Co-op 4 direct debits: all from Tesco savings?

7sefton

Hi there.

I am going to switch to the Co-op for the £125 incentive..

They require 4 active direct debits.

I have 2 Tesco Bank savings accounts, and can set up multiple direct debits from the same savings account.

So my question is, if I set up 2 direct debits on the 2 Tesco savings accounts, would this count as 4 active direct debits for the Co-op's purposes?

Thanks!

soulsaver

Yes for everyday rewards, 4DDs paying out no matter if only one Tesco 4 times PM... but not for the switch - the repeat will be seen as the same DD, so only 2.

xylophone

but not for the switch - the repeat will be seen as the same DD, so only 2.

I have two Tesco savings accounts. I had two DDs set up on each of these (different days, amounts, a/c nicknames) to pull money from a current account into these accounts.
See post 253 https://forums.moneysavingexpert.com/discussion/5463084

I switched that current account to Co-op with no difficulty and received the switching bonus.

soulsaver

xylophone wrote: »

I have two Tesco savings accounts. I had two DDs set up on each of these (different days, amounts, a/c nicknames) to pull money from a current account into these accounts.
See post 253 https://forums.moneysavingexpert.com/discussion/5463084

I switched that current account to Co-op with no difficulty and received the switching bonus.

Seems to be conflicting opinions on this - but I have to admit I was passing on info argued on here before - not my own experience, as I have several other sources of DD. So could work for the OP.
However if it were me, without alternate options, I'd open another 2 off TIS and set up additional DDs to be sure.

Rich2808

It does work for everyday rewards payments - but best not to advertise that fact!

ceredigion

Co-op switching incentive

3.3 switch in a minimum of four active Direct Debits

Co-op Everyday Rewards

Pay out at least four Direct Debits

Spot the difference.


As for the original question. if you have four mandates is will suffice. For the switching incentive

TheShape

xylophone wrote: »

I have two Tesco savings accounts. I had two DDs set up on each of these (different days, amounts, a/c nicknames) to pull money from a current account into these accounts.
See post 253 https://forums.moneysavingexpert.com/discussion/5463084

I switched that current account to Co-op with no difficulty and received the switching bonus.

I've got almost the same set-up as xylophone, only difference being my DDs are for the same amounts. Received the switching bonus and receive the rewards each month.

Wendy_-_H

I was planning open a Co-op account this week and start the switch from my Barclays account to the Co-op next week after payday - but the links regarding the £125 switch bonus seem to have vanished. Anyone know if this bonus has now finished ?:(

binaryuniverse

It would appear to have ended, for now. I can't see any reference to it on their site.
However, Halifax are also offering £125, if you haven't switched to them yet.

EachPenny

Wendy_-_H wrote: »

I was planning open a Co-op account this week and start the switch from my Barclays account to the Co-op next week after payday - but the links regarding the £125 switch bonus seem to have vanished. Anyone know if this bonus has now finished ?

Possibly, the bank switching offers come and go on a regular basis. Don't panic, just leave it for a few days and see if the offer is back - and check to make sure it is a good one as from time to time the new offers are less generous (but in time get replaced with a better one again ).