Co Op Switch offer (seen 15th January 2024)

gt94sss2

Bridlington1 said:

PRAISETHESUN said:

jaxxx said:

jpsman said:

Co-op today have launched the new 7% Regular Saver £250/month, which is eligible for the £50 savings bonus part of this switch.

I'm thinking of opening one, but how would they then put the £50 into that without violating the £250 max? So I think I'll keep open my Base Rate Tracker as well to receive the £50!

The Co-op Regular Saver: https://www.co-operativebank.co.uk/products/savings/regular-saver/

Not sure what you mean by " how would they then put the £50 into that without violating the £250 max"?

Regular saver account is max deposit of £250/month. The RS is a qualifying account for the £50 savings bonus, which means that when it gets paid out in 45 days after the switch, the £50 savings bonus will be paid into the RS account.

I suspect in this instance they will just do something on their end to make it happen (there's nothing to say they can't make a deposit to bring you above £250/month, only that *you* can't do it) or they'll pay it into your current account.

I've just spoken to them and they have confirmed that the money would still be paid into the regular saver, regardless of any money you've paid into the account already so you would in effect have one month in which you could have £300 being paid into the regular saver.

Now wondering if I should close the other savings account which I applied for and they haven't opened yet, in favour of the RS which I also applied for and hasn't yet been opened..

trickydicky14

gt94sss2 said:

Bridlington1 said:

PRAISETHESUN said:

jaxxx said:

jpsman said:

Co-op today have launched the new 7% Regular Saver £250/month, which is eligible for the £50 savings bonus part of this switch.

I'm thinking of opening one, but how would they then put the £50 into that without violating the £250 max? So I think I'll keep open my Base Rate Tracker as well to receive the £50!

The Co-op Regular Saver: https://www.co-operativebank.co.uk/products/savings/regular-saver/

Not sure what you mean by " how would they then put the £50 into that without violating the £250 max"?

Regular saver account is max deposit of £250/month. The RS is a qualifying account for the £50 savings bonus, which means that when it gets paid out in 45 days after the switch, the £50 savings bonus will be paid into the RS account.

I suspect in this instance they will just do something on their end to make it happen (there's nothing to say they can't make a deposit to bring you above £250/month, only that *you* can't do it) or they'll pay it into your current account.

I've just spoken to them and they have confirmed that the money would still be paid into the regular saver, regardless of any money you've paid into the account already so you would in effect have one month in which you could have £300 being paid into the regular saver.

Now wondering if I should close the other savings account which I applied for and they haven't opened yet, in favour of the RS which I also applied for and hasn't yet been opened..

Any idea how long the 7% regular saver takes to open? I applied 3 days ago, I did get an email acknowledging my application but nothing else.

harz99

So, has anyone here ditched Co-op to switch into NatWest/RBS, but left a Co-op savings account open yet please?

pafpcg

gt94sss2 said:

Bridlington1 said:

PRAISETHESUN said:

jaxxx said:

jpsman said:

Co-op today have launched the new 7% Regular Saver £250/month, which is eligible for the £50 savings bonus part of this switch.

I'm thinking of opening one, but how would they then put the £50 into that without violating the £250 max? So I think I'll keep open my Base Rate Tracker as well to receive the £50!

The Co-op Regular Saver: https://www.co-operativebank.co.uk/products/savings/regular-saver/

Not sure what you mean by " how would they then put the £50 into that without violating the £250 max"?

Regular saver account is max deposit of £250/month. The RS is a qualifying account for the £50 savings bonus, which means that when it gets paid out in 45 days after the switch, the £50 savings bonus will be paid into the RS account.

I suspect in this instance they will just do something on their end to make it happen (there's nothing to say they can't make a deposit to bring you above £250/month, only that *you* can't do it) or they'll pay it into your current account.

I've just spoken to them and they have confirmed that the money would still be paid into the regular saver, regardless of any money you've paid into the account already so you would in effect have one month in which you could have £300 being paid into the regular saver.

Now wondering if I should close the other savings account which I applied for and they haven't opened yet, in favour of the RS which I also applied for and hasn't yet been opened..

