£110 Switching Incentive to Switch to The Co-Op Bank
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£110 Switching Incentive to Switch to The Co-Op Bank

40
Found 4th FebMade hot 5th Feb
£110 when you switch to our current account.

Making your 2017 that little bit brighter.

New customers must complete a full switch to The Co-operative Bank using the Current Account Switch Service and switch at least 4 active Direct Debits. Offer can be withdrawn at any time. Excludes recipients of previous switching incentives.

Qualifying current accounts & criteria applies. Full switch with 4+ active direct debits. EU residents aged 16+. Subject to status. Terms apply. Excludes existing current account customers paying in £800+ & excludes recipients of previous switching incentives.

co-operativebank.co.uk/cur…unt

40 Comments

4 active DD s put me off

baldude

4 active DD s put me off



​pretty easy to setup 4 dds. charity is an easy one. for £1 each. or setup tesco saving accounts.

Doesn't look like it needs a minimum monthly cash deposit either!

LesD

Doesn't look like it needs a minimum monthly cash deposit either!



​​​​yes it does I believe it is £800 per month

voted hot

Can this all be done online or need to visit the branch?

4 DD IS A DEAL KILLER FOR ME.
I am going with TSB £125.00 and £5.00 back on the first £100.00 of contactless payments.Also 3% on £1500.00 account balance.And you only need 2 Direct debits.But you need to go through money saving expert.

How is 4 direct debits a killer?...

Mobile
Water
Gas and electric
Gym
Sky
BT
Council tax
Etc etc etc??

I'd hate to have 4 DD payments coming out every month!

benjammin316

I'd hate to have 4 DD payments coming out every month!



​Who are you the pope?

​Maybe 4DD is a serial deal killer that they're referring to whilst getting sidetracked about the issue of this being a hot deal or not?

Don't do it.

The Telegraph are reporting (today) that the bank may collapse
telegraph.co.uk/bus…ng/

pendrive2001

​Who are you the pope?



​That or he's 18 and living with his folks

frazzy123

Don't do it.The Telegraph are reporting (today) that the bank may … Don't do it.The Telegraph are reporting (today) that the bank may collapsehttp://www.telegraph.co.uk/business/2017/02/04/walls-theco-op-finally-come-tumbling/



​Thanks for that, had a man come to our business just last week from the federation of small businesses and one of the selling points was free business banking with the coop oO great deal but I don't like the uncertainty and nor will others. It could spell the end

£4 cashback a month and 5p cashback up to £1.50 per month for debit card transactions. It's a good deal.
Tsb or first direct better deals IMHO.
M and S deal was/is good for people who shop there regularly.

Halifax a better deal imho, no direct debits, no min pay in, £100 but changing to £75 from March.

Halifax is 2 direct debits and £750 a month pay in.

I've read the blurb and it seems a bit ambiguous to me. Is it £110 just for switching (if all criteria are met), plus £5.50 a month in rewards, or is the £110 actually made up of just the £5.50 per month 'rewards'?

the £5.50pm rewards pm looks like lots of hassle, with having to use their card several times to get 5p per time for part of the reward.

frazzy123

Don't do it.The Telegraph are reporting (today) that the bank may … Don't do it.The Telegraph are reporting (today) that the bank may collapsehttp://www.telegraph.co.uk/business/2017/02/04/walls-theco-op-finally-come-tumbling/


Really not a problem unless you have big savings over 85k+ Scare mongering

frazzy123

Don't do it.The Telegraph are reporting (today) that the bank may … Don't do it.The Telegraph are reporting (today) that the bank may collapsehttp://www.telegraph.co.uk/business/2017/02/04/walls-theco-op-finally-come-tumbling/



​the bank shouldn't collapse, non of the articles have any facts and all speculation. the bank will have a tough year but collapse is very unlikely

So what if it collapses? As said above, deposits up to 85k are covered (very unlikely it'll affect anyone reading this thread!) and anything you owe them won't change.
Take the money and enjoy! If it collapses, move elsewhere, what's the issue?

