The Co-operative Bank launches current account rewards for everyday banking
11 January 2016
New and existing current account customers can earn up to £5.50 every month for going about their everyday banking
- Co-created with customers, there is no monthly or annual fee
- Customers can receive as cash or opt to donate their reward to one of five leading charities each month
The Co-operative Bank today launches a new current account reward scheme for new and existing customers to earn up to £5.50 each month for demonstrating simple, every day, banking behaviours.
'Everyday Rewards' is available to new customers who open the Bank's 'five star rated' Standard Current Account^ and has no monthly or annual fees. Account holders can opt in to earn rewards for every day banking behaviours, such as; receiving paperless statements, setting up at least four monthly direct debits and logging into online banking or their mobile app at least once a month.
Co-created with customers, the new 'Everyday Rewards' scheme recognises loyalty, so existing customers can nominate an eligible Co-operative Bank current account* that's already open and start earning rewards straight away.
Account holders can earn rewards of £4.00 a month by simply:
- Paying in at least £800 into the account each month;
- Staying in credit or within any agreed formal overdraft limit each month;
- Remaining opted in for paperless statements;
- Logging onto online banking or the mobile app at least once each month;
- Having at least four direct debits paid from the account each month.
On top of this, customers can earn 5p every time they use their debit card up to a maximum of £1.50 a month, giving a total monthly reward of up to £5.50, or £66 annually.
Every month customers will be sent an email with a summary of the rewards they've earned and they will be paid into customers' nominated account by the end of the following month. Alternatively, customers can opt to donate their monthly rewards to one of five nominated charitable partners: Amnesty International; Hospice UK; Oxfam; Refuge and The Woodland Trust.**
Matthew Carter, Products and Marketing Director