Co-op switch terms

stuckinazoo

My very brief situation is I have 2 current accounts: 1. First Direct which I want to keep because it's linked with my 6 month old Regular Saver. 2. TSB Classic Plus which although good doesn't do as much for me now I've got to 12 months and earnt my interest on their own monthly saver. I'm not eligible for their newly announced benefits either.

Looking at switching TSB to Co-op but when Co-op says "switch your main current account...", how do they and we interpret this? Whilst I already have DD's set up on TSB, my salary and all daily expenses are paid in/out out of First Direct. Would it be enough to move my salary to TSB before the switch or would it still be flagged because there is so little activity (I only set it up in the first place to move half of my earnings to for the interest before then moving them back to other accounts).

Thanks

surreysaver

As long as you follow the minimum requirements (ie £800 into the account each month and four direct debits) you'll be fine. I would be worried if they knew which one was your 'main' account!

binaryuniverse

To put your mind at ease, I opened a new account elsewhere, moved 4 direct debits to it, didn't have my salary going in to it, did the switch to Co-Op and got the bonus for switching.

teddysmum

Four direct debits have to be taken every month (though they don't have to be the same ones) or the monthly bonus will not be paid.


I found this when ,as a current customer, I registered for the new rewards system, but didn't take account of the water rates only being taken over 10 months. (now sorted to 12)

stuckinazoo

Thanks all. So seems I can keep my salary with First Direct. But I must query this £800. Says nothing about it and only lists 3 criteria for new customers in the link today:


3. If you are an eligible new customer, you will qualify for this offer if you:
3.1 open a new Co-operative Bank standard Current Account or Everyday Extra Account;
3.2 switch your main current account to your new current account using the full Current Account Switch Service, which will include the closure
of your old account on the day that your switch completes; and
3.3 switch in a minimum of four active Direct Debits to your new current account, which must remain active until the incentive payment is made.

YorkshireBoy

stuckinazoo wrote: »

But I must query this £800.

The poster assumed because you were switching 4 DDs you were also going to register for Everyday Rewards, for which there is an £800 monthly credit requirement. If you just want the £125, and you're not bothered about the additional £4 or £5.50 you don't need to credit £800 per month.

stuckinazoo

Thanks. I will arrange that as well then to get the reward.

polyphonic99

Do the 4 Direct debits have to exist on the account that you are moving from BEFORE you switch (I only have 3 at the moment) or can you add a 4th DD to the coop account after you switch?

eskbanker

polyphonic99 wrote: »

Do the 4 Direct debits have to exist on the account that you are moving from BEFORE you switch (I only have 3 at the moment) or can you add a 4th DD to the coop account after you switch?

See clause 3.3 of the Ts & Cs, as quoted in post #5 above!

garreh

Did you ever get that 4th DD setup and have the incentive paid?