Co Op Switch offer (seen 15th January 2024)

boingy

Zanderman said:

boingy said:

Based on the shenanigans we saw with their "refer a friend" offer I'm a little wary of this part of the switching conditions:

"Complete a full Current Account Switch from your main current account with another bank to one of the eligible accounts".

Quite how they would decide whether it is your main account I'm not sure.

But I'll give it a go anyway.

That terminology of 'main account' is fairly normal and has been used for years for switching offers. Many suggest the switched account should be your 'main' one. It's not definable and, afaik, is not enforceable and has not ever, afaik, been enforced. Not something I'd worry about.  

I did 11 switches last year and I don't recall the "main" word appearing in any of the T&Cs or on the application form. It appears on both for the Co-op. But "wary" was probably the wrong word for me to use. I'm more amused than wary or worried. The application is in. Switch completes on 9th Feb. Goodbye Barclays (again)

Bazzalona13295

Apologies for a daft question but am I correct in thinking you need to open a Co op bank account BEFORE you switch?
Its not as simple as just switching one straight over?

DJSINGH

Bazzalona13295 said:

Apologies for a daft question but am I correct in thinking you need to open a Co op bank account BEFORE you switch?
Its not as simple as just switching one straight over?

You can do it during the account opening process - Theres a page for switching

Bazzalona13295

DJSINGH said:

Bazzalona13295 said:

Apologies for a daft question but am I correct in thinking you need to open a Co op bank account BEFORE you switch?
Its not as simple as just switching one straight over?

You can do it during the account opening process - Theres a page for switching

Thanks just doing it now, although I get a strange 'invalid date' thing pop up.

Edit - sorted hopefully. Many thanks.

Zopa_Trooper

boingy said:

Based on the shenanigans we saw with their "refer a friend" offer I'm a little wary of this part of the switching conditions:

"Complete a full Current Account Switch from your main current account with another bank to one of the eligible accounts".

Quite how they would decide whether it is your main account I'm not sure.

But I'll give it a go anyway.

Well I'm going to stick up for the Co-op here. I was paid £500 in switching incentives, 1 switch and 3 referrals in 15 days . You point me in the direction of a bank that has had a better switching offer than that.

Anyway, your main account, in my opinion, is the one you have your wages/pension paid in to.

pecunianonolet

As pointed out earlier, there seems to be some confusion on eligibility.

OH opened a cash minder account, I opened a current account, did the switch and fulfilled all the requirements and I got paid the £125 switch incentive and OH got the referral bonus. I switched my Coop current account away already for Barclays but OH still holds the Cash minder account.

By reading the T&C, OH should be able to open a new account, switch in Barclays (which conveniently holds 2 active DD), do the other tasks and OH should get the £150?

Btw, for the transactions, I bought 5 bananas in the village Co-op branch and paid for each one individually at self checkout till via Google pay. Took around 5-6 min and was not an issue at all and counted as qualifying transactions.

HHUK

I opened a new Co-op current account a few weeks ago, mainly with the intention of using it as a burner account for future switches.
Since existing account holders are not debarred from receiving the incentives, I have applied for a switch from another bank's current account that only has £20 in it and is basically dormant.
It will be interesting to see how 'main current account with another bank' is interpreted - ie as main current account anywhere, or main current account from an institution with whom one holds more than one.
As an existing holder of a Co-op current account, I had to apply for the switch via the Adobe Acrobat Sign system (which I seem to recall TSB used for their switch too). I expect the process will be somewhat less automated than usual and consequently take slightly longer to receive confirmation as to whether or not the application has been approved.

Bazzalona13295

HHUK said:

I opened a new Co-op current account a few weeks ago, mainly with the intention of using it as a burner account for future switches.
Since existing account holders are not debarred from receiving the incentives, I have applied for a switch from another bank's current account that only has £20 in it and is basically dormant.
It will be interesting to see how 'main current account with another bank' is interpreted - ie as main current account anywhere, or main current account from an institution with whom one holds more than one.
As an existing holder of a Co-op current account, I had to apply for the switch via the Adobe Acrobat Sign system (which I seem to recall TSB used for their switch too). I expect the process will be somewhat less automated than usual and consequently take slightly longer to receive confirmation as to whether or not the application has been approved.

I've read it to mean your main bank account with the particular institution, though if they require wages to go in this isn't a problem.

boingy

HHUK said:

As an existing holder of a Co-op current account, I had to apply for the switch via the Adobe Acrobat Sign system (which I seem to recall TSB used for their switch too). I expect the process will be somewhat less automated than usual and consequently take slightly longer to receive confirmation as to whether or not the application has been approved.

I find it bizarre that some banks make it harder for exiting customers to switch account to them compared with customers opening new accounts. For example, with NatWest and RBS new customers just enter a sort code, account number and debit card number for the old account as part of the online application and it gets done. Existing customers have to fill out a much longer form from scratch, including name, address etc, even when they are already logged in to online banking.

jaxxx

I too can't wait to get away from Barclays - a complete shambles when opening and switching but incentive eventually paid.  

However, as some have commented above, I'm just applying for new Co-op current account but hesitated when I got to the bit where they ask for details of any current account you already have.  If I put in my Barclays and the date it was opened it obviously highlights on screen the account has only been open 2 months. Would that affect Co-op's decision to accept me as a new customer?  I'm reluctant to put my main bank account that I've had for several years and that my salary is paid into, in case that ends up being the account I have to switch, which I don't want to.  

Do you have to do the switch at the same time as the application for the Co-op new account?  Or can you do it after the new account is open, which would mean I could enter my main bank account in the application (thus showing I have had a current account for many years and not just 2 months), but switch the Barclays account for the incentive a day later?

Advice appreciated.