Co-op Bank reducing its Everyday rewards payment

ratechaser

Stuart_W said:

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.

Well yes, but the opportunity cost of doing that would be the 1.25% you'd be losing by not paying for those purchases on an Amex card (or 1.5% on the more specialised Amazon card). 

Makes a marginal gain even more marginal... but I accept that it works for some people...

Deru

I've just received the letter in the post about this reduction. Annoying but they got to do what they got to do.   At least they haven't reduced it to nothing.

Rich2808

Deru said:

I've just received the letter in the post about this reduction. Annoying but they got to do what they got to do.   At least they haven't reduced it to nothing.

Yes finally got my letter today too.

Not sure if 2p is much of a reward everyday!

GTR_King

I got my letter as well today not decided what I am gonna do with the account yet 

Yorkshire_Pud

£12 for 12 months is roughly equivalent to having £2400 in a savings account paying 0.5% for 12 months (the new abnormal).

Not bad.

IvanOpinion

Jonnycomper said:

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.

Good grief ... all they needed to add was that you had to do all the above while standing on your head, spinning a hul hoop on one leg and singing god save the queeen.

kaMelo

IvanOpinion said:

Jonnycomper said:

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.

Good grief ... all they needed to add was that you had to do all the above while standing on your head, spinning a hul hoop on one leg and singing god save the queeen.

They didn't want to appear unreasonable so dropped the hula hoop requirement.

pphillips

Yorkshire_Pud said:

£12 for 12 months is roughly equivalent to having £2400 in a savings account paying 0.5% for 12 months (the new abnormal).

Not bad.

That's a good point, which gets better the lower the balance!
Just don't think it's worth bothering with the automatic Amazon payments for 2% cashback, any decent alternatives?

WillPS

pphillips said:

Yorkshire_Pud said:

£12 for 12 months is roughly equivalent to having £2400 in a savings account paying 0.5% for 12 months (the new abnormal).

Not bad.

That's a good point, which gets better the lower the balance!
Just don't think it's worth bothering with the automatic Amazon payments for 2% cashback, any decent alternatives?

TSB

Spend & Save, £5 for 30 transactions, limit 6 months, no fee, effectively 16.7% cashback on 30 £1 transactions.

Spend & Save Plus, £5 for 30 transactions, no limit, £3/month fee, effectively 6.7% cashback on 30 £1 transactions.

You can swap between these account types freely.

crumpet_man

IvanOpinion said:

Jonnycomper said:

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.

Good grief ... all they needed to add was that you had to do all the above while standing on your head, spinning a hul hoop on one leg and singing god save the queeen.

It may seem like a long list of requirements but in reality it's not. 

The pay in and login (and them move money out) can be done in a minute or two.

Staying in credit should be a habit anyway.

Choosing paperless is a one time thing.

The four direct debits is the most difficult but still, once setup you don't need to give it any extra attention.