TSB Classic Plus swtich to Co-Op Everyday Reward, would you?

20SmthngSver

I've been with TSB Classic Plus for 8 months, and next week the rate falls to 3% on first £1500. That means a monthly average of £3.75 a month (slightly lower for months with less days, slightly more with months with more days). I dipped below £1500 for the first time last week, today is payday, which means I'll probably fall below £1500 earlier in July than I did in June with outgoings, which means lower interest receipt.


Co-Op Everyday Rewards current account offers £4 for £800pm pay in and 4 direct debits (which I have) and obviously there's no minimum balance to hold to qualify for anything. Although, I don't know much about them in terms of customer service, and no branches near so concerns of accessibility (I'm a branch kinda person). Currently have 3 TSB's within 10 miles of me and unlike many I've had no negative issues with them, I like banking with them.


Given above, would you switch? I've exhausted most switch incentives I qualify for, and Barclays doesn't seem worth it to earn £7 to give back £3 (soon to be £4) a month.

Zanderman

Why not have both?

20SmthngSver

I thought that but I haven't got another account with 4 direct debits to switch it from. Unless Co-Op doesn't specifically say you need to have switched and you can open one, set up direct debits and then opt into Rewards?

I have a Santander donor account with soon to be 4 direct debits, but that's set aside for a swtich to M&S Bank for it's regular saver.

Motormad

Switch from TSB to coop then open a new TSB account.

bristolleedsfan

20SmthngSver wrote: »

I thought that but I haven't got another account with 4 direct debits to switch it from. Unless Co-Op doesn't specifically say you need to have switched and you can open one, set up direct debits and then opt into Rewards?

Can open account then set up 4 direct debits, I just use Post Office 1.00 weekly direct debits.

Based on a calendar month with rewards paid usually 15th of the following month thus opening an account now satisfy requirements by end of July, first reward payment approx 15th August.

When I switched a Coop account out to Santander, in order to ensure new Coop account didnt miss any monthly rewards I set up weekly direct debits from two Post Office Internet accounts.

20SmthngSver

Don't get me started on Post Office savers lol I've been trying for months to open a second account and it won't have. Can't DD out of the only one I do have either.

Also, I thought that the Post Office DD, even if it's weekly, was still only one mandate? So I'd still need three DD's from elsewhere?

teddysmum

We were already Co-op customers before the reward scheme started.I just had to request that our account joined it.


They also give 5p per debit card use (up to £1.50 total)

YorkshireBoy

20SmthngSver wrote: »

Also, I thought that the Post Office DD, even if it's weekly, was still only one mandate? So I'd still need three DD's from elsewhere?

No, and no, for Co-op anyway. Many here use such a set up successfully.

Zanderman

20SmthngSver wrote: »

I thought that but I haven't got another account with 4 direct debits to switch it from. Unless Co-Op doesn't specifically say you need to have switched and you can open one, set up direct debits and then opt into Rewards?

I have a Santander donor account with soon to be 4 direct debits, but that's set aside for a swtich to M&S Bank for it's regular saver.

Coop rewards doesn't need a switch. Never has.

System

I use my co-operative bank current account as my day to day account. I receive £5.50 each month in Everyday Rewards. I've earned just under £100 since I opened my account in 2017 - plus at the time there was an incentive of £125 so I've done well out of it. I have no complaints at all - on the couple of occasions I've needed to call them my issue has been dealt with quickly and courteously. You can use the Post Office to deposit cash and cheques should you wish so the lack of a local branch is of little significance.

The Bank's ethical stance is important to me. Even though it is now owned by hedge funds, the bank itself has a staunch ethical policy.

Zero_Sum

20SmthngSver wrote: »

Don't get me started on Post Office savers lol I've been trying for months to open a second account and it won't have. Can't DD out of the only one I do have either.

Also, I thought that the Post Office DD, even if it's weekly, was still only one mandate? So I'd still need three DD's from elsewhere?

I use weekly PO DD's for my co-op account & still get paid out.
If you do any investing with Vanguard, they do multiple DD's can even just do £1 into the cash holding account.