Co-op Bank reducing its Everyday rewards payment

Jonnycomper

The most we can now get is £2.20 from £5 over halved. Time to change banks? As you know, we believe in rewarding loyalty. This is why we launched the scheme in 2016, and why we will now continue to offer Everyday Rewards, but at a reduced amount. We’re pleased to say that since 2016 our customers have enabled us to make a donation of over £1,000,000 to our charity partners. The changes are detailed in the table below.

Everyday Rewards until 30 June 2021 Everyday Rewards from 1 July 2021 Total reward we will pay you or your chosen charity per month Up to £5.00 Up to £2.20 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) Maximum of £1.20 a month (2p per transaction up to a maximum of 60 transactions per month) Reward we will pay for each month you qualify £2.00 £1.00

As a reminder, to qualify for Everyday Rewards we ask you to do the following in a calendar month: • Pay in a minimum of £800 to the nominated account (transfers from other Co-operative Bank, Britannia and smile accounts do not count). • Stay in credit, or within an arranged overdraft limit on the nominated account. • Log in to online banking or the mobile banking app at least once during the month. • Remain opted in for paperless statements on the nominated account. • Pay out at least four Direct Debits from the nominated account.

ratechaser

That really does sound like a lot of work for very little reward - one to keep only if you actually want it as your main bank account for transactions.

Even so, 60 debit card transactions per month? I make one or two max. Although I guess not everyone likes or has access to credit cards.

colsten

ratechaser said:

That really does sound like a lot of work for very little reward - one to keep only if you actually want it as your main bank account for transactions.

Even so, 60 debit card transactions per month? I make one or two max. Although I guess not everyone likes or has access to credit cards.

It might be too tedious (definitely is for me) but if you use Curve, you could transfer your credit card transactions to your COOP debit card once a month. There is also always a way to make debit card transaction without buying something. Still, 60 card transactions a month is a hell of a lot, for such a paltry return.

ratechaser

colsten said:

ratechaser said:

That really does sound like a lot of work for very little reward - one to keep only if you actually want it as your main bank account for transactions.

Even so, 60 debit card transactions per month? I make one or two max. Although I guess not everyone likes or has access to credit cards.

It might be too tedious (definitely is for me) but if you use Curve, you could transfer your credit card transactions to your COOP debit card once a month. There is also always a way to make debit card transaction without buying something. Still, 60 card transactions a month is a hell of a lot, for such a paltry return.

And there's my benchmark - if it's too much hassle for Colsten, there's no way I'd ever consider it 

Happy Friday 

PRAISETHESUN

The DDs I have automated so it doesn't matter how low the reward goes in that respect as it is still free money wither way. I gave up on the card transactions the last time they rejigged the rewards to require 60 transactions instead of 30 though. If I could find a decent way to automate the card transactions then I might do it anyway - the only way I know is the Amazon trick but I don't want to lock several hundred quid a year into my Amazon balance as I barely shop on there anyway. In either case the rewards are hardly worth the effort so I'll probably just keep the account going as is until a decent switch offer comes up.

bristolleedsfan

PRAISETHESUN said:

 I gave up on the card transactions the last time they rejigged the rewards to require 60 transactions instead of 30 though.

60 transactions not a requirement merely upper limit, 5p per debit card transaction at current rate paid on any number up to 60 whereas TSB has requirement of minimum 30 debit card transactions in order to get reward

PRAISETHESUN

bristolleedsfan said:

PRAISETHESUN said:

 I gave up on the card transactions the last time they rejigged the rewards to require 60 transactions instead of 30 though.

60 transactions not a requirement merely upper limit, 5p per debit card transaction at current rate paid on any number up to 60 whereas TSB has requirement of minimum 30 debit card transactions in order to get reward

Thanks for the clarification - I meant "requirement" in the sense that in order to get the max reward for the Co-Op account then you need to make the full 60 transactions. Making less would net you less reward, but wouldn't exclude you from it completely like the TSB Spend and Save account you mention.

GTR_King

I think £1 reward not worth it but saying that better than nothing 

bristolleedsfan

Potential disadvantage of keeping account is if they do another refer a friend or other switching offer which might exclude existing current account holders

ZeroSum

ratechaser said:

That really does sound like a lot of work for very little reward - one to keep only if you actually want it as your main bank account for transactions.

Even so, 60 debit card transactions per month? I make one or two max. Although I guess not everyone likes or has access to credit cards.

I use mine for small spends. If I'm only buying something for £1, then the cashback on the co-op account is 10x what I'd get on a credit card. 

Even at 2p, I'll still keep it for sub £4 transactions. It's quite handy for just using for the pub.

Stuart_W

If you're an Amazon customer and spend more than £365 with them in a typical year you can set your Amazon account to auto top-up by £1 every day. That's half of the 60 monthly transactions dealt with automatically - just need to put the work in for the other half.