Co-Op Bank Switching Incentive - 30 Transactions?!

garreh

According to the latest MSE email, the Co-Op switching incentive requires you to have 30 Debit card transactions per month - but having checked the terms and conditions I see no mention of this anywhere.

Can anyone here clarify?

- New. Free £125 + £5.50/mth + £25 to charity. Switch to Co-op Bank to get £125 and earn up to £5.50/mth more. Plus for each switcher it'll donate £25 to charity Centrepoint. To trigger it all there are a myriad of requirements. You must pay in £800/mth+, switch and pay out 4+ active direct debits each month, make 30 debit card transactions per month, go paperless, use online/mobile banking once a month and stay within your overdraft limit.

http://www.co-operativebank.co.uk/currentaccounts

keiran

The £5.50 is comprised of 2 parts:-

1) £4 for each month if you qualify
2) Up to a maximum of £1.50 extra for debit card spending each month you qualify. , you'll be rewarded an extra 5p every time you use your debit card to pay for things.

So you could get any amount in 5p increments from zero to £1.50 each month depending on how many debit card transactions you've made

Ed-1

garreh wrote: »

According to the latest MSE email, the Co-Op switching incentive requires you to have 30 Debit card transactions per month - but having checked the terms and conditions I see no mention of this anywhere.

Can anyone here clarify?



http://www.co-operativebank.co.uk/currentaccounts

That's to get the full 5p x 30 = £1.50 reward on top of the £4 per month reward making £5.50 in total.

garreh

Oh I see. Well it isn't really a requirement per-se to get the incentive then - you can only earn £18 by having 30 transactions every month, which hardly seems worth the effort if you are only using this account as a savings account.

So to satisfy the 4x direct debits requirement I could just setup some DDs from my Tesco savings account to pull money each month, say 4 x £1 ?

xylophone

So to satisfy the 4x direct debits requirement I could just setup some DDs from my Tesco savings account to pull money each month, say 4 x £1 ?

Tesco savings account DDs work for this purpose.

garreh

Excellent.

badger09

garreh wrote: »

So to satisfy the 4x direct debits requirement I could just setup some DDs from my Tesco savings account to pull money each month, say 4 x £1 ?

Please consider making the DDs for more than £1. There are many of us using this facility and it would be a shame if Tesco decided to withdraw it:cool:

EachPenny

badger09 wrote: »

Please consider making the DDs for more than £1. There are many of us using this facility and it would be a shame if Tesco decided to withdraw it:cool:

£1.01 should be ok though.

On a more serious note, it is worth making the amounts more than £1 if only to be able to work out which one is not working if there is ever a failure. If all your DD's are only £1 then it can be harder to work out which payments have been made and which haven't. E.g. Setting up payments of £1.10, £1.20, £1.30 and £1.40 is just as easy as four £1's and only involves an extra £1 being DD'd each month.

Since the money is still yours, not Tesco's, then it doesn't really matter how much the DD transfers, you just move it back again when convenient.

where_are_we

If you are using this account solely for the £4 reward per month and remain in credit only by a small amount, then set up your £800 incoming monthly standing order to happen a few days before your outgoing £800 monthly standing order. Remember to log on once a month religiously!

colsten

where_are_we wrote: »

Remember to log on once a month religiously!

Presumably people would do this to move their £800 [back] to somewhere they earn interest on it.

zerog

My Tesco DDs are for £20 - £30 and I keep the money in Tesco for 1-2 months usually before moving it away. I've stopped bothering about squeezing every last possible penny of interest out and at least it earns something in Tesco (like 0.25%)