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  • FIRST POST
    • Tubbss
    • By Tubbss 14th Oct 11, 7:41 PM
    • 436Posts
    • 8,634Thanks
    Tubbss
    Co-Op bank - £200 if you switch to them
    • #1
    • 14th Oct 11, 7:41 PM
    Co-Op bank - £200 if you switch to them 14th Oct 11 at 7:41 PM
    On Monday 17/10, co-op start a limited offer - switch your banking to them using their switching service, pay in minimum of £800 per month then after the 3rd month they will credit your account with £200!
    You must switch at least 2 direct debits, and this offer doesnt include the cashminder account.
Page 3
    • adindas
    • By adindas 17th Oct 11, 1:49 PM
    • 4,204 Posts
    • 2,698 Thanks
    adindas
    I think here we need to be careful with "Plus account" if we want to avoid monthly payment of £800. It does say :

    "Minimum £800 a month deposit" it does not say after three month this requirement could be avoided.

    We still need confirmation from people who went into the process to be 100% sure.

    Standard current account does not require a continuous "Minimum £800 a month deposit".

    We just need to pay the first three months to get Incentives, if the incentives is paid and we could stop it. So it is defenitely a better way to go if the intention is just to get £200.00.

    "All customers - to qualify you must switch a minimum of 2 Direct Debits and/or standing orders from another provider and pay in a minimum of £800 per month for the first 3 months from the date of your completed switch. "



    AdINDAS

    As I read it, the offer also applies to the Standard account as well as the Plus account. With this, you don't get the £200 fee-free overdraft, but you don't have to keep paying in £800 after the first 3 months.

    As usual, got surprised by the questions and caught by the timeout and had to start again.

    They want to know gross annual income and net monthly income, and monthly council tax. And your main current account (thought this had better be the one I'm switching).

    Then they want a password to save your application. Then they say "your email address has already got a different password, Use the same password as before, or a different email address." I haven't got a different email address. And if they know it, it's because I had a credit card a zillion years ago, so like of course I remember my password. At this point I start wondering if this is a good idea. Does nobody check these things for stupidity?
    Originally posted by pqrdef
    Last edited by adindas; 17-10-2011 at 4:03 PM.
    • adindas
    • By adindas 17th Oct 11, 1:54 PM
    • 4,204 Posts
    • 2,698 Thanks
    adindas
    Oopps just have a look. Based on the wording it should be like that.
    Whether this is what they actually mean or ithis is just a glitch but they will honour it, we need to hear from people experience. Other Bank will normally require switching to be at least 2DDs AND 2SOs.

    Last year I opened one of their privilage a/c to get free insurance but I just managed to close this a/c a few weeks ago. I fully hope they will not be able to trace this and hoping to get another £200.00 as additional pocket money for my next holiday.

    Its a minimum of 2 Direct Debits and/or standing orders NOT BOTH

    so if you have an account with 2 no. dummy standing orders, say £10 every month to 2no. of your savings account..you should still qualify
    Originally posted by stuzhunter
    Last edited by adindas; 17-10-2011 at 3:50 PM.
    • horngkai
    • By horngkai 17th Oct 11, 1:59 PM
    • 565 Posts
    • 311 Thanks
    horngkai
    For accounts such as this that requires one to bank in a certain amount of money per month, does that means you will need to have a salary enough to do so or would they be happy for you to apply if your money is not coming solely from salary only?
    • CharlieBilly
    • By CharlieBilly 17th Oct 11, 2:06 PM
    • 1,472 Posts
    • 1,323 Thanks
    CharlieBilly
    So in order to switch you need a bank account that has at least 2 direct debts or standing orders

