Co-operative Everyday Rewards

Stuart_W

I'm still happy to get paid a few quid a year for running a normal household current account. Money comes in and goes out pretty quickly every month, so typical balance is very small but never paid a penny in charges. Surprised this reward has lasted so long. 
Any Amazon customers can set their account to make a daily £1 top up, so that's half of the 60 monthly transactions taken care of in one simple action.

[Deleted User]

kuepper said:

Rates going down again from max £5 pcm, currently £2 pcm plus 5p / transaction up to 60 transactions

We are making some changes to Everyday Rewards from 1st July 2021. You’ll be able to be rewarded up to £2.20 each month (£1 for qualifying plus an additional 2p for each debit card transaction, up to the maximum of £1.20).

Obviously a loss leader and attracting the wrong type of clients.

quirkydeptless

colsten said:

GTR_King said:

So there basically no Reward Current Accounts out there at the moment, Might have to close Co-Op account or move is else where 

Apart from Halifax and TSB, there are also RBS and Natwest.

And Barclays

wmb194

Deleted User said:

kuepper said:

Rates going down again from max £5 pcm, currently £2 pcm plus 5p / transaction up to 60 transactions

We are making some changes to Everyday Rewards from 1st July 2021. You’ll be able to be rewarded up to £2.20 each month (£1 for qualifying plus an additional 2p for each debit card transaction, up to the maximum of £1.20).

Obviously a loss leader and attracting the wrong type of clients.

I don't know but what we do know is that it's been losing money for a while now and it wouldn't surprise me if it's just decided to nickel and dime everywhere that it can, and especially as after the cut to £2pm it wasn't particularly attractive or competitive anyway, so why not cut it some more?
https://www.investegate.co.uk/co-operative-bank--11yr-/rns/2020-annual-report-and-accounts/202102250700032696Q/

GTR_King

so you think co-op might close it banking services all together if it's making a loss?

kaMelo

GTR_King said:

so you think co-op might close it banking services all together if it's making a loss?

Essential Co-Op bank are just a bank owned by a hedge fund, the Co-Op no longer has any shareholding in it.
They were in talks late last year to sell to another US investment company, Cerberus if I remember correctly.  As to what direction they will go now, who knows.

GTR_King

who knows what will happen. 

looks like they wanna sell it to some one who wanna take it on

Herbalus

The coop was always one of the most annoying accounts to cycle the £800 through, as faster payments weren't instantly credited. Now its down to £1 per month it will probably be the push that gets me to close the account and continue simplifying things. i haven't got the inclination to manufacture debit card payments for 2p each. £12 a year for the account isn’t worth the hassle even though it’s mostly automated.

Stuart_W

Herbalus said:

£12 a year for the account isn’t worth the hassle even though it’s mostly automated.

This is exactly what they're hoping I imagine, that those of us just holding on to the account for the reward give up, and genuine customers stay. They were a loss making bank prior to launching the Everyday Rewards scheme, and the hedge fund owners have been trying to sell it for years. I'm sticking with them as it's an account that has always worked for me and I think all rewards, what are left, will continue to shrink. 

crumpet_man

The decrease is annoying but still, £1 per month to login to the account and bounce the money out is worth it for me.