Co-Op withdrawing Everyday Rewards

WillPS

nottsphil said:

jameseonline said:

Just checked TSB, £5 a month cashback for 6 months if you on spend & save or all the time on spend & save plus, but spend and save plus has a £3 fee 🙄😏😂🤣

I have a Classic Plus current account but have not used the debit card for several months. If I just start using it again for purchases do I get this 5 pounds automatically? I've just asked this question to their not-so-Smart Assistant on their app but it's too complicated for it!

I also have a standard Co-op current account and app but can see no mention of this scheme whatsoever. 

No, you'd need to ask them to turn it in to a Spend & Save account:
https://www.tsb.co.uk/help-and-support/change-your-account.html

jameseonline

I have a TSB spend & save account but it was converted by them from a Classic, even dumber is I still have a Classic Plus, like why change 1 account but not the other. 😏😁

So erm anyways TSB Spend & Save might be an alternate to the CO OP scheme.

You have to apply for the account you won't automatically get the benefits 

WillPS

jameseonline said:

I have a TSB spend & save account but it was converted by them from a Classic, even dumber is I still have a Classic Plus, like why change 1 account but not the other. 😏😁

So erm anyways TSB Spend & Save might be an alternate to the CO OP scheme.

You have to apply for the account you won't automatically get the benefits 

TSB didn't launch Spend & Save as a totally new product, they actually just rebranded their existing default 'Classic' product. That meant anyone who held a Classic account suddenly held a Spend & Save account and no 'welcome bonus' was given. All other Classic branded products (Plus, Enhance, Essentials) were made NLA at that point if they hadn't already, and customers were encouraged to transition.

Spend & Save Plus was a totally new product line when it was launched a little later, perhaps because of its £3 account fee.

Unusually TSB don't offer any premium/packaged accounts to new customers any more. I think they were supposed to launch a premium tier to complete the refresh, but curiously never did - you'd think it'd be a no brainer given the stated aim was to improve profitability of the current accounts. AIUI the refresh was Debbie Crosbie's pet project but she left TSB almost as rapidly as she arrived there, so perhaps that's something to do with it.

jameseonline

WillPS said:

jameseonline said:

I have a TSB spend & save account but it was converted by them from a Classic, even dumber is I still have a Classic Plus, like why change 1 account but not the other. 😏😁

So erm anyways TSB Spend & Save might be an alternate to the CO OP scheme.

You have to apply for the account you won't automatically get the benefits 

TSB didn't launch Spend & Save as a totally new product, they actually just rebranded their existing default 'Classic' product. That meant anyone who held a Classic account suddenly held a Spend & Save account and no 'welcome bonus' was given. All other Classic branded products (Plus, Enhance, Essentials) were made NLA at that point if they hadn't already, and customers were encouraged to transition.

Spend & Save Plus was a totally new product line when it was launched a little later, perhaps because of its £3 account fee.

Unusually TSB don't offer any premium/packaged accounts to new customers any more. I think they were supposed to launch a premium tier to complete the refresh, but curiously never did - you'd think it'd be a no brainer given the stated aim was to improve profitability of the current accounts. AIUI the refresh was Debbie Crosbie's pet project but she left TSB almost as rapidly as she arrived there, so perhaps that's something to do with it.

There was an Enhance?

I got Classic Essentials too along with a Cash Account 😁.

Thanks for the info.

Ed-1

jameseonline said:

WillPS said:

jameseonline said:

I have a TSB spend & save account but it was converted by them from a Classic, even dumber is I still have a Classic Plus, like why change 1 account but not the other. 😏😁

So erm anyways TSB Spend & Save might be an alternate to the CO OP scheme.

You have to apply for the account you won't automatically get the benefits 

TSB didn't launch Spend & Save as a totally new product, they actually just rebranded their existing default 'Classic' product. That meant anyone who held a Classic account suddenly held a Spend & Save account and no 'welcome bonus' was given. All other Classic branded products (Plus, Enhance, Essentials) were made NLA at that point if they hadn't already, and customers were encouraged to transition.

Spend & Save Plus was a totally new product line when it was launched a little later, perhaps because of its £3 account fee.

Unusually TSB don't offer any premium/packaged accounts to new customers any more. I think they were supposed to launch a premium tier to complete the refresh, but curiously never did - you'd think it'd be a no brainer given the stated aim was to improve profitability of the current accounts. AIUI the refresh was Debbie Crosbie's pet project but she left TSB almost as rapidly as she arrived there, so perhaps that's something to do with it.

There was an Enhance?

I got Classic Essentials too along with a Cash Account 😁.

Thanks for the info.

Classic Enhance was the name used to differentiate the product from the Classic Vantage inherited from Lloyds TSB when the two banks separated.

General_Grant

nottsphil said:

jameseonline said:

Just checked TSB, £5 a month cashback for 6 months if you on spend & save or all the time on spend & save plus, but spend and save plus has a £3 fee 🙄😏😂🤣

I have a Classic Plus current account but have not used the debit card for several months. If I just start using it again for purchases do I get this 5 pounds automatically? I've just asked this question to their not-so-Smart Assistant on their app but it's too complicated for it!

I also have a standard Co-op current account and app but can see no mention of this scheme whatsoever. 

@nottsphil   For the Co-Op scheme (2p/DC payment etc), you had to add Everyday Rewards to your account.

Bridlington1

boingy said:

Their base rate tracker is true comedy. It's tiered depending upon the balance and the lowest tier (£1 to £10k) tracks at 3% below the base rate! Even at £50K you are still 1.5% below base.

Full table here:

Base Rate Tracker | Savings Accounts | The Co-operative Bank

Though at £100k they start paying 0.25% below (5% now). The account could be a useful account for those who will have a temporary high balance at some point between now and June 2025 (e.g. from a property sale when moving) who have not already got one of the higher rate trackers that has been on offer in the past.

pridehappy

The one word I can describe this as - pathetic. There’s very little reason to stay with the Co-operative Bank, they seem to be forgetting there’s plenty of other providers out there now with a good environmental score.

I’m aware this wasn’t much anyway, but their current account literally has nothing to attract to it now. Lacklustre app, slow service, high overdraft rate, no interest. I wouldn’t say the Base Rate Tracker is that good value either, so just the 7% saver now. I hope they come up with new ideas shortly.

ircE

Any other Co-op Bank customers, who are enrolled into Everyday Rewards, but not yet received the email in OP? It's been over a week since OP and I still haven't received anything, makes me wonder if I have missed / may miss other important communications.

Though note they have added a disclaimer on their website - https://www.co-operativebank.co.uk/products/bank-accounts/everyday-rewards/

General_Grant

ircE said:

Any other Co-op Bank customers, who are enrolled into Everyday Rewards, but not yet received the email in OP? It's been over a week since OP and I still haven't received anything, makes me wonder if I have missed / may miss other important communications.

Though note they have added a disclaimer on their website - https://www.co-operativebank.co.uk/products/bank-accounts/everyday-rewards/

You are not alone.  I too have received no notification from Co-Op about this but, like you, alerted by the OP, I have found the information on the Co-Op Bank website.

I'm not surprised.  When I upgraded my current account in order to obtain travel insurance as part of the package, one of my savings accounts had its name changed and interest rate slashed with no notification to me other than that I eventually spotted the change in the list of my named accounts and found the substantial rate cut - down from about 4.75% to 1.81%.  At which point I withdraw my funds.  I could have understood if they had closed the account and paid interest up to the time of closure - or even simply added the interest to date - but, no, they virtually hid the downgrade.