC and M&S are offering an incentive, also says TSB and Coop are considering it, I think I'll wait a few weeks and see what happens.

System

It's obviously at their discretion if they choose not to enforce the requirement to use the CASS.

I would ask for confirmation so that if doesn't happen automatically then they have to honour it.

eskbanker

pejayuk wrote: »

As the link saying HSBC and M&S are offering an incentive, also says TSB and Coop are considering it, I think I'll wait a few weeks and see what happens.

....or alternatively switch your N&P account now to HSBC or M&S for one of their incentives and switch again to Coop later (or with a sacrificial account sooner if you want to be sure of getting the Coop deal)?