Old Coop Savings Plus Account

DesertRose

I’ve discovered I have a very old Coop Bank Current Account Plus with a linked Savings Plus Account. It laid there dormant for years, with just a couple of pounds in them. 

I don’t seem to find any info about these accounts, they’re so old, but I did realise that the savings plus gives me 4.75% interest. I presume a year. 

I can’t find any info on any potential withdrawal penalties, nor can I find any info on the current account plus, any interest rates or anything. But if any of you still have this account, I’d be grateful to find out more. 

I was trying to open a coop regular saver, the variable 7% one, and it got rejected saying I don’t have a qualifying current account. 

I called coop who’s agent was shocked I have a current account plus, went to speak to her manager and promised to call me back, but never did. 

So, should I just open another current account with coop and just apply this way for the regular saver? 

TIA

WillPS

There's no reason your existing account shouldn't allow you access to the 7% reg saver. Call again and if that gets you nowhere submit a complaint.

jameseonline

DesertRose said:

I’ve discovered I have a very old Coop Bank Current Account Plus with a linked Savings Plus Account. It laid there dormant for years, with just a couple of pounds in them. 

I don’t seem to find any info about these accounts, they’re so old, but I did realise that the savings plus gives me 4.75% interest. I presume a year. 

I can’t find any info on any potential withdrawal penalties, nor can I find any info on the current account plus, any interest rates or anything. But if any of you still have this account, I’d be grateful to find out more. 

I was trying to open a coop regular saver, the variable 7% one, and it got rejected saying I don’t have a qualifying current account. 

I called coop who’s agent was shocked I have a current account plus, went to speak to her manager and promised to call me back, but never did. 

So, should I just open another current account with coop and just apply this way for the regular saver? 

TIA

Depends how desperate you are for their 7% variable I guess but it took me ages to get my regular savings account with them, I had to get their current account 1st which was reasonable but to get the regular took way too long to get setup.

I even applied for other co op savings accounts after the regular savings account and got them before the regular savings account was setup.

Basically there's issues but you can read people's experiences on the forum.

I'd say apply for CO OP accounts asap & only if exhausted other accounts, eg First Direct

WillPS

jameseonline said:

I'd say apply for CO OP accounts asap & only if exhausted other accounts, eg First Direct

They already have an eligible Co-op Bank account. No need for another.

I don't know why the agent was surprised, the Plus account is NLA but still supported: https://www.co-operativebank.co.uk/products/bank-accounts/current-account-plus/

jameseonline

WillPS said:

jameseonline said:

I'd say apply for CO OP accounts asap & only if exhausted other accounts, eg First Direct

They already have an eligible Co-op Bank account. No need for another.

I don't know why the agent was surprised, the Plus account is NLA but still supported: https://www.co-operativebank.co.uk/products/bank-accounts/current-account-plus/

Well if the application for regular savings account doesn't recognise it then something isn't right is it?

Doesn't surprise me things aren't going to plan though.

Mind you if the old account/s haven't been used it also wouldn't surprise me it's classed as ineligible.

I think it might be easier to apply for a new current account in the meantime rather than wait for a call etc.

Can't hurt anyway.

DesertRose

I understand. I’ll try and call again, although:
 1. It’s not fixed. 

2. It shouldn’t be that painful to open an account. But then again, maybe that’s why I left that account dormant, it’s a right PITA. 

In answer to your question @jameseonline, yes, I do have a FD, a Lloyds, a NatWest and I’m about to open a Nationwide regular saver too. It disciplines me to save. I opened one every time I advance on the pay scale. 

jameseonline

DesertRose said:

I understand. I’ll try and call again, although:
 1. It’s not fixed. 

2. It shouldn’t be that painful to open an account. But then again, maybe that’s why I left that account dormant, it’s a right PITA. 

In answer to your question @jameseonline, yes, I do have a FD, a Lloyds, a NatWest and I’m about to open a Nationwide regular saver too. It disciplines me to save. I opened one every time I advance on the pay scale. 

Fair enough, if I was you I'd just open a new current account with co op then apply for the 7%.

Then worry about the old account/s later if bothered.

Also you might be able to beat 4.75% interest elsewhere anyway.

I tried several times to get answers with co op over the regular saver and it seems to me they never really had a clue so doesn't surprise me you got nowhere with them and fobbed you off with a we'll call you back and didn't 

WillPS

jameseonline said:

WillPS said:

jameseonline said:

I'd say apply for CO OP accounts asap & only if exhausted other accounts, eg First Direct

They already have an eligible Co-op Bank account. No need for another.

I don't know why the agent was surprised, the Plus account is NLA but still supported: https://www.co-operativebank.co.uk/products/bank-accounts/current-account-plus/

Well if the application for regular savings account doesn't recognise it then something isn't right is it?

Doesn't surprise me things aren't going to plan though.

Mind you if the old account/s haven't been used it also wouldn't surprise me it's classed as ineligible.

I think it might be easier to apply for a new current account in the meantime rather than wait for a call etc.

What do you mean "ineligible"? There are no eligibility stipulations beyond holding a Co-operative Bank Current Account, which the OP has.

The Co-op Bank application process has been known to cause all sorts of issue, I wouldn't jump to the conclusion that a new current account would fix anything. We've seen all sorts of stories including applications being bounced even though a current account is held. It just requires a bit of perseverance.

jameseonline

WillPS said:

jameseonline said:

WillPS said:

jameseonline said:

I'd say apply for CO OP accounts asap & only if exhausted other accounts, eg First Direct

They already have an eligible Co-op Bank account. No need for another.

I don't know why the agent was surprised, the Plus account is NLA but still supported: https://www.co-operativebank.co.uk/products/bank-accounts/current-account-plus/

Well if the application for regular savings account doesn't recognise it then something isn't right is it?

Doesn't surprise me things aren't going to plan though.

Mind you if the old account/s haven't been used it also wouldn't surprise me it's classed as ineligible.

I think it might be easier to apply for a new current account in the meantime rather than wait for a call etc.

What do you mean "ineligible"? There are no eligibility stipulations beyond holding a Co-operative Bank Current Account, which the OP has.

The Co-op Bank application process has been known to cause all sorts of issue, I wouldn't jump to the conclusion that a new current account would fix anything. We've seen all sorts of stories including applications being bounced even though a current account is held. It just requires a bit of perseverance.

I'm going by what CO Operative Bank have said, the website has said ineligible.

The person from CO op seemed surprised about the account. Person also said they would ring back and never has.

The OP stated they haven't used the account/s for a while.

If someone doesn't use bank accounts for a while banks can close/freeze accounts, so maybe that's why OP can't open a regular with their existing account?

DesertRose

Well, I called back and I’ve put Ms instead of Mrs on the application, hence the rejection 

Their initial rejection email stated
’ Unfortunately, we’ve been unable to locate a qualifying current account with The Co‑operative Bank from the details that you have provided on your application, as per the terms and conditions of the Regular Saver.’

so, it’s all done now, I just thought I’d update. Thank you all. 

jameseonline

DesertRose said:

Well, I called back and I’ve put Ms instead of Mrs on the application, hence the rejection 

Their initial rejection email stated
’ Unfortunately, we’ve been unable to locate a qualifying current account with The Co‑operative Bank from the details that you have provided on your application, as per the terms and conditions of the Regular Saver.’

so, it’s all done now, I just thought I’d update. Thank you all. 

Ahh glad you got things sorted