    From pdf from there web site


    Complete the ĎSwitching Formí opposite, sign it and return it to us. Once we receive your
    switching form we will contact your previous bank and ask them for a full list of your Direct
    Debits and standing orders. Keep the 'Credit Redirection Notification form' safe as you'll need
    this later in the process.
    • Gromitt
    • By Gromitt 17th Oct 11, 2:07 PM
    • 4,981 Posts
    • 2,384 Thanks
    Gromitt
    "Minimum £800 a month deposit". Thats it. So as long as you can deposit that much a month (from anywhere, savings account if you wish), you should be OK. However, they do ask for your salary, so they may refuse to open the Plus account if your salary is less than the requirement.
    • noh
    • By noh 17th Oct 11, 2:09 PM
    • 5,332 Posts
    • 3,642 Thanks
    noh
    For accounts such as this that requires one to bank in a certain amount of money per month, does that means you will need to have a salary enough to do so or would they be happy for you to apply if your money is not coming solely from salary only?
    Originally posted by horngkai
    Doesn't need to be salary. You can transfer money in from other external sources.
  • watcher1
    I believe that it is clear:

    Use the Co-operative Switching service to move all your DDs and SOs from your account with another bank, credit the account with at least £800 for the following 3 months... and voila... £200 cashback.

    This means that you need to have 2 DDs OR SOs in the account that you are switching from, as all the DDs and SOs will be moved.

    You do not need to close your existing account and you do not need to pay the £800 just from your salary, just so long as it is £800 or over.
  • sjgore
    Well I applied for this at about 10am this morning, and got an "application accepted" e-mail about 1pm. I applied through NHS Discounts to get £225 in total.

    E-mail said paperwork will be received in "the next few days".

    I do not intend to close my existing bank account, so we'll see how it goes. Experience of switching previously is that you get a pre-written pre-printed form to send to your old bank, but the new bank have no way of knowing whether you use it or not.
    • sugarcube84
    • By sugarcube84 17th Oct 11, 3:50 PM
    • 542 Posts
    • 553 Thanks
    sugarcube84
    Ive just applied for this im going to transfer all my d/d's and s/o's and transfer a lump sum each month to cover all my bills. It should hopefuly help me budget a little bit better and help deal with my overdraft.

    I will let everyone know how i get on with the switching process.
    DFD September 2017
    • adindas
    • By adindas 17th Oct 11, 3:55 PM
    • 4,204 Posts
    • 2,698 Thanks
    adindas
    You defenitely do not need to close your old a/c. Switching have been going on for ages and there is not any case that you have to close your old account.

    Well I applied for this at about 10am this morning, and got an "application accepted" e-mail about 1pm. I applied through NHS Discounts to get £225 in total.

    E-mail said paperwork will be received in "the next few days".

    I do not intend to close my existing bank account, so we'll see how it goes. Experience of switching previously is that you get a pre-written pre-printed form to send to your old bank, but the new bank have no way of knowing whether you use it or not.
    Originally posted by sjgore
    • hethmar
    • By hethmar 17th Oct 11, 3:56 PM
    • 10,401 Posts
    • 9,828 Thanks
    hethmar
    Id like to take advantage but Im a bit wary of closing a long standing bank account - which is what Id be doing if I switch isnt it? I still have 3 Lloyds vantage accounts on the go, one of which is a main account. Not sure if it would get a bit messy
    • ses6jwg
    • By ses6jwg 17th Oct 11, 3:58 PM
    • 5,203 Posts
    • 5,820 Thanks
    ses6jwg
    So if I set up 2x standing orders from my unused Nationwide Flex Account to my main current account, switch those accross, then pay in £800 from my main account to the new co-op account for a few months, I will get £200?
    • adindas
    • By adindas 17th Oct 11, 4:00 PM
    • 4,204 Posts
    • 2,698 Thanks
    adindas
    sjgore;

    Do you switch with 2SOs and 2DDs or just 2SOs.
    From the wording it should be either or but we will never know ? If only 2SOs are required it is very straight forwards. We just need to establsih 2 dummy SOs in value of 1p or £1 to our other a/cs.

    I am asking because normally the banks will require at least 2SOs and 2DDs active in our a/c.


    Well I applied for this at about 10am this morning, and got an "application accepted" e-mail about 1pm. I applied through NHS Discounts to get £225 in total.

    E-mail said paperwork will be received in "the next few days".

