Get up to £5.50/month with 'Everyday Rewards' from cooperative bank
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Get up to £5.50/month with 'Everyday Rewards' from cooperative bank

13
Found 11th Jan 2016
Everyday rewards from cooperative bank - details in first reply below

Get up to £5.50 per month for banking with the coop and meeting certain criteria - see first reply. Opt in at no cost.
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    Original Poster
    What is Everyday Rewards?
    This is a scheme you can opt into at no extra cost, which rewards you for Everyday Banking each month.
    Rewarding you up to £5.50 each month
    To be rewarded £4 every month, you need to do the following in a calendar month
    Pay in a minimum of £800 to the nominated account*.
    Stay in credit, or within your agreed formal overdraft limit on the nominated account.
    Log in to Online Banking or the Mobile Banking app at least once during the month.
    Remain opted in for Paperless Statements.
    Pay out at least four Direct Debits from your nominated account.
    If you do not meet all of the qualifying criteria above in any month - for example, if you pay less than £800 into your nominated account in July - you won't earn Rewards for that month.
    *Transfers from other Co-operative Bank, Britannia and smile accounts do not count.

    To be rewarded up to an additional £1.50
    If you meet the full qualifying criteria, you'll be rewarded an extra 5p every time you use your debit card to pay for things, up to a maximum of £1.50 a month.
    You can only earn Everyday Rewards on one account at a time.

    Opt in by phone or in branch
    faipdeooiad

    What is Everyday Rewards?This is a scheme you can opt into at no extra … What is Everyday Rewards?This is a scheme you can opt into at no extra cost, which rewards you for Everyday Banking each month.Rewarding you up to £5.50 each monthTo be rewarded £4 every month, you need to do the following in a calendar monthPay in a minimum of £800 to the nominated account*.Stay in credit, or within your agreed formal overdraft limit on the nominated account.Log in to Online Banking or the Mobile Banking app at least once during the month.Remain opted in for Paperless Statements.Pay out at least four Direct Debits from your nominated account.If you do not meet all of the qualifying criteria above in any month - for example, if you pay less than £800 into your nominated account in July - you won't earn Rewards for that month.*Transfers from other Co-operative Bank, Britannia and smile accounts do not count.To be rewarded up to an additional £1.50 If you meet the full qualifying criteria, you'll be rewarded an extra 5p every time you use your debit card to pay for things, up to a maximum of £1.50 a month.You can only earn Everyday Rewards on one account at a time.Opt in by phone or in branch




    4 direct debits from an account that you will most likely use to get only the benefits (£66 year) is extreme. this bank together with a couple of others in the UK are extremely unsafe (check the stress testings etc). sorry but cold from me.
    Bubuka83

    4 direct debits from an account that you will most likely use to get only … 4 direct debits from an account that you will most likely use to get only the benefits (£66 year) is extreme. this bank together with a couple of others in the UK are extremely unsafe (check the stress testings etc). sorry but cold from me.

    Being covered up to £75,000 per customer by the FSCS is not "extremely unsafe".
    4 direct debits? Too much work to get the £4 and as for the debit card offer you have to make 30 transactions to get the max reward. Only worth I I you can do 30 x £1 transactions otherwise you would be better off spending with a different card such as Amex cashback, TSB 5% or se other reward card.

    I don't see many people opening a bank account when the other banks offer much better deals.
    Wow only a fiver a month? That's pretty cold.
    4 Direct Debits a month. Very poor !!
    Don't know why everyone is moaning so much. My wife and I have had a Privilege Premier account with them for a while now, as it was the best packaged account available at the time we opened it, and we are already meeting the criteria. This means that the monthly fee will effectively go down to £10/month.

    Ok, this may not be the best offer on the market for those looking for a new account. But it's good for us existing customers.
    Original Poster
    benjus

    Don't know why everyone is moaning so much. My wife and I have had a … Don't know why everyone is moaning so much. My wife and I have had a Privilege Premier account with them for a while now, as it was the best packaged account available at the time we opened it, and we are already meeting the criteria. This means that the monthly fee will effectively go down to £10/month.Ok, this may not be the best offer on the market for those looking for a new account. But it's good for us existing customers.


    The way this has been received, you'd have thought I'd suggested euthanising children under 5
    If you already have this as your main account then you would almost definitely be better with a different account: Halifax reward £5 a month but you only need 2 direct debits
    TSB has 5% interest, 5% regular saver and 5% cashback on contactless payments, no direct debit requirement

    It only makes sense to go for this co-op account if you already have a better account and are just getting it for the £4 monthly reward and can conjure up 4 direct debits.
    crumpetman

    If you already have this as your main account then you would almost … If you already have this as your main account then you would almost definitely be better with a different account: Halifax reward £5 a month but you only need 2 direct debitsTSB has 5% interest, 5% regular saver and 5% cashback on contactless payments, no direct debit requirementIt only makes sense to go for this co-op account if you already have a better account and are just getting it for the £4 monthly reward and can conjure up 4 direct debits.



    We chose the Privilege Premier account for a joint account as we wanted travel insurance, Europe-wide breakdown cover and mobile phone insurance. This looked like a cheap and low-hassle way to get that cover for both of us. I suppose it's possible that we could save a couple of £ per month by taking out all those insurance policies separately and moving to a different bank account, but I can't see the savings being enough to justify the hassle.
    benjus

    Don't know why everyone is moaning so much. My wife and I have had a … Don't know why everyone is moaning so much. My wife and I have had a Privilege Premier account with them for a while now, as it was the best packaged account available at the time we opened it, and we are already meeting the criteria. This means that the monthly fee will effectively go down to £10/month.Ok, this may not be the best offer on the market for those looking for a new account. But it's good for us existing customers.



    But its irrelevant to new customers as these accounts are no longer offered.
    stiffnuts

    But its irrelevant to new customers as these accounts are no longer … But its irrelevant to new customers as these accounts are no longer offered.



    Even if it's only useful for people that already have privilege/privilege premier accounts, or people that bank with the Co-op for some other reason (e.g. they like to visit the bank in person and it's the only bank with a branch near where they live) it's still worth posting on this site and worthy of a bit of heat IMO.
    Edited by: "benjus" 12th Jan 2016
    Tempted. I'm already with the Co-op and have plenty more than four DD's. The only thing I'd have to do would be to sign up for paperless billing.
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