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

HillStreetBlues

SickGroove said:

So I deposited my first £250 into the regular saver on 04/07 and the first £75 bonus was paid into my current account on 08/07.....

Therefore, to qualify for the additional 5 x £15 paid monthly into the regular saver account, I believe I need to pay in min of £50 every month (effective August) into the regular saver.

As I made my first deposit on 04/07 do I need to wait until exactly 04/08 (IE a full month after my initial deposit) to put in my second deposit or can it be done on 01/08?

Cheers

The £250 limit is based on a calendar month, so paying in on the 1st Aug will be fine.

HillStreetBlues

My £75 was paid today, going to setup monthly saver on 1st Aug,

Marcoos

My switch is due on Friday, it was the date they gave me, Chase account confirms and even got a text from Co-Op yesterday to confirm.

Will wait until the start of next week to deposit the £1k, set up the DD's and open the regular saver

superdayold

***upated to say, I HAVE been paid the £75 today, the last of the card payments only cleared yesterday***

A few questions from me because I'm impatient and skint!

Do they take the full 7 days to pay the £75, or can it arrive more quickly? And do they give a notifcation of it?

Also - in terms of meeting the criteria - 
None of my DD's have (or will) paid out, they are Paypal, Ebay and a Credit card with zero balance, but they show in the DD list in the app.

7 of my card payments are 50p to Octopus done online using the card details.

Ive set up and am using the app, and have paid in £500 twice

Do you think that ive met the critera?

thanks

vynuogyne

more quickly. completed on friday, arrived after weekend on tuesday. they gave notification by email and same day arrived. i switched several DD (paypal, moneybox, plum), they were paid out before switch and i set up them again to be more sure (moneybox and paypal, plum not available for co-op) after switch and initiated payments, moneybox paid just before incentive and paypal after.

i have two more questions for others:

can i transfer back £50 from regular saver immediately?

do i have to make direct debit payments every month or definition of active DD ('active payment in the last 13 months') is ok?

thank you

superdayold

do i have to make direct debit payments every month or definition of active DD ('active payment in the last 13 months') is ok?

None of my DDs paid (and they won't either, unless I spend on the Credit card, Paypal or ebay) and I have had my £75 today. So the fact they show up in the DD list, ie: there is a DD agreement in place, I take it they are 'active'.

SickGroove

I've tried for several days to cancel a few direct debits which are showing on my account, but even though it says they are cancelled when doing this through the app, they are still showing & allowing me to submit a cancellation request again! 

Most banks remove the direct debits as soon as you cancel them or at least state cancellation in progress.

Do that need to manually cancel them?

gsmh

@SickGroove - you should have a notification in your online banking to say the DD has been cancelled. On occasion, especially if the DD would have been taken soon after it was cancelled, will look like the funds have been taken, then the bank will do an internal reversal. Better than the NatWest group where you are unable to even see DDs lodged on your account until they have actually been called.

Marcoos

Switch completed earlier today. Now working through the criteria, which I have 30 days.

Set up a couple of DD's, waiting for them to appear.

Not risking the £1k payment in until next week in case of any issues moving it back out.

Debit card added to Amazon and did a test purchase to top up my gift card balance. Went fine, glad I'd already setup the Visa password.

Question about the Regular Saver  - When would be a good time to setup and fund it? I'm actually looking to make use of it, so plan to pay in the £250 a month. I was thinking of setting up the RS soon as, fund it with £250 before the end of the month (assuming it will be up and running by then) and the next payment of £250 on 1st August, then carry on 1st of each month after. 

Looks like you get the remainder of the month the £75 incentive is paid and the following month to deposit £50 for the first month? Would I be best to setup, fund £250 this month, then £200 on the 1st August and leave the remaining £50 until after the £75 incentive is paid. I'm looking at not making the rest of the criteria by the end of the month. Shouldn't be a problem, but just in case.

WillPS

Marcoos said:

Question about the Regular Saver  - When would be a good time to setup and fund it? I'm actually looking to make use of it, so plan to pay in the £250 a month. I was thinking of setting up the RS soon as, fund it with £250 before the end of the month (assuming it will be up and running by then) and the next payment of £250 on 1st August, then carry on 1st of each month after.

It doesn't make a great deal of difference, but last week of the month would be ideal because then you'll have £250 earning 7% for 12 full months and another £250 earning 7% for almost 12 months - and then you can pay in a thirteenth payment at the start of the final month.