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

Yorkshire_Pud

WillPS said:

Yorkshire_Pud said:

WillPS said:

Yorkshire_Pud said:

I’ve got a credit card with co op which works fine. I applied for a current account three or four times over the last year or so hoping to qualify for an incentive but was rejected each time with non helpful ‘reasons’ . Their App is basic functionality and they’ve even managed to stop me being able to use biometrics to log in, I have to use the six digit log in number. Clearly they don’t have the money to invest in themselves, maybe it will improve if they are taken over by CBS, hard to imagine it won’t.

I used to have five Coop current accounts several years ago receiving TCB cashback and the quite good co op rewards, all gone now.

I believe the real reason I get constantly rejected nowadays by Coop is because of my accounts in the past although there was no problem in my conduct with any of them. I can’t blame them really but they are out of kilter with the way banks and their customers interact.

So I won’t be applying again! Most of the info in threads about coop incentives is about applicants confusion with terms and conditions. Not worth the brain ache.

Did you get rejected even for the Cashminder (basic) account? If so, your suspicion is probably correct and there's some kind of flag against you.

I only applied for the standard current account. I’ve applied for over a hundred current accounts I guess and only ever been turned down three times, all coop in the last year or so. The first time it was ‘because of something on my credit report’ and advised me to look it up with Equifax/clearscore. I thought 987 out of 999 score was quite good and there were no red flags or problems I could see!
So they just wasted my time with obscure false ‘reasons’. I’m blacklisted for sure.

I doubt you're blacklisted, otherwise they'd have closed your credit card. Co-op Bank use Experian, not Equifax and certainly won't see your credit score so you can disregard that. Can you see if they did actually perform a credit search on you when you applied? 

At the time they did say it was Equifax hence I followed up by registering with clearscore as it’s free, no search. Ditto Experian when I checked, who I was already with. Never ever been refused a current account before or since!

Bridlington1

Yorkshire_Pud said:

WillPS said:

Yorkshire_Pud said:

WillPS said:

Yorkshire_Pud said:

I’ve got a credit card with co op which works fine. I applied for a current account three or four times over the last year or so hoping to qualify for an incentive but was rejected each time with non helpful ‘reasons’ . Their App is basic functionality and they’ve even managed to stop me being able to use biometrics to log in, I have to use the six digit log in number. Clearly they don’t have the money to invest in themselves, maybe it will improve if they are taken over by CBS, hard to imagine it won’t.

I used to have five Coop current accounts several years ago receiving TCB cashback and the quite good co op rewards, all gone now.

I believe the real reason I get constantly rejected nowadays by Coop is because of my accounts in the past although there was no problem in my conduct with any of them. I can’t blame them really but they are out of kilter with the way banks and their customers interact.

So I won’t be applying again! Most of the info in threads about coop incentives is about applicants confusion with terms and conditions. Not worth the brain ache.

Did you get rejected even for the Cashminder (basic) account? If so, your suspicion is probably correct and there's some kind of flag against you.

I only applied for the standard current account. I’ve applied for over a hundred current accounts I guess and only ever been turned down three times, all coop in the last year or so. The first time it was ‘because of something on my credit report’ and advised me to look it up with Equifax/clearscore. I thought 987 out of 999 score was quite good and there were no red flags or problems I could see!
So they just wasted my time with obscure false ‘reasons’. I’m blacklisted for sure.

I doubt you're blacklisted, otherwise they'd have closed your credit card. Co-op Bank use Experian, not Equifax and certainly won't see your credit score so you can disregard that. Can you see if they did actually perform a credit search on you when you applied? 

At the time they did say it was Equifax hence I followed up by registering with clearscore as it’s free, no search. Ditto Experian when I checked, who I was already with. Never ever been refused a current account before or since!

From what I can gather it sounds like they may just have decided to ban you from opening further accounts but are happy for you to continue using your existing accounts.

For what it's worth I'm in a similar(ish) position to you in the sense that I opened several TSB current accounts on a single day in August 2022, which they quickly closed, but they let me keep my existing accounts and these have continued to function as normal.

They haven't let me open any new accounts since though so I've been unable to benefit from TSB's switching offers and regular savers since. They will still let me upgrade my account into new account types though so I'll still keep my existing TSB current account just on the off chance they launch a more competitive reward account that I could convert it into at a later date.

I may try my luck at applying for new accounts with them in, say 5-10 years time in the hope that they will lift this restriction at some stage but I doubt I'll be successful in these efforts.

