Co-op £160 Everyday Extra Switch Offer 15/7/24-10/8/24

Bridlington1

Good evening,

I haven't seen this mentioned on another thread yet but Co-op are doing a £160 switching offer for switching into their Everyday Extra current account (£15/mth fee, non-fee accounts are excluded from this offer).

The offer is available to new and existing Everyday Extra account customers who have not received or are waiting to receive a Co-op switching offer since 1/11/22.

To get the offer you need to do the following within 30 days of the switch completing:

• Deposit £1,000
• Have two active Direct Debits or standing orders set up
• Make five debit card transactions
• Register for our online banking services or mobile app.

You can then get a further £10/mth if you qualify for the £100 and on the 20th calendar day of each of the six months following the month in which you receive the £100 switch incentive:

• Have at least 2 active direct debits or standing orders in place on the qualifying Everyday Extra current account (this can include any that are transferred as part of the switch)
• make a minimum of 5 debit card transactions (pending transactions will not count towards the total) from the qualifying Everyday Extra Current account (this includes any digital wallet transactions) in the qualifying month;
  

The qualifying period for each month is defined as the 1st of the month, until the 20th of the month inclusive. All debit card transactions must be made between these dates.

https://www.co-operativebank.co.uk/products/bank-accounts/switch-offer/

For future reference the Ts&Cs have been archived to the wayback machine:
https://web.archive.org/web/20240718073027/https://www.co-operativebank.co.uk/products/bank-accounts/switch-offer/

quicksilverfox

Thanks, this doesn't seem to be worth jumping through the hoops each month unless you can make use of the extra stuff for that £15 a month brings

WillPS

What a weirdly restrictive monthly window. I could understand if they stated 20th but really meant month, just allowing a big window for pending transactions to complete before month end - but they're saying pending transactions won't count...

It won't stop the hardened switchers, who know well to get everything done on the first, but it feels like they're making it as easy as possible for customers actually using the account to miss out!

Bridlington1

For what it's worth I am a serial switcher myself and if I were eligible for this offer even I would be giving it a miss (takes some doing) for the following reasons:

The £10/mth would still leave me £5 down post fee and in return for the fee I would be getting insurance, none of which I am likely to use during the offer period (haven't been abroad since 2019, don't drive and my smartphone only cost £29.99 brand new a couple of years back so isn't worth insuring). 

The only part of the offer worth me having therefore is the initial £100 and even then I would be needing to pay at least a month or two's worth of fees whilst waiting to get it, taking me to £70 profit at best. 

I note as well that that eligibility cut off remains suck at 1/11/22 so it is perfectly possible that a more profitable offer will come along from Co-op soon enough with the same cut off, without affecting eligibility for future offers so it seems to me that it is worth holding out for a better offering/one that isn't exclusive to their reward account.

steven141

It is also not as good as the Royal Bank of Scotland Reward Silver account where you pay £10 per month for similar benefits but get £5 per month back. The only benefit is getting the extra £100 from this offer but if you aren’t eligible for that it doesn’t seem worthwhile. 

goatfaced

In the article it says the fee is taken care of for ten months by the cashback, but £10 cashback doesn't cover a £15 fee, and it's for 6 months not ten. Unless there's a separate offer to waive the fee for ten months, but I can't find anything about that. 

orange-juice

I previously received a switching bonus from coop when I shouldn't have so am in two minds whether to give this a shot. It says:

>"When will I receive the switch incentive payment?

Once you’ve switched to an eligible current account, you have 30 calendars days to make sure you meet all the other switch incentive eligibility criteria.

If you meet all the criteria, you’ll receive the payment within 40 calendar days of your switch completing."

so essentially it's a £70-£85 switching bonus (£100 - 1 or 2 months of £15 fee deductions)? If I was doing this offer, I'd probably close or switch the account as soon as the bonus was received, if that's possible as the packaged bank account offerings don't interest me that much?

WillPS

goatfaced said:

In the article it says the fee is taken care of for ten months by the cashback, but £10 cashback doesn't cover a £15 fee, and it's for 6 months not ten. Unless there's a separate offer to waive the fee for ten months, but I can't find anything about that. 

10 x £15 = £150.

£160 is what they're paying out, so it's accurate - just the payout schedule isn't aligned.

Bridlington1

Offer end date has now been confirmed:

swinstan

I've just done a switch to the Everyday Extra Account thinking the travel insurance would make it a good deal for me. My opinion is don't - just don't! The service has been truly awful throughout - from opening to transferring the old account over. And as for the travel insurance, the medical assessment states I'm covered for the respiratory infection I had last year so had to report - but later, almost at the end in of the document, the small print there's a list of exclusions (sneaky or what?) and it excludes cover for chest infections. Who knows what the difference is.