Co-operative Refer a Friend Switching Offer £125 (Nov 2022)

WillPS

pfpf said:

I've done all the switches available to me in the last 2 months. try explaining to family/friends and they don't want to know as its "too much hassle" or "a con by the banks". all well and good until there's an offer like this one and it's me missing out too by not being able to refer them. i have no switching friendly family/friends 

There are places elsewhere where referrals are shared - I won't share the details because I don't want to get banned but have a look around and I'm sure someone will happily help you out.

Alex9384

pfpf said:

I've done all the switches available to me in the last 2 months. try explaining to family/friends and they don't want to know as its "too much hassle" or "a con by the banks". all well and good until there's an offer like this one and it's me missing out too by not being able to refer them. i have no switching friendly family/friends 

Welcome to the club.   I think an overwhelming majority of people are like that. That's why I don't bother anymore with referring anyone, unless it's someone financially savvy (usually just on MSE or similar sites, but very rarely in real life).

It's almost impossible to get people to open a new bank account, let alone multiple accounts. Some even start the process and then don't finish it. Most people are not even willing to open a back up account in another bank, even after very rational explanation why it's very important to have a back up account. Nevermind...

Edit:
I forgot to mention that even if there are some friends who would like to do it, they all have trashed credit files and usually aren't eligible for anything.

Bridlington1

pfpf said:

I've done all the switches available to me in the last 2 months. try explaining to family/friends and they don't want to know as its "too much hassle" or "a con by the banks". all well and good until there's an offer like this one and it's me missing out too by not being able to refer them. i have no switching friendly family/friends 

I suspect Co-op will have done this deliberately to curb the number of us switchaholics from opening an account with them just for the £125. Many of those people who aren't bothered about the switching incentives will only switch to a bank that friends/family use, so by using this system they will still get the majority of the more profitable customers switching for "the right reasons" whilst excluding many of the unprofitable ones.

I too have found virtually none of my friends/family want to switch a current account. One person I know is more than happy to switch energy providers and has spent years complaining about their parents's refusal to switch energy providers, yet will not switch their current account, using the excuse "it is too much hassle". I've found a grand total of 3 people who are prepared to switch current accounts and two of those are a married couple who just refer each other to things.

As an aside, one thing I will say is if you think it's hard trying to get people to switch current accounts, just try convincing people to give matched betting a go.

Alex9384

Since Co-op are celebrating their 150th anniversary it's a bit shame the bonus is not £150.

WillPS

Bridlington1 said:

I too have found virtually none of my friends/family want to switch a current account. One person I know is more than happy to switch energy providers and has spent years complaining about their parents's refusal to switch energy providers, yet will not switch their current account, using the excuse "it is too much hassle". I've found a grand total of 3 people who are prepared to switch current accounts and two of those are a married couple who just refer each other to things.

Perhaps try explaining that they don't need to switch their main bank account, and for this bonus literally any account including one you've just opened could be switched.

You could even help them along with that process.

I'd struggle to genuinely recommend anybody switches their main bank account to be honest. If they have everything set up how they want it... it just isn't worth the risk, if the process didn't work out I'd feel personally responsible. Perhaps if they were fed up.

I'm very happy to explain how to maximise switching rewards though.

WillPS

Alex9384 said:

Since Co-op are celebrating their 150th anniversary it's a bit shame the bonus is not £150.

The Co-operative Bank and The Co-op Group are not related.

In fact, The Co-operative Bank isn't a co-operative at all, by any reasonable definition. It amazes me they've been able to continue with that brand.

Alex9384

WillPS said:

Alex9384 said:

Since Co-op are celebrating their 150th anniversary it's a bit shame the bonus is not £150.

The Co-operative Bank and The Co-op Group are not related.

In fact, The Co-operative Bank isn't a co-operative at all, by any reasonable definition. It amazes me they've been able to continue with that brand.

Yes, but it's the bank itself that celebrate 150 years. It was founded in 1872.

"The bank was formed in 1872 as the Loan and Deposit Department of the Co-operative Wholesale Society, becoming the CWS Bank four years later. However, the bank did not become a registered company until 1971."

Bridlington1

WillPS said:

Bridlington1 said:

I too have found virtually none of my friends/family want to switch a current account. One person I know is more than happy to switch energy providers and has spent years complaining about their parents's refusal to switch energy providers, yet will not switch their current account, using the excuse "it is too much hassle". I've found a grand total of 3 people who are prepared to switch current accounts and two of those are a married couple who just refer each other to things.

Perhaps try explaining that they don't need to switch their main bank account, and for this bonus literally any account including one you've just opened could be switched.

You could even help them along with that process.

I'd struggle to genuinely recommend anybody switches their main bank account to be honest. If they have everything set up how they want it... it just isn't worth the risk, if the process didn't work out I'd feel personally responsible. Perhaps if they were fed up.

I'm very happy to explain how to maximise switching rewards though.

I've explained time and time again that they don't need to switch their main bank account to no avail and have offered to help them with the switch on numerous occasions.

I too would not recommend switching a main current account and would go further and say never switch your oldest account as well for the sake of your credit report.

blindman

Dumb Q
Couple, neither have a CoOp account, will open a SOLE account each.

I have just opened and started the switch to the CoOp, my swiitch date is 5th Dec (I have not been referred by anyone-yet)

Not sure how long this offer will last so to speed things up for me to refer the Mrs and each get £125 ) 

If Mrs B does the same and her switch completion is say 10th Dec, do you think I should be able to refer her once my account is open?

Can't see in the T&C's that say I have to have an account on the day she starts the switch process. There is just the form to fill in which requires a CoOp account details.



Thoughts?

Matt17

I would wait a couple of days until you have your account number before your Mrs opens an account and starts the switch just to be on the safe side.