Co Op Switch offer (seen 15th January 2024)

harz99

Possibly something to watch out for, my wife's donor Nationwide account vanished from the NW online site the day of the switch which was Friday 9th February, the switch was done that day as everything including her ex NW balance showed in her new Co-op account on the 9th.

However, the date on the letter from Co-op confirming the switch had completed was Monday 12th, if this date is then used as the starting date to count the 30 day period for doing the £1k pay in and 5 DC uses, it may be that some of us have jumped the gun by doing the next steps a few days early.

We've messaged the bank to ask whether my wife has qualified for the £100 (as she did some of the bits on the 9th), and will update on receipt of a reply (up to 5 working days!).     

Dominic_Blake1

Hello everyone, I just received the £100!  However, I'd like to let you know something that may be of interest:

Firstly, my switch from Nationwide completed on the 12th Feb.  Following completion, I immediately transferred £1,050 into my new account.  I had already set up the savings account, so then transferred £25 into it, leaving another £25 in my current account which I used to make 5 small card transactions.  I also set up 2 SO's, both directing money to different current accounts I hold.  In short, I followed all instructions.

However, having read a few people here mentioning that they had received the £100, I was worried that I had jumped the gun transferring the money too early (I feared that it was so soon after the switch completing that it might not have been registered).  In that way, I transferred another £1,000 in this morning and made a few new, small card transactions online.  Almost immediately after transferring the additional £1,000, I received email notification that coop was paying the £100 in.  I couldn't initially see it in the app, but when I logged in online it was there, and now shows in the app.

Its impossible really to know if the additional transfer etc. was the catalyst for payment; payment may well have happened anyway.  However, I sort of think it might not be coincidental!  Some part of me feels that it might be sensible to wait for 24 hours following the switch to make the transfers / set up the SO's.

Anyway, now I am wondering whether to attempt to switch to the new RBS account (having also switched from a Metro burner account to Nat West haha).  Might see if they notice! 

Middle_of_the_Road

Dominic_Blake1 said:

Hello everyone, I just received the £100!  However, I'd like to let you know something that may be of interest:

Firstly, my switch from Nationwide completed on the 12th Feb.  Following completion, I immediately transferred £10,50 into my new account.  I had already set up the savings account, so then transferred £25 into it, leaving another £25 in my current account which I used to make 5 small card transactions.  I also set up 2 SO's, both directing money to different current accounts I hold.  In short, I followed all instructions.

However, having read a few people here mentioning that they had received the £100, I was worried that I had jumped the gun transferring the money too early (I feared that it was so soon after the switch completing that it might not have been registered).  In that way, I transferred another £1,000 in this morning and made a few new, small card transactions online.  Almost immediately after transferring the additional £1,000, I received email notification that coop were paying the £100 in.  I couldn't initially see it in the app, but when I logged in online it was there, and now shows in the app.

Its impossible really to know if the additional transfer etc. was the catalyst for payment; payment may well have happened anyway.  However, I sort of think it might not be coincidental!  Some part of me feels that it might be sensible to wait for 24 hours following the switch to make the transfers / set up the SO's.

Anyway, now I am wondering whether to attempt to switch to the new RBS account (having also switched from a Metro burner account to Nat West haha).  Might see if they notice! 

I'd already done the £1,000 transfer, but reading posts on here decided  to make it again yesterday, and the £100 was paid today. Switch completed on the 12th, and criteria met on the 13th.

worriednoob

I've now found out how to setup the Standing Order, but does the Standing Order have to be on a regular basis (i.e. weekly/monthly) or is this one-off single payment?  If regular, what does the frequency need to be?

Also what is the minimum or recommended amount I need to set it to?

harz99

Hi, @Dominic_Blake1 yes someone else saying they'd been paid straight after putting in a £1000 sum was what prompted my post above...under the terms my wife should've already qualified however her £1000 consists of a sum over £500 which was switched in plus an additional payment she has made into the account of £500 since the switch completed.

We should find out in a few days.

Dominic_Blake1

worriednoob said:

I'e now found out how to setup the Standing Order, but does the Standing Order have to be on a regular basis (i.e. weekly/monthly) or is this one-off single payment?  If regular, what does the frequency need to be?

Also what is the minimum or recommended amount I need to set it to?

Hello there... the standing orders (you need to set up two of them) can be for £1 each... I had two other current accounts so set them up so that they transferred money into them (i.e. back to myself)!  I set the frequency to one month intervals knowing that the £100 payment would very likely arrive way sooner than the next transfers were due to go out!

Dominic_Blake1

harz99 said:

Hi, @Dominic_Blake1 yes someone else saying they'd been paid straight after putting in a £1000 sum was what prompted my post above...under the terms my wife should've already qualified however her £1000 consists of a sum over £500 which was switched in plus an additional payment she has made into the account of £500 since the switch completed.

We should find out in a few days.

I reckon that your wife will receive the £100 early next week

worriednoob

Dominic_Blake1 said:

worriednoob said:

I'e now found out how to setup the Standing Order, but does the Standing Order have to be on a regular basis (i.e. weekly/monthly) or is this one-off single payment?  If regular, what does the frequency need to be?

Also what is the minimum or recommended amount I need to set it to?

Hello there... the standing orders (you need to set up two of them) can be for £1 each... I had two other current accounts so set them up so that they transferred money into them (i.e. back to myself)!  I set the frequency to one month intervals knowing that the £100 payment would very likely arrive way sooner than the next transfers were due to go out!

Thanks very much!  I've decided to set them up for weekly as either way, it's simply moving money from one account to another.  Thanks for your help again.

Dominic_Blake1

worriednoob said:

Dominic_Blake1 said:

worriednoob said:

I'e now found out how to setup the Standing Order, but does the Standing Order have to be on a regular basis (i.e. weekly/monthly) or is this one-off single payment?  If regular, what does the frequency need to be?

Also what is the minimum or recommended amount I need to set it to?

Hello there... the standing orders (you need to set up two of them) can be for £1 each... I had two other current accounts so set them up so that they transferred money into them (i.e. back to myself)!  I set the frequency to one month intervals knowing that the £100 payment would very likely arrive way sooner than the next transfers were due to go out!

Thanks very much!  I've decided to set them up for weekly as either way, it's simply moving money from one account to another.  Thanks for your help again.

No problem!  I am now wondering whether to risk switching to Ulster Bank (having just initiated the switch to Nat West from a Metro Bank account)... If I stay with COOP I am guaranteed to receive the extra £50, however it would be amazing to get £200 x 2 from Nat West and Ulster Bank... risky though, that could easily fail)!

anna42hmr

last year RBS/Natwest/Ulster kept the offer running for quite a long time, so may be worth holding on until after the Coop one has paid out, and then try if still around then, if you miss will be likely to have another one down the line.