Exactly. Who'd have thought that a paper like the Telegraph would be capable of scaremongering? Grab the incentive, then move to another incentive if the worst happens with the Coop.

frazzy123

Don't do it.The Telegraph are reporting (today) that the bank may … Don't do it.The Telegraph are reporting (today) that the bank may collapsehttp://www.telegraph.co.uk/business/2017/02/04/walls-theco-op-finally-come-tumbling/



​The only thing I believe in newspapers is the date and even then I have to check it

rudplast

Halifax is 2 direct debits and £750 a month pay in.



​Correct the reward account is BUT the everyday account isn't

I applied for their last switching incentive through Moneysupermarket and CooP refused to pay out. Make sure you have verifiable proof of applying for this £110 incentive to show to Coop. They have bad reputation for not paying out. You have been warned!

rudplast

Halifax is 2 direct debits and £750 a month pay in.



This is correct. Monthly return has now dropped from £5 to £3 too.

Way too much hassle for such little gain.

Sentral

Way too much hassle for such little gain.



​accounting switching makes it no hassle.

seanjg

​accounting switching makes it no hassle.


It's worth £48 plus a potential extra £18 a year. Not bad for just banking. 4 dds is the tricky bit if you have other accounts. Not factoring in the £110 for the switch.
Edited by: "swellybro" 5th Feb

cliosport65

​​​​yes it does I believe it is £800 per month



Still can't see that. Wanna show me where it says it?

I switched to the co op a few months ago using the so called guaranteed switching service, result was 2 of my direct debits went unpaid, and they never even told me, I found out myself though checking my account and when I contacted them about it they said it was nothing to do with them and that they forwarded my new bank details to the mobile company and that was all they where required to do, I had to pay by debit card myself for the missed payments and set up 2 new direct debits for the contracts. Dont know if it affected my credit file but something to think about if you switch you do need to check dds are paid on the due day the first month, because the co op wont tell you if they are not or if they get cancelled as part of the switch to them.

Having said that they did pay out on the cash incentive and cashback from TCB at the time too so was worth while but i find them a bit limited so ill probably be switching after 6 months.

Edited by: "dm01" 5th Feb

bilbob

So what if it collapses? As said above, deposits up to 85k are covered … So what if it collapses? As said above, deposits up to 85k are covered (very unlikely it'll affect anyone reading this thread!) and anything you owe them won't change.Take the money and enjoy! If it collapses, move elsewhere, what's the issue?


Oh yeah, it will be no hassle getting your money out - I'm sure the government will refund you instantly and without any delay!

LesD

Still can't see that. Wanna show me where it says it?



​To get everyday rewards

Pay in a minimum of £800 to the nominated account.

but if you just want the switching bonus then you don't need to just set up 4 Direct Debits

the worst and I mean the worst bank I've had to deal with. so bad that I had to get the ombudsman involved. end result - they advised me it would be best if I banked elsewhere. that and compensation. I won't go into detail on the many goof ups they did but just be careful ppl.

masterbruce

How is 4 direct debits a killer?...MobileWaterGas and electricGymSky … How is 4 direct debits a killer?...MobileWaterGas and electricGymSky BTCouncil taxEtc etc etc??



​because not everyone want to switch their main account for the sake of incentive?

Everybody with a halifax cc should look at doing a switch. £3 reward is only 36 per year. If the Co. op pays 110 it's worth 3 years of halifax rewards. It might not be the best on the high street but it hammers the Halifax. heat from me.

There seems to always be a lot of these account switching incentives going around. To maximise profit you'd need to keep switching and pocket the money...just how often are you allowed to switch accounts to be eligible for these incentive payments?

HEAT, this could literally help fund my new Nintendo console purchase!

Nothing required for current account, it's the rewards account that needs dd's and £750 a month

Been with them for years ( Smile Account) never had a problem it's been my main account
amongst the other accounts I hold, I can give them a thumbs up.
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