Co-Op Switch - Have I done the right thing?

Fingerbobs

I opened a Co-Op current account last week, mainly to gain access to the 7% Regular Saver, but I also hoped to benefit from the £175 switch bonus too.

I applied for a switch (from a redundant Halifax account) on Monday - the switch application took the form of a sort of online PDF file, which I filled out and "signed" online. I received a copy of the completed PDF form by email, but at no point have I ever been given a switch date, and since submitting the form I have heard nothing.

I know the co-op is known to be slow, but I'm wondering - Is this the normal process? The online PDF thing seems a much more clunky way of doing things than I've ever experienced before, so I'm wondering if I've somehow gone off down a tangential route when applying for the switch and bypassed the usual system?

Thanks.

confederated

Perfectly normal for the Co-operative Bank. You will be informed of the switch date at some point. You will also get a confirmation letter in the post. I'm hoping the Coventry take-over will shake things up.

Rob5342

I switched to them a few months ago. They are extremely slow and old fashioned, and make Nationwide look up to date, but it all went through ok eventually.

flaneurs_lobster

I got a letter from the Co-op yesterday confirming the opening of my new Regular Saver.

The account has been open (and funded) for six weeks.

NFCo.

Nasqueron

Aside from the fact it takes about 20 minutes for a faster payment to register (vs about 3 seconds for every other bank), I have no problem with them, I've switched in, had the bonus, use the regular saver fine, for what it's needed, they do a decent job with a functional app

Fingerbobs

I must admit I haven't noticed that. I've made a few transactions in and out since opening the account, and they've all been pretty-much instant for me (by the time I've logged into the target bank the money is already there).

The debit card seems a bit thin and floppy. I fear for its longevity.

Weirdly, the option to see Direct Debits seems to have vanished from the app. I'm sure it was there when I first registered, because I remember it saying I had no Direct Debits, but I'm b******d if I can find it now, after setting two up.

EarthBoy

https://forums.moneysavingexpert.com/discussion/comment/81921770#Comment_81921770

Direct debits show under "Pay & Transfer" then "View or delete scheduled payments".

EarthBoy

https://forums.moneysavingexpert.com/discussion/comment/81921215#Comment_81921215

The application process for the Regular Saver was so slow and long winded that I gave up before the end. They asked for all the information they already had about me, and which I'd only provided two weeks ago, when I opened the current account. I got as far as it asking for a memorable name so that they could identify me, but this had to be eight characters long, and then I abandoned the process in frustration.

Fingerbobs

https://forums.moneysavingexpert.com/discussion/comment/81921807#Comment_81921807

Thank you! I was looking in all the wrong places 🙄

Two Direct Debits showing as planned - so I'm all set now, assuming the switch goes through.

Rob5342

Faster payments out were instant for me, incoming ones were a bit slow, they took a couple of minutes to show up but nowhere near 20 minutes. They are a very old fashioned bank so that doesn't surprise me really.

Fingerbobs

Just hit my first problem with the Co-Op. Trying to set up a Standing Order to punt £250 across from my Current Account to the linked Regular Saver each month, starting from next month, and it refuses to let me set it up because "You don’t have enough money in your account to send this amount" - I know I don't now, but I will have when the first payment date arrives! How stupid.

Presumably I have to deposit £250, so it lets me set up the Standing Order, then withdraw the £250 again.