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Coop bank...

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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fly-catchersfly-catchers Forumite
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Thinking of moving to the Coop bank now that Tesco Bank has reduced all its interest. Guess there is no current incentive going for moving to the Coop at the moment? And I wonder if they too will reduce or stop that £4 monthly reward. Still at the moment it seems about the best around. Or any other recommendations..

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  • eskbankereskbanker Forumite
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    https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/ summarises the best of the currently-available offers at any point in time, categorised into switching incentives, credit interest and cashback/rewards, so pick from those according to what's most pertinent to you....
  • Rich2808Rich2808 Forumite
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    There is the 3% interest payable by TSB on £1,500 on their plus account with a £500 minimum payment a month.

    They also do a £75 refer a friend scheme - the referrer and referee get £75 each. That requires a full switch however and the switched in account to have two active direct debits on it.

    https://www.tsb.co.uk/recommend-friend/

    But the co-op is also a good deal - just have 4 direct debit payments going out a month, pay in at least £800 a month and login to the app/internet banking monthly and you get the £4. You also get 5p per direct debit payment up to £1.50 per month – but fewer take advantage of that.
  • YorkshireBoyYorkshireBoy Forumite
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    Rich2808 wrote: »
    There is the 3% interest payable by TSB on £1,500 on their plus account with a £500 minimum payment a month.

    They also do a £75 refer a friend scheme - the referrer and referee get £75 each. That requires a full switch however and the switched in account to have two active direct debits on it.

    https://www.tsb.co.uk/recommend-friend/

    But the co-op is also a good deal - just have 4 direct debit payments going out a month, pay in at least £800 a month and login to the app/internet banking monthly and you get the £4. You also get 5p per direct debit payment up to £1.50 per month – but fewer take advantage of that.
    The account you're switching does not have to have two DDs on it. They can be set up on the new TSB account within 28 days.
  • Hattie625Hattie625 Forumite
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    Note that the 4 Co-op direct debits don't need to be different mandates, so you can pay £1 per week to one linked savings account which accepts DD payments eg Post Office Saver,

    It's very easy to earn £5.50 per month (£4 plus £1.50) if you use your Co-op debit card for everyday payments (5 pence per debit card payment up to 30 payments). It's not all or nothing on the debit card payments, so if you don't quite get to 30 payments in the calendar month but only (say) 20, you will still earn £1.

    OP, it's easy to earn £5 a month on the Danske Bank Reward current account (pay in at least £1200 per calendar month, no DDs required for £7 reward less £2 account fee).
  • Ed-1Ed-1 Forumite
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    Hattie625 wrote: »
    OP, it's easy to earn £5 a month on the Danske Bank Reward current account (pay in at least £1200 per calendar month, no DDs required for £7 reward less £2 account fee).

    Danske no longer accept non NI applications over the phone.
  • fly-catchersfly-catchers Forumite
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    Thanks everyone. I have two TSB accounts when you could have when they first started. And accounts with Halifax and Nationwide. Will give the Coop a go and just hope they don't drop the £4 soon afterwards! The Danske Bank alas won't accept me..
  • SlovakianGuySlovakianGuy Forumite
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    Ed-1 wrote: »
    Danske no longer accept non NI applications over the phone.


    Really? Sh_t! I planned to open that account one day. Well, I can still visit their branch in Belfast or somewhere. :D
  • LXdaddyLXdaddy Forumite
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    Rich2808 wrote: »
    T... You also get 5p per direct debit payment up to £1.50 per month – but fewer take advantage of that.

    It's 5p per debit card payment - and I for one take pretty full advantage of that getting £5.50 reward most months.
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