Co-Op Bank Switching Incentive - 30 Transactions?!

[Deleted User]

Does anyone know how long the Tesco accounts take to get up and running ? Looking on their website it says something about sending them information in the post before you can access your money.

Also how do you set up the direct debits ? Is that with Tesco themselves or the bank you want the money to go from ?

I am interested in switching to co-op but don't have enough direct debits that I can move at this moment in time so was thinking of opening a couple of Tesco savings accounts as I need a couple anyway.

surreysaver

You need to send them a copy of your signature, and you can't use the accounts until you've activated the cashcard online. So about 10 days I think it was.

Motormad

The last tesco internet saver I opened was giving 1.06% but there is now one paying 1.11 % I think for 12 months.You set up the DD's online through Tesco as well.

[Deleted User]

Thanks for your replies. Worth setting a couple up then.

garreh

I've only just found out that setting up 4x direct debits from 2 Tesco savings account doesn't actually create 4 direct debits, it only has created two on my co-op account, so it seems like I won't receive the switching incentive afterall

The incentive is paid after 3 months I believe? Would it still be possible to setup 2 direct debits to the account and have it seen as 4 dds by the time the 3 months is up? Maybe the system is automatic and it will just detect that there has been a switch on the account and there are 4 active DDs so it qualifies?

bigadaj

garreh wrote: »

I've only just found out that setting up 4x direct debits from 2 Tesco savings account doesn't actually create 4 direct debits, it only has created two on my co-op account, so it seems like I won't receive the switching incentive afterall

The incentive is paid after 3 months I believe? Would it still be possible to setup 2 direct debits to the account and have it seen as 4 dds by the time the 3 months is up? Maybe the system is automatic and it will just detect that there has been a switch on the account and there are 4 active DDs so it qualifies?

I believe the switching incentive requires the direct debits to be on the account being switched, so don't think you can add them later.

You should qualify for the monthly £4 reward though to look on the bright side.

garreh

I'm just going to switch it to First Direct and get incentive then switch it back to Co Op in a few months, hopefully offer will still be around and if not, I'm sure it'll pop up again next year at some point. I should still qualify as I wouldn't deposited £800 or received incentive before.