Co Op Switch offer (seen 15th January 2024)

Nasqueron

Branagorn said:

So, I’m a serial switcher.  I have a ‘donor’ account set up with x2 direct debits and move it around as and when new banks offer up switching incentives.  Which I’ve mostly used up now (been doing it approx 5 years).

I was glad to see the Co-Op offer appear. So I applied for a new account 15/01, and gave details of the donor account to get switched.

At the end of the application I was surprised to see my estimated switch date (I wish I’d screengrabbed it) give as some date in early February.

Thought nothing more of it, and went about sorting the account with the rest of the incentive requirement, I.e paid in money, made over 5 debit card purchases, set up online banking etc.  I’m quite familiar with how to satisfy the bonus. 

It’s now quite far past my best guess at when the switch date was, and my balance of the donor account is still sat with the original bank, so something is wrong.

Ive called up the Co-Op today (which takes approx 1 hour on hold), and the guy looked at my account and says he can’t see any request for a switch against my account.

all quite frustrating.

so I’ll also have a little moan that after I paid in my £1k.  When I tried to move it back into the account I actually need that money in.  It didn’t move!  I had to call up the co-op (another 1 hour on hold) just to be able to release my fund back into an account of mine.

ive switched many many times, and this one has been by far the least simple.  And I’ve no idea now if I’ll actually be able to earn the bonus by the end of it all. 

I reported this several times in this thread - the 1p test shipment being blocked was the funniest, the nice lady at Co-Op did almost seem like she was going to burst into giggles going through the script. This is the nature of bank switches and new payees to move out money alongside increasingly heavy handed rulings from the regulators forcing banks to pay back muppets who are tempted by scams like investing in bitcoin and believing they are getting huge returns alongside the people who are genuine victims of fraud. I had the same thing with Barclays for the last switch I did, it's normal and if you read the topics, several people had the same issue

trickydicky14

Middle_of_the_Road said:

As you were given a switch date, you should get  the payment,. Did the donor account close as part of the switch?
Lots on here about the £1000 pay in being required twice to trigger the pay-out. 

To be fair, lot's of people attempted to get every thing done to quickly and did not heed the T&C's about doing things after the switch had been done.

trickydicky14

DJSINGH said:

Would it be OK to switch the Coop account away but leave the Online Saver with £25 in (waiting for the £50 bonus). Or do we have to keep the main account?

I'm all for not letting the grass grow under my feet but I think you might just be taking the Michael. And I'm sure I read you could only have the savings account if you had a current account?

DJSINGH

trickydicky14 said:

DJSINGH said:

Would it be OK to switch the Coop account away but leave the Online Saver with £25 in (waiting for the £50 bonus). Or do we have to keep the main account?

I'm all for not letting the grass grow under my feet but I think you might just be taking the Michael. And I'm sure I read you could only have the savings account if you had a current account?

It says you need a current account to open it, but once its open...?

Ballard

My account is open and I’ve sent £30 to maintain a balance. I have the direct debits in place and have pushed ample funds in and out to satisfy that requirement. 

I now need to use my debit card 5 times and I don’t recall receiving my PIN. It may be that I selected one during the opening process but that seems unlikely. Could someone confirm that the PIN arrives separately as per most/all other accounts? I’ll have to contact them if I need a reminder.

(savings account also opened but awaiting its appearance on the app)

Thanks. 

trickydicky14

Ballard said:

My account is open and I’ve sent £30 to maintain a balance. I have the direct debits in place and have pushed ample funds in and out to satisfy that requirement. 

I now need to use my debit card 5 times and I don’t recall receiving my PIN. It may be that I selected one during the opening process but that seems unlikely. Could someone confirm that the PIN arrives separately as per most/all other accounts? I’ll have to contact them if I need a reminder.

(savings account also opened but awaiting its appearance on the app)

Thanks. 

yup my pin arrived in the post some days later

harz99

My wife received a further reply via secure message...

"Thank you for your message, I have checked your account and can see you have qualified for the incentive, the bonus will be paid within 40 days of the switch completion. Thanks Sharon!

So, it looks as though £100 might be coming soon...

Now just need to extract some money back to where it should be without triggering a fraud alert...

harz99

DJSINGH said:

trickydicky14 said:

DJSINGH said:

Would it be OK to switch the Coop account away but leave the Online Saver with £25 in (waiting for the £50 bonus). Or do we have to keep the main account?

I'm all for not letting the grass grow under my feet but I think you might just be taking the Michael. And I'm sure I read you could only have the savings account if you had a current account?

It says you need a current account to open it, but once its open...?

If you go onto the bank website savings front page it says this...

"Base Rate Tracker. An instant access tracker account  exclusively for Co-operative Bank current account holders."

From that i would say the savings account would be closed if you close the bank account, also i believe the current account switch offer requires you to still have the account that received the £100 bonus open when the £50 is paid?

PRAISETHESUN

From the Online Saver T&Cs:
https://www.co-operativebank.co.uk/assets/pdf/bank/savings/onlinesaver/a-guide-to-online-saver.pdf

To open the account you need to hold either a Co-operative Bank Current Account, Current Account Plus, Privilege Current Account, Privilege Premier Current Account, Student Current Account, Cashminder Account, Everyday Extra Current Account, or any other account we specify in the future. You don’t need to keep the associated current account open in order to keep this savings account open.

The switch incentive terms only say that you need to have been paid the initial £100 and meet the other conditions to get paid the £50 savings bonus. It's probably against the spirit of the offer to close the current account, but I don't see anything that definitively says it needs to remain open. Unsure if you'd have issues operating the savings account without the current account though, say to withdraw your savings bonus once paid 

Ballard

trickydicky14 said:

Ballard said:

My account is open and I’ve sent £30 to maintain a balance. I have the direct debits in place and have pushed ample funds in and out to satisfy that requirement. 

I now need to use my debit card 5 times and I don’t recall receiving my PIN. It may be that I selected one during the opening process but that seems unlikely. Could someone confirm that the PIN arrives separately as per most/all other accounts? I’ll have to contact them if I need a reminder.

(savings account also opened but awaiting its appearance on the app)

Thanks. 

yup my pin arrived in the post some days later

It seems that I need to ring them to arrange a PIN reminder. 10 minutes on hold and I’ve had to give up for the day as I’m off out tonight.

I‘m getting a bus so I’ll try using contactless but I’m expecting it to reject as I’ve obviously never used the PIN.

I’ve had the card for a couple of weeks so I should have thought about the PIN sooner.