Co-op bank Everyday rewards - Changes from 1st August 2020

financialbliss

Checked and couldn't see a thread, so apologies if there's one elsewhere. Logged into my co-operative bank current account to check to see if the rewards have been applied this month to be met with a changes document. Currently:

• Total reward we will pay you or your chosen charity per month - Up to £5.50
• Reward we will pay for each month you qualify - £4.00
  
• Reward for debit card transactions for each month you qualify - Maximum of £1.50 a month (5p per transaction up to a maximum of 30 transactions per month)

From 1st June:

• Total reward we will pay you or your chosen charity per month - Up to £5.00
• Reward we will pay for each month you qualify - £2.00
  
• Reward for debit card transactions for each month you qualify - Maximum of £3.00 a month (5p per transaction up to a maximum of 60 transactions per month)

Full details in the linked PDF:
https://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/everyday-rewards/benefits-document.pdf

Edit: 05/05/20 - the PDF I've linked to above no longer links to the changed PDF, but here's a snippet of what I downloaded at the time.

Looks like this change isn't going ahead at present. Thanks for Shedman for contacting Co-op.
Edit: 15/05/20 - Looks like this is now going ahead from 1st August - thread title updated accordingly. Thanks to keiran.

colsten

Thanks for the heads-up. Why's everything getting harder.

SIXTY debit card transactions a month. That's roughly 15 a week, or 2 a day, on average. 

quirkydeptless

I was expecting worse when I saw the thread title

At only 5p a pop, I don't want to do the transactions manually. My automated Amazon gift card payments only cover 28-31 transactions per month, so not got a solution currently for the extra ones to bump it to 60. A puzzle to be solved

gsmh

A good move Co-operative Bank! I think more banks should structure the perks to encourage people to use the account as their day-to-day current account.

YorkshireBoy

quirkydeptless said:

I was expecting worse when I saw the thread title

At only 5p a pop, I don't want to do the transactions manually. My automated Amazon gift card payments only cover 28-31 transactions per month, so not got a solution currently for the extra ones to bump it to 60. A puzzle to be solved

2 or more Amazon accounts if you consider it worthwhile?
Personally my Co-op account will be sacrificed at the earliest opportunity. 

YorkshireBoy

gsmh said:

A good move Co-operative Bank! I think more banks should structure the perks to encourage people to use the account as their day-to-day current account.

How many people make 30 genuine transactions per month, let alone 60?

But to your point, remind me again what's the name and aim/purpose of the website you joined?

gsmh

YorkshireBoy said:

gsmh said:

A good move Co-operative Bank! I think more banks should structure the perks to encourage people to use the account as their day-to-day current account.

How many people make 30 genuine transactions per month, let alone 60?

But to your point, remind me again what's the name and aim/purpose of the website you joined?

I had a Co-operative Bank account and easily managed the 30 debit card transactions each month - and many more. I think I'd have received the full amount.

This forum is called 'Budgeting & Bank Accounts' - not 'How to get Free Money'.

EDIT: I just counted debit card transactions on my current account and I counted 70 in the past month. I rarely ever use cash and use contactless for even very small purchases.

colsten

Using a debit card when you could use a credit card isn't exactly a smart thing to do, not least because you get no Section 75 protection.

But even if I used my debit card for food shops, which these days is the only really regular spending for me, that would be at most 8 transactions a month. More likely 4 as I rarely do more than 1 food shop a week.

Anyway, literally all of my spending goes on credit cards which give me cashback - usually more than 5p every time I use them. However, I feel challenged by the whiter-than-white folks who look down on people who make use of the various bank offers, and I'll therefore find a way to continue to get the max monthly reward from the COOP 

gsmh

colsten said:

However, I feel challenged by the whiter-than-white folks who look down on people who make use of the various bank offers, and I'll therefore find a way to continue to get the max monthly reward from the COOP 

I'm pleased to have caused you to change your mind. It empowers me.

gsmh

colsten said:

Using a debit card when you could use a credit card isn't exactly a smart thing to do, not least because you get no Section 75 protection.

For you maybe. I don't need section 75 protection when purchasing a sandwich. I always use a credit card where I think there might be a need for its protection at some point in the future - like a flight, a hotel, a phone or suchlike.

colsten

As an MSE, I rarely ever buy sandwiches, and definitely not 60 a month.