Yorkshire_Pud

Bridlington1 said:

Yorkshire_Pud said:

WillPS said:

Yorkshire_Pud said:

WillPS said:

Yorkshire_Pud said:

I’ve got a credit card with co op which works fine. I applied for a current account three or four times over the last year or so hoping to qualify for an incentive but was rejected each time with non helpful ‘reasons’ . Their App is basic functionality and they’ve even managed to stop me being able to use biometrics to log in, I have to use the six digit log in number. Clearly they don’t have the money to invest in themselves, maybe it will improve if they are taken over by CBS, hard to imagine it won’t.

I used to have five Coop current accounts several years ago receiving TCB cashback and the quite good co op rewards, all gone now.

I believe the real reason I get constantly rejected nowadays by Coop is because of my accounts in the past although there was no problem in my conduct with any of them. I can’t blame them really but they are out of kilter with the way banks and their customers interact.

So I won’t be applying again! Most of the info in threads about coop incentives is about applicants confusion with terms and conditions. Not worth the brain ache.

Did you get rejected even for the Cashminder (basic) account? If so, your suspicion is probably correct and there's some kind of flag against you.

I only applied for the standard current account. I’ve applied for over a hundred current accounts I guess and only ever been turned down three times, all coop in the last year or so. The first time it was ‘because of something on my credit report’ and advised me to look it up with Equifax/clearscore. I thought 987 out of 999 score was quite good and there were no red flags or problems I could see!
So they just wasted my time with obscure false ‘reasons’. I’m blacklisted for sure.

I doubt you're blacklisted, otherwise they'd have closed your credit card. Co-op Bank use Experian, not Equifax and certainly won't see your credit score so you can disregard that. Can you see if they did actually perform a credit search on you when you applied? 

At the time they did say it was Equifax hence I followed up by registering with clearscore as it’s free, no search. Ditto Experian when I checked, who I was already with. Never ever been refused a current account before or since!

From what I can gather it sounds like they may just have decided to ban you from opening further accounts but are happy for you to continue using your existing accounts.

For what it's worth I'm in a similar(ish) position to you in the sense that I opened several TSB current accounts on a single day in August 2022, which they quickly closed, but they let me keep my existing accounts and these have continued to function as normal.

They haven't let me open any new accounts since though so I've been unable to benefit from TSB's switching offers and regular savers since. They will still let me upgrade my account into new account types though so I'll still keep my existing TSB current account just on the off chance they launch a more competitive reward account that I could convert it into at a later date.

I may try my luck at applying for new accounts with them in, say 5-10 years time in the hope that they will lift this restriction at some stage but I doubt I'll be successful in these efforts.

The joke is my coop credit card is a Cooperative Member credit card as I’m a member of my regional coop with voting rights! Quite like the yellow colour of the card 😊 Guess the bank administers the card on their behalf as the bank is standalone ethical hedge fund bank now.

Well I couldn’t resist another go so just applied again for the current account. If I don’t get it I’m definitely blacklisted.

Well I never! Accepted subject to a few checks. Now I have to find two new DDs it’s all work lol.

SickGroove

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.

Rawrzy

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.

There's nothing in the rules against opening the account early. The £50 deposit requirement doesn't start till you get the initial £75 though. So you could do either.

adindas

I understand that Coop no longer pay £1 monthly incentive if you meet the requirement.

Is there any good reason to keep this account ? What I am thinking here is that to close this account and then open a new one to take advantage of future switching incentive if something available in the market.

Would like to learn the pro and contra of closing this Coop current account.

WillPS

adindas said:

I understand that Coop no longer pay £1 monthly incentive if you meet the requirement.

Is there any good reason to keep this account ? What I am thinking here is that to close this account and then open a new one to take advantage of future switching incentive if something available in the market.

Would like to learn the pro and contra of closing this Coop current account.

Access to the 7% Regular Saver is the only compelling one right now. There's also a range of exclusive credit cards but none of them are much to shout about.

gsmh

adindas said:

I understand that Coop no longer pay £1 monthly incentive if you meet the requirement.

Is there any good reason to keep this account ? What I am thinking here is that to close this account and then open a new one to take advantage of future switching incentive if something available in the market.

Would like to learn the pro and contra of closing this Coop current account.

Ethics? The Co-operative Bank is ranked second to the awful Triodos in the ethical stakes. Ethical choices are always about compromises and currently (I reserve the right to change my mind in the future) I find the account perfectly serviceable. I like it. It's the reason I'm using it.

WillPS

Just had an email about this offer - encouraging me to switch "by July 5th".

Zaul22

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.