Co Op Switch offer (seen 15th January 2024)

Middle_of_the_Road

ukdutypaid said:

Has anybody else received and seen the latest mail from Co-op?

They've now included the Regular Saver as a qualifying savings account for the extra £50 and crucially this;

"f you have two open eligible savings accounts at the time of payment and have met the eligibility criteria*, we will pay the savings bonus into your most recently funded account."

Obvious seeming Pro: You get an extra £50, front loading onto the Reg Saver (unless the then change the T&Cs meaning one payment has to be max of £200

Obvious seeming Con: If it goes into a Reg Sav then you can't have your £50 for a year.

Withdrawals are allowed from the regular saver.

ukdutypaid

Middle_of_the_Road said:

ukdutypaid said:

Has anybody else received and seen the latest mail from Co-op?

They've now included the Regular Saver as a qualifying savings account for the extra £50 and crucially this;

"f you have two open eligible savings accounts at the time of payment and have met the eligibility criteria*, we will pay the savings bonus into your most recently funded account."

Obvious seeming Pro: You get an extra £50, front loading onto the Reg Saver (unless the then change the T&Cs meaning one payment has to be max of £200

Obvious seeming Con: If it goes into a Reg Sav then you can't have your £50 for a year.

Withdrawals are allowed from the regular saver.

My mistake, you're of course correct, indeed you can. Unusual that for a RegSav, they're usually with a penalty of some kind. So that undermines my original 'Converse/', erroneously stated 'disadvantage' there. I've edited original post, eradicating that insertion.

worriednoob

ukdutypaid said:

Middle_of_the_Road said:

ukdutypaid said:

Has anybody else received and seen the latest mail from Co-op?

They've now included the Regular Saver as a qualifying savings account for the extra £50 and crucially this;

"f you have two open eligible savings accounts at the time of payment and have met the eligibility criteria*, we will pay the savings bonus into your most recently funded account."

Obvious seeming Pro: You get an extra £50, front loading onto the Reg Saver (unless the then change the T&Cs meaning one payment has to be max of £200

Obvious seeming Con: If it goes into a Reg Sav then you can't have your £50 for a year.

Withdrawals are allowed from the regular saver.

My mistake, you're of course correct, indeed you can. Unusual that for a RegSav, they're usually with a penalty of some kind. So that undermines my original 'Con' there.....

Could you kindly edit your original post and remove the "Con" part?  ....otherwise it will confuse other users into thinking they won't be able to withdraw their money for 12 months. Thanks.

We've put 2 applications in for regular saver and setup a standing order of £25 to be paid on 10th of every month from our co-op current account.  The 10th was chosen because if we choose the earliest date, there's a chance that the saver account may not open and they may not be able to take out the money on time, hence we'll miss our date.  As soon as the £50 incentive is paid, we'll cancel the standing order.  Now just waiting for them to accept our applications.

Antbingley

harz99 said:

Antbingley said:

harz99 said:

My wife has today started a switch to RBS, her tracker saver is still open and funded, so we'll await further developments on that side...we decided that by the time her £50 Is paid in late March the NatWest group offer may be withdrawn, so rather than risk waiting, she'd prefer to have the £200 from them in the bag and chance not getting the £50.

As part of the switch to RBS, did your wife get to choose the switch date or did they pick one for you?

So my wife has had her new account opening confirmed, also today she's had an email saying that the switch has started and everything should be moved over by 5th March...so no choice of switch date was ever offered, seems they just do it asap.

Thanks for the update. Hope it all goes smoothly for Mrs H.

RetSol

Applied for Co-op RS on 27th February and received email acknowledgement.

Since then, nothing. 

Have now sent secure message. 

Drums fingers... 

harz99

Update for anyone else who switches away from Coop before the £50 is paid.

Your Co-op account will show for a couple more days after switch date, zero balance and maybe also a "something wrong with your account" message which can be ignored.

The current account will then disappear, but your savings account will still be available, as will your list of previous payees, so eventually moving out of the savings account shouldn't pose any problems.

I have delved deep into the T&C's for the tracker savings account, and it states specifically that it is not necessary to keep the current account open to maintain the tracker account, so there should be no problem receiving the £50 bonus.

Organgrinder

Seems I hadn't read the full T's & C's for the £50......you have to have £25 in the savings account 45 days after the switch. The £50 bonus will be paid within 60 days of the switch.

So 2 more weeks!

goatfaced

harz99 said:

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

My son has. Fingers crossed he gets the £50 but if not it was worth it anyhow in case the other switch was pulled. He saw his brother dither on this coop switch thinking he had time, only for it to be suddenly ended. 

harz99

goatfaced said:

harz99 said:

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

My son has. Fingers crossed he gets the £50 but if not it was worth it anyhow in case the other switch was pulled. He saw his brother dither on this coop switch thinking he had time, only for it to be suddenly ended. 

That was my wife's rationale, rather have the  RBS £200 in hand, and chance the £50 not coming, although there's nothing in the T&C's that requires the current account to be kept open, so payment should be made early April.

Over62

Just had an email from the Co-op to say that my £50 has been paid into my regular saver account.  It's not there yet but good to know it's on its way.  I wasn't expecting it for another couple of weeks.