Coop 7% saver but no longer a customer

icedms

Hi I’ve just switched from the Coop bank, will I lose access to the 7% interest Regular Savings account now I’m no longer a customer? 
TIA 

wmb194

icedms said:

Hi I’ve just switched from the Coop bank, will I lose access to the 7% interest Regular Savings account now I’m no longer a customer? 
TIA 

So you're still a customer but don't have a current account. Presumably you can still login to internet banking and see it; you mean can you continue to contribute to it?

It looks like the terms only mention needing a current account to open the account, not to keep it, but if you're worried opening a new current account would be the simple solution. Or close it, I suppose.

https://www.co-operativebank.co.uk/pdfs/bank/savings/regular-saver/regular-saver-welcome-guide.pdf

allegro120

icedms said:

Hi I’ve just switched from the Coop bank, will I lose access to the 7% interest Regular Savings account now I’m no longer a customer? 
TIA 

You shouldn't loose the access to Regular Saver, but you will need current account to open a new Regular Saver when your existing one matures.  I would open a new Co-op current account now, so there's no need to worry about it in future.  

vacheron

Similar situation, I had a Natwest Regular Saver that I was paying the max of £150 per month into but later switched the Natwest current account to another provider.

However the the switch also transferred the standing order to the Natwest regular saver so it kept getting paid into.

I just left it going as the APR was over 7% (it's still 6%) and thought it would revert after 12 months, but it has been going for over 4 years now so is sitting at just under £5K and still paying the 6% PA interest on that whole balance back into the account every month. 

The only issue is that I can't withdraw to anything other than a Natwest account, so I have had to open a new Natwest current account which is now sitting dormant in case I ever needed to withdraw the funds in a hurry.  

roked

I did it a couple of years ago and it was not a problem, the RS continued to maturity and then I withdrew from the easy access saver it became. 
As mentioned on here though, you cant open a new one unless you have a current account. It took me 3 months to get a new current account opened (even though I still had the savings account) as the application kept failing and support was useless. I had to do a video call with their CS in the end to do it.
In hindsight, if I ever do it again, I will open a second current account first before switching. 

icedms

Thanks for the helpful responses. I will keep deposing until either the 12 month is up they advise I have to close it.
I’m not getting another account with them unless they offer a major incentive. They are the worst of all the banks i have been with and i’ve been with a few now thanks to MSE and the great advice from the forumS.

Hattie627

I switched my Co-op Bank current account for a switching bonus in late 2024 during the currency of my first annual Co-op RS which matured on 27 Feb this year. The Regular Saver (7%) carried on without a problem. I was funding it by monthly SO from an external current account. When the RS matured (with no loss of interest) into a Smart Saver account, I was able to move the funds direct to an external current account immediately.

I then opened a basic Cashminder current account with Co-op (this does not require a hard credit search). Being the Co-op, it took a few days to get it up and running. Once it was showing on my online account list, I was able to open a new Regular Saver. Again, being the Co-op, this took a few days from application to showing on my list of accounts and available for funding.

Not difficult but inevitably took a bit of time when it came to setting up the new RS.