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

Marcoos

WillPS said:

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.

Thanks, that's what I'm trying to aim for, not sure if they will allow a thirteenth payment but will see what happens. I think I'll start to set it up, I then have 30 days to fund it, but will be by the end of this month. If the £75 incentive has been paid by 1st August, bung the £250 in on the 1st as well, if not bung £200 in and wait for the incentive before the rest goes in.

SickGroove

Once you get the initial £75 do you still have to pay in 1K a month & have two active direct debits to get the additional £15 for 5 months (by putting up to £250 into the regular saver account)?

Also anyone else having random notifications for their account from 50p direct debits saying "Confirming setup of Direct Debit Instruction" when I've already got two set up & active on the account?

Already had to cancel an additional 3 direct debits via a browser as nothing happens if you do it through their app!

When you're doing these bank switches, it makes you appreciate just how good some banks & apps are (Starling & Chase to name two)

HillStreetBlues

SickGroove said:

Once you get the initial £75 do you still have to pay in 1K a month & have two active direct debits to get the additional £15 for 5 months (by putting up to £250 into the regular saver account)?

Yes, you also need to make at least 10 debt card transactions.

etienneg

I started setting up my regular saver yesterday. At the end of the application it said IF APPROVED I would receive email confirmation, usually within 24 hours but may be up to 5 working days. Details would appear online within 2 working days and further details(?) by email or post within a further 5 working days.

OK, so I received confirmation of approval by email the same day. Now I have to wait for details to appear/be sent. In other words, it may not be a quick process. So I'm glad I didn't leave it until nearer the end of the month to set the ball rolling. Once it's fully working, I can control when to fund it.

Marcoos

Couple more debit card payments and I 'should' have the criteria fulfilled for the £75. 

Direct debits with Paypal and 30p setup on Friday, and now showing on my account in the app. Money hasn't been taken yet, but that's just a day or two. But hopefully them being there is enough to be considered 'active'. 

Moved £1k in and out again, must admit I was bricking it in case the transfer got stopped for a fraud check, but it was fine. Took a few mins to show in the Co-Op app, but the transfer back out was instant.

Setup the Regular Saver on Friday and that appeared in the app. Will wait until next week now to fund it and start the 12 month term.

Must say, so far, so good..

Marcoos

£75 paid!

Further info

Switch started - 25/06
Completed - 19/07
£1k paid in - 23/07
Last debit card transaction cleared - 24/07

I've got 2 directs debits setup and showing, but nothing taken from them yet. I've now got till 10/09 to setup and fund the Regular Saver. Which is already setup, so can now go ahead and fund

TheBanker

Marcoos said:

Couple more debit card payments and I 'should' have the criteria fulfilled for the £75. 

Direct debits with Paypal and 30p setup on Friday, and now showing on my account in the app. Money hasn't been taken yet, but that's just a day or two. But hopefully them being there is enough to be considered 'active'. 

Moved £1k in and out again, must admit I was bricking it in case the transfer got stopped for a fraud check, but it was fine. Took a few mins to show in the Co-Op app, but the transfer back out was instant.

Setup the Regular Saver on Friday and that appeared in the app. Will wait until next week now to fund it and start the 12 month term.

Must say, so far, so good..

I'm in a similar position, except...
I transferred the £1k in yesterday, and transferred £750 back out this morning. The £750 must have prompted a fraud check or something as it's not arrived. Maybe my mistake was I made the credit from Natwest but was sending the £750 to Chase (although the Chase account matched in Confirmation of Payee and was an existing mandate migrated to Co-op as part of my switch).

I applied for my Regular Saver yesterday and it's not appeared yet, although I've had an email confirmation.

Not complaining, but the Co-op does seem slightly antiquated compared to other banks... what's this thing about having to phone up to register your card if you want to use it online? I don't think any other bank requires that!

Bridlington1

TheBanker said:

Marcoos said:

Couple more debit card payments and I 'should' have the criteria fulfilled for the £75. 

Direct debits with Paypal and 30p setup on Friday, and now showing on my account in the app. Money hasn't been taken yet, but that's just a day or two. But hopefully them being there is enough to be considered 'active'. 

Moved £1k in and out again, must admit I was bricking it in case the transfer got stopped for a fraud check, but it was fine. Took a few mins to show in the Co-Op app, but the transfer back out was instant.

Setup the Regular Saver on Friday and that appeared in the app. Will wait until next week now to fund it and start the 12 month term.

Must say, so far, so good..

what's this thing about having to phone up to register your card if you want to use it online? I don't think any other bank requires that!

If you think that's unusual, just try going into one of their branches. I visited a Co-op branch last year and despite having my debit card and up to date passport with me I still had to confirm some of my memorable info and set up some more security questions before they even let me make a cash deposit, apparently they make all customers do this when they visit a branch for the first time.

TheBanker

Bridlington1 said:

TheBanker said:

Marcoos said:

Couple more debit card payments and I 'should' have the criteria fulfilled for the £75. 

Direct debits with Paypal and 30p setup on Friday, and now showing on my account in the app. Money hasn't been taken yet, but that's just a day or two. But hopefully them being there is enough to be considered 'active'. 

Moved £1k in and out again, must admit I was bricking it in case the transfer got stopped for a fraud check, but it was fine. Took a few mins to show in the Co-Op app, but the transfer back out was instant.

Setup the Regular Saver on Friday and that appeared in the app. Will wait until next week now to fund it and start the 12 month term.

Must say, so far, so good..

what's this thing about having to phone up to register your card if you want to use it online? I don't think any other bank requires that!

If you think that's unusual, just try going into one of their branches. I visited a Co-op branch last year and despite having my debit card and up to date passport with me I still had to confirm some of my memorable info and set up some more security questions before they even let me make a cash deposit, apparently they make all customers do this when they visit a branch for the first time.

I won't be going into a branch any time soon, my nearest one is 48 miles away (and I do not live in the middle of nowhere!).

Several decades ago, my mum used to get a weekly cheque for her wages which she used to cash in a little kiosk that was in the corner of the Co-op supermarket. I will reserve judgement until I've been a customer for a bit longer but it doesn't feel like they've moved on much from those days! Even their branch locator is antiquated - just a list of branches, no ability to search by postcode etc. 

I requested a Faster Payment to Chase at about 7am. Got a text just after 9am asking me to reply 'yes' to confirm it wasn't fraud. I did so and the payment finally arrived with Chase at about 11am.I'm a new customer and they have to do fraud checks (heck, I work in banking so know exactly how fraud checks work) - but that just seems a bit odd.

HillStreetBlues

Marcoos said:

£75 paid!

Further info

Switch started - 25/06
Completed - 19/07
£1k paid in - 23/07
Last debit card transaction cleared - 24/07

I've got 2 directs debits setup and showing, but nothing taken from them yet. I've now got till 10/09 to setup and fund the Regular Saver. Which is already setup, so can now go ahead and fund

I got that message as well, but it's different to the T&Cs of the offer.

3.2 Has opened a Regular Saver account by 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 (“the qualifying Regular Saver
account”)

According to that you need to open RS by 31/08