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Co-Op withdrawing Everyday Rewards

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13

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  • surreysaver
    surreysaver Posts: 4,814 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I'm glad there's a couple of posters appreciative of my post for bringing their attention to the change, rather than those just whingeing about why I've got the account!
    I consider myself to be a male feminist. Is that allowed?
  • jameseonline
    jameseonline Posts: 1,065 Forumite
    1,000 Posts First Anniversary Name Dropper
    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.
    You upgraded your current account and they decreased your savings account rate?.

    They recently sent me an email trying to persuade me to upgrade my current account.

    F that then.
  • General_Grant
    General_Grant Posts: 5,278 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 15 April 2024 at 4:37PM
    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.
    You upgraded your current account and they decreased your savings account rate?.

    They recently sent me an email trying to persuade me to upgrade my current account.

    F that then.
    Yes - the savings account was somehow linked to my having the straightforward, no fee, current account but was not named as "linked" in the product list.  Do you have the account which pays about 4.75%?  (It's not the best rate available of course but useful as a holder account to transfer to the current account as necessary.)

    When I upgraded to pay £15/month for the current account, they changed the name of the savings account to "linked" (I know not to what it is linked, that wasn't mentioned) and the rate reduced.  I even had to chase them to tell me the effective date of the change.
  • jameseonline
    jameseonline Posts: 1,065 Forumite
    1,000 Posts First Anniversary Name Dropper
    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.
    You upgraded your current account and they decreased your savings account rate?.

    They recently sent me an email trying to persuade me to upgrade my current account.

    F that then.
    Yes - the savings account was somehow linked to my having the straightforward, no fee, current account but was not named as "linked" in the product list.  Do you have the account which pays about 4.75%?  (It's not the best rate available of course but useful as a holder account to transfer to the current account as necessary.)

    When I upgraded to pay £15/month for the current account, they changed the name of the savings account to "linked" (I know not to what it is linked, that wasn't mentioned) and the rate reduced.  I even had to chase them to tell me the effective date of the change.
    I have CO Operative Bank 7% Regular Savings Account, 4.09% Select Access Saver & 2.65% Online Saver currently along with their standard Current Account.

    Only been with them since start of March.
  • Stuart_W
    Stuart_W Posts: 1,794 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 18 April 2024 at 1:08PM
    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/

    I didn't receive the email but I did receive a letter in the post - today.

    I think it makes sense to close the scheme 
     Yes, I make a couple of quid a month but it's probably not enough to make folk choose the account on its own, so they are probably paying it to keep customers who would stay anyway. Those that are going to close their accounts because of this change will probably be the account holders they are happy to lose. 

    I have been with the coop before Everyday Rewards was introduced and will stay after it's gone. The prospect of returning to mutual ownership, which seems to have been confirmed as likely today, is a bigger draw for me that the Everyday Rewards scheme under hedge fund ownership.
  • General_Grant
    General_Grant Posts: 5,278 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Stuart_W said:
    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/

    I didn't receive the email but I did receive a letter in the post - today.

    I think it makes sense to close the scheme 
     Yes, I make a couple of quid a month but it's probably not enough to make folk choose the account on its own, so they are probably paying it to keep customers who would stay anyway. Those that are going to close their accounts because of this change will probably be the account holders they are happy to lose. 

    I have been with the coop before Everyday Rewards was introduced and will stay after it's gone. The prospect of returning to mutual ownership, which seems to have been confirmed as likely today, is a bigger draw for me that the Everyday Rewards scheme under hedge fund ownership.
    Me too.  Letter dated 15 April received today.

    I would much prefer to receive the small amount of cash than the chance to win up to £2500 for using my debit card during a "promotional period" (which I find is up to 30 November 2024 and apparently it has been running since 6 December 2023).
  • WillPS
    WillPS Posts: 5,142 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    Stuart_W said:

    I have been with the coop before Everyday Rewards was introduced and will stay after it's gone. The prospect of returning to mutual ownership, which seems to have been confirmed as likely today, is a bigger draw for me that the Everyday Rewards scheme under hedge fund ownership.

    It's been likely since December when they enterred in to exclusive negotiations, has something changed? All I can is reports than an announcement might materialise this morning.
  • Stuart_W
    Stuart_W Posts: 1,794 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    WillPS said:
    Stuart_W said:

    I have been with the coop before Everyday Rewards was introduced and will stay after it's gone. The prospect of returning to mutual ownership, which seems to have been confirmed as likely today, is a bigger draw for me that the Everyday Rewards scheme under hedge fund ownership.

    It's been likely since December when they enterred in to exclusive negotiations, has something changed? All I can is reports than an announcement might materialise this morning.
    It seems that today they have formally announced that they have agreed terms... 

    https://www.thebusinessdesk.com/westmidlands/news/2085242-coventry-building-society-to-acquire-co-op-bank-in-780m-deal
  • ZeroSum
    ZeroSum Posts: 1,200 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Similar here. Not had email, buy just got letter in post today
  • Bridlington1
    Bridlington1 Posts: 3,740 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Just a reminder for those who have been benefitting from it that Co-op's everyday rewards has now ended, possibly making Co-op a good account to use as a donor account for switching offers and/or freeing up DDs for better use elsewhere
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