BANK ACCOUNTS, CREDIT CARDS
Co-op closes £200 current account deal after two weeks
The Co-operative Bank is to shut down its £200 current account ‘switching’ deal after just two weeks on the market.
Compare Prepaid recently reported on the limited offer launched by the bank on 17th October. This deal involved handing out £200 to all those who switch their main current account/direct debits and pay at least £800 per month into a Co-operative bank account.
Customers were also told how they didn’t need to hold additional products with the bank, such as mortgages and savings, to qualify for the £200 bonus.
However, just two weeks after its launch the offer has already been revoked due to a huge demand.
According to This is Money, the bank has already stopped taking online and telephone applications for the account. The offer will now be taken off the shelves at the 342 Co-op branches around the UK.
When the deal was initially launched, Rod Bulmer, Retail Managing Director at the Co-operative Bank said; "Customers may be disillusioned with their current provider and we want to have the opportunity to prove that there are genuine alternatives to the big five banks.”
The bank is yet to confirm whether or not it will re-introduce the offer at a later date. This could mark the first of flash deals from various banks in a bid to stir up the market. As personal finances get tighter, many consumers are often looking for the best deal. Banks are now scrambling to win consumers over with cash back deals.
First Direct offers £100 if you transfer direct debits and pay £1,500 a month.
High quality customer service
The Co-op was recently voted as one of the leading high street banks in terms of the customer service they offer.
Ranking second in the Which? customer service poll, the Co-operative Bank took 79% of the votes, narrowly beaten by First Direct with 84%.
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