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

Poor_Leno

pafpcg said:

May I ask you to consider the impact all your debit card transactions will have upon a financial institution such as the Skipton Building Society?  What's in it for SkiptonBS for you to deposit small sums and then immediately withdraw? If others follow your example, it's not unlikely that the costs will force SkiptonBS to remove the facility to use debit cards. 

Fair point ,  my only reason to withdraw is to to top up my Marcus account which is my rainy day fund. I do use the Skipton account for keeping my  banking rewards each month so it's not like I am simply using them as a bank/transaction account. But now you mentioned this, I think I will actually keep the £60 in there each month as that will do nicely for my christmas fund along with the rewards.  I do like the Skipton account and it's flexible deposit methods , and the speed at which funds are processed and it would be a shame to see them change it.

Yorkshire_Pud

Poor_Leno said:

pafpcg said:

May I ask you to consider the impact all your debit card transactions will have upon a financial institution such as the Skipton Building Society?  What's in it for SkiptonBS for you to deposit small sums and then immediately withdraw? If others follow your example, it's not unlikely that the costs will force SkiptonBS to remove the facility to use debit cards. 

Fair point ,  my only reason to withdraw is to to top up my Marcus account which is my rainy day fund. I do use the Skipton account for keeping my  banking rewards each month so it's not like I am simply using them as a bank/transaction account. But now you mentioned this, I think I will actually keep the £60 in there each month as that will do nicely for my christmas fund along with the rewards.  I do like the Skipton account and it's flexible deposit methods , and the speed at which funds are processed and it would be a shame to see them change it.

Had a look at the Skipton account and noticed this in the t&c under 4 Withdrawals.
6 Non Payment Account

6.1 This account is a savings account and must not be used for multiple transactions like a current account.

Whether that refers only to payments out as it’s under withdrawals I don’t know but it appears to me that they may crack down if necessary if they think the facility is being used inappropriately.

 Like 60 x £1 payments in per month?

Ghostcrawler

Right and that's why we need NS&I and other platforms to spread out. Making such 60 transactions every month in one acct will definitely draw their attention.

crumpet_man

And all for the sake of £3 a month.

financialbliss

Heads up that I've received correspondence in the post today from Co-Op bank advising what I already knew from the PDF and that these changes will take effect from 1st August 2020.

To be honest, not sure if I can be bothered with the hastle of 60 debit card transactions for £3.00 a month. May try it the first month to see how long it take me to push through 60 small credit card payments.

ZeroSum

I got my letter in the post today also.
I won't putting in small debit card transactions into savings accounts. Too much hassle for 5p a go. Just use it for buying contactless low cost items. Won't get anywhere near 60 whilst we're all locked down. 

colsten

I have it on good authority that KRBS don't particularly like 30 x £10 deposits by debit card in a short period of time, such as all on the same day. They'll probably take  an even dimmer view if anyone attempted to make 60 such transactions 🤓

[Deleted User]

I am finding that my Co-op card is being declined more often than accepted now when making payments to my credit cards. I’m definitely more sure than I was that this isn’t worth the hassle once it’s 60 payments a month. 

pafpcg

mummyof5 said:

I am finding that my Co-op card is being declined more often than accepted now when making payments to my credit cards. I’m definitely more sure than I was that this isn’t worth the hassle once it’s 60 payments a month. 

To get the £2 reward it's not mandatory that you have to make 60 debit card purchases!  You'll get 5p for every purchase up to a maximum of 60, but it doesn't make any difference to the £2 reward if you make none.

[Deleted User]

pafpcg said:

mummyof5 said:

I am finding that my Co-op card is being declined more often than accepted now when making payments to my credit cards. I’m definitely more sure than I was that this isn’t worth the hassle once it’s 60 payments a month. 

To get the £2 reward it's not mandatory that you have to make 60 debit card purchases!  You'll get 5p for every purchase up to a maximum of 60, but it doesn't make any difference to the £2 reward if you make none.

I know that I am just reflecting on how much harder it will be now they have doubled the transactions needed for the extra after the £2.