Co-Op Bank Switcher Offer - Launched 07/06/24

mrkds

Yorkshire_Pud said:

They are like tsb!


Not sure but some banks will say that a Google payment does not count as debit card spend, they want the physical card.

TSB are a whole other level of terrible! 

Good point re weather Google payments count. A closer look at the T&Cs suggests they do 🙂

...
c) has made a minimum of 10 payments using the debit card on the eligible account (this includes any digital wallet transactions); and
...

quicksilverfox

Zaul22 said:

SickGroove said:

Have people opened the required linked savings account & funded it before their actual switch date or is it best to wait til the switch completes?

Thinking about opening it tomorrow (1st) but now thinking it until my switch completes on 5th July to ensure I qualify for switch bonus.

Tried but despite having to put the details in to be able to apply in the first place, they declined my application saying I 'don't have a current account' so before the switch should be ok just not too soon. 

Actually I just noticed the offer ends on the 5th July, which since you have to have received the switch payment to do the save part, kinda makes the save part impossible for most people.

impossible how?

You have 30 days after the switch completes to meet the initial £75 criteria, if you do get the £75 then you have until the end of the following month to meet the save requirements.

I can't see any requirement to open the RS as soon as possible, according to the terms it doesn't even come in to play for at least one month.

"To qualify for the £15 a month you must have opened a qualifying Regular Saver account no later than midnight on the last day of the full calendar month, following the month in which the £75 switch incentive in section A was received."

SickGroove

Suggest anyone who's waiting for their switch to complete & thinking of opening the regular saver account, do it now, as I applied for it & was accepted on Monday & it's still not showing on the app...

Very very slow at doing anything it seems.

Rawrzy

SickGroove said:

Suggest anyone who's waiting for their switch to complete & thinking of opening the regular saver account, do it now, as I applied for it & was accepted on Monday & it's still not showing on the app...

Very very slow at doing anything it seems.

It took mine like 5 working days to show up despite being accepted almost immediately.

SickGroove

My switch completed today, with the regular saver now also showing on the app...

I've just transferred £1260 into the main account, moved the max £250 into the regular saver & just bought 10 x £1 Amazon top ups using the debit card...

Two direct debits are also showing as set up on the main account...

Is there anything else I need to do to get the initial £75 plus the first £15 into the regular saver? 

How long do I need to leave the 1K in the current account for before moving it back out into another account?

Cheers

mrkds

SickGroove said:

Is there anything else I need to do to get the initial £75 plus the first £15 into the regular saver? 

How long do I need to leave the 1K in the current account for before moving it back out into another account?

Cheers

You need to wait until you recieve the first £75 payment, before you can start qualifying for the £15 payments. Once thats payed you need to do these things every calender month for the next 5 months:

* deposit at least £1k into the current account
* pay in at least £50 to your regular saver
* make at least 10 debit card transactions
* have at least 2 active direct debits on the account.

One thing to watch out for (i think! if this is wrong please correct me!) , is the first month that qualifies for a £15 payment will be the same month you get your jnitial £75, from that date until the end of the calendar month. That means if you get the £75 late in the month, you will only have a short time to satisfy the above criteria for that month, since you cant start doing the qualifying actions before you get the £75. So if you get your £75 on the 30th July, youll only have one day to complete all the required actions for July, othewise youll miss out on the first £15 payment.

In answer to the second question, as i understand, you only need to deposit £1k into the account, you dont need to keep it there.

HillStreetBlues

mrkds said:

One thing to watch out for (i think! if this is wrong please correct me!) , is the first month that qualifies for a £15 payment will be the same month you get your jnitial £75, from that date until the end of the calendar month. That means if you get the £75 late in the month, you will only have a short time to satisfy the above criteria for that month, since you cant start doing the qualifying actions before you get the £75. So if you get your £75 on the 30th July, youll only have one day to complete all the required actions for July, othewise youll miss out on the first £15 payment.

That is incorrect
Your example the 1st month is the rest of July & whole of August, 2nd month Sep, third Oct  etc.

The qualifying period for month 1, will be defined as the remainder of the month in which the £75 savings incentive in section A
is paid, and the full calendar month following. The qualifying periods for months 2-5 will be the full calendar months following
the qualifying period for month 1.

Yorkshire_Pud

The ‘first’ month is the rest of the month after receiving the £75 PLUS the whole of the next calendar month. So if incentive £75 received July 26th you have until 31st AUGUST to satisfy the first month conditions for £15 payment. Then sept oct nov dec calendar months for payments 2,3,4 and 5. Total £75. Shazam!

quicksilverfox

Yes, better terms than the similar TSB offer

mrkds

HillStreetBlues said:

That is incorrect

Your example the 1st month is the rest of July & whole of August, 2nd month Sep, third Oct  etc.

The qualifying period for month 1, will be defined as the remainder of the month in which the £75 savings incentive in section A
is paid, and the full calendar month following. The qualifying periods for months 2-5 will be the full calendar months following
the qualifying period for month 1.

 I see! I missed that detail in the T&Cs. Thats much more reasonable!