From my reading of the incentive offer document for the £50 bonus, I see no requirement other than having at least £25 in an eligible savings account on the 45th day after the current account switch.  The new regular saver is an eligible account so with £25+ in the regular saver (and with the current account still open), closing any other savings account shouldn't affect the £50 Savings Bonus.

Over62

trickydicky14 said:

gt94sss2 said:

Bridlington1 said:

PRAISETHESUN said:

jaxxx said:

jpsman said:

Co-op today have launched the new 7% Regular Saver £250/month, which is eligible for the £50 savings bonus part of this switch.

I'm thinking of opening one, but how would they then put the £50 into that without violating the £250 max? So I think I'll keep open my Base Rate Tracker as well to receive the £50!

The Co-op Regular Saver: https://www.co-operativebank.co.uk/products/savings/regular-saver/

Not sure what you mean by " how would they then put the £50 into that without violating the £250 max"?

Regular saver account is max deposit of £250/month. The RS is a qualifying account for the £50 savings bonus, which means that when it gets paid out in 45 days after the switch, the £50 savings bonus will be paid into the RS account.

I suspect in this instance they will just do something on their end to make it happen (there's nothing to say they can't make a deposit to bring you above £250/month, only that *you* can't do it) or they'll pay it into your current account.

I've just spoken to them and they have confirmed that the money would still be paid into the regular saver, regardless of any money you've paid into the account already so you would in effect have one month in which you could have £300 being paid into the regular saver.

Now wondering if I should close the other savings account which I applied for and they haven't opened yet, in favour of the RS which I also applied for and hasn't yet been opened..

Any idea how long the 7% regular saver takes to open? I applied 3 days ago, I did get an email acknowledging my application but nothing else.

As long as a very long piece of string!  See comments in the Regular Savings Accounts posts on the Savings and Investments board.

friolento

trickydicky14 said:

gt94sss2 said:

Bridlington1 said:

PRAISETHESUN said:

jaxxx said:

jpsman said:

Co-op today have launched the new 7% Regular Saver £250/month, which is eligible for the £50 savings bonus part of this switch.

I'm thinking of opening one, but how would they then put the £50 into that without violating the £250 max? So I think I'll keep open my Base Rate Tracker as well to receive the £50!

The Co-op Regular Saver: https://www.co-operativebank.co.uk/products/savings/regular-saver/

Not sure what you mean by " how would they then put the £50 into that without violating the £250 max"?

Regular saver account is max deposit of £250/month. The RS is a qualifying account for the £50 savings bonus, which means that when it gets paid out in 45 days after the switch, the £50 savings bonus will be paid into the RS account.

I suspect in this instance they will just do something on their end to make it happen (there's nothing to say they can't make a deposit to bring you above £250/month, only that *you* can't do it) or they'll pay it into your current account.

I've just spoken to them and they have confirmed that the money would still be paid into the regular saver, regardless of any money you've paid into the account already so you would in effect have one month in which you could have £300 being paid into the regular saver.

Now wondering if I should close the other savings account which I applied for and they haven't opened yet, in favour of the RS which I also applied for and hasn't yet been opened..

Any idea how long the 7% regular saver takes to open? I applied 3 days ago, I did get an email acknowledging my application but nothing else.

3 or 4 working days

BigBlueSky

harz99 said:

So, has anyone here ditched Co-op to switch into NatWest/RBS, but left a Co-op savings account open yet please?

I was wondering the same.  Can the regular saver stay open without the co-op current account?

Organgrinder

Hopefully I'm now 11 days from getting the £50 saver bonus.

Has anyone received theirs yet?

crumpet_man

Organgrinder said:

Hopefully I'm now 11 days from getting the £50 saver bonus.

Has anyone received theirs yet?

Looks like you would be one of the first to get the £50 bonus if you have worked out your dates correctly.

The requirement is to have £25 in the savings account 45 days after your switch date.  I think this offer started on January 15th and then earliest switch date would be 22nd?  45 days later is March 7th.

I am sure that there will be many people posting when they receive the £50 bonus

Organgrinder

Switch was indeed Jan 22nd