Don't do it.

The Telegraph are reporting (today) that the bank may collapse
http://www.telegraph.co.uk/business/2017/02/04/walls-theco-op-finally-come-tumbling/

How is 4 direct debits a killer?...

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

4 active DD s put me off

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?

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.

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

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

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?

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.

How is 4 direct debits a killer?...

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

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.

​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 :wink:

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?

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.

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

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.

Way too much hassle for such little gain.

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

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!

Don't do it.

The Telegraph are reporting (today) that the bank may collapse
http://www.telegraph.co.uk/business/2017/02/04/walls-theco-op-finally-come-tumbling/

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.

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.

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

£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.

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

​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? :stuck_out_tongue:

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

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.

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

voted hot :smiley:

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

4 active DD s put me off