    I do not intend to close my existing bank account, so we'll see how it goes. Experience of switching previously is that you get a pre-written pre-printed form to send to your old bank, but the new bank have no way of knowing whether you use it or not.
    Originally posted by sjgore
  • CBGPR
    The best number to call if you are interested in the offer is 0800 022 3510

    Since any "dedicated" account switching service is just a wrapper around those provided by BACS (the company), I would not be afraid to guess that all of them should work just the same.

    But that's not enough on here - co-op's printable switching form includes a section:

    "Would you like to receive a copy of the list of payments provided by your previous bank before we transfer the payments?
    (please be aware that choosing this service will lengthen the account switching process)"

    Originally posted by chexum
    • finder
    • By finder 17th Oct 11, 5:05 PM
    • 110 Posts
    • 40 Thanks
    finder
    I am a smile.co.uk customer; I am not finding any information as to whether I am classed as an existing customer (smile belongs to the coop) or I should just close my smile account and open a new coop bank account. Is anybody in the same situation?

    Cheers
    • phred
    • By phred 17th Oct 11, 5:07 PM
    • 90 Posts
    • 19 Thanks
    phred
    I applied this morning and it looks like I've been accepted as I have received the following email:

    Thank you for your recent application for a Current Account Plus through our website at www.co-operativebank.co.uk.
    We're delighted to tell you that subject to a few formalities, your application has been approved.
    In the next few days you'll receive the paperwork and information for your new account.
    If you have any questions about your application, please phone us on 08457 240 752, and we'll be happy to help you.
    Thanks
    The Co-operative Bank
    • adindas
    • By adindas 17th Oct 11, 5:20 PM
    • 4,204 Posts
    • 2,698 Thanks
    adindas
    Congratulation phred;
    Did you switch with 2SOs and 2DDs or just 2SOs to get approved ?


    I applied this morning and it looks like I've been accepted as I have received the following email:

    Thank you for your recent application for a Current Account Plus through our website at www.co-operativebank.co.uk.
    We're delighted to tell you that subject to a few formalities, your application has been approved.
    In the next few days you'll receive the paperwork and information for your new account.
    If you have any questions about your application, please phone us on 08457 240 752, and we'll be happy to help you.
    Thanks
    The Co-operative Bank
    Originally posted by phred
    • hethmar
    • By hethmar 17th Oct 11, 5:26 PM
    • 10,401 Posts
    • 9,828 Thanks
    hethmar
    If you fill in the application form you have to give details of the bank account you want to switch. You then have 14 days after your new account is approved to do the switch. So Im guessing that the co op wont know if phred has an eligible account to switch until he authorises the action and they will then check.
    • IrishGypsy
    • By IrishGypsy 17th Oct 11, 5:36 PM
    • 331 Posts
    • 195 Thanks
    IrishGypsy
    Just keep an eye out for point 9 which reads:

    "A credit of £200 will then be paid into your account within 4 months of the above criteria being met."

    Seems like it could be anytime after month 3 - 7 before the £200 is paid. So in theory, I can set up a dummy account to switch and use two £400 standing orders into my wifes existing unused current account (also to switch for £200) and these 2 SO's combined make up the £800 we both need to fund for the next 7 months tops (and also mean the 2 mandates required are covered at the same time ).

    Sounds like a cunning plan...

    Also of point on their website:

    "To qualify you must switch a minimum of 2 Direct Debits and/or standing orders from your current bank account."

    Doesn't have to be both...
    • phred
    • By phred 17th Oct 11, 7:03 PM
    • 90 Posts
    • 19 Thanks
    phred
    Adindas said :
    Congratulation phred;
    Did you switch with 2SOs and 2DDs or just 2SOs to get approved ?


    I only have two direct debits (mortgage and Council Tax) with my transferring bank, RBS.
    I assume they will wait and see if I satisfy their conditions before giving me the £200.

    I don't know the process they went through before sending me the above email; maybe just a credit check?

    I would have expected that other applicants would have received similar notifications by now as I got the acceptance email within 3 hours of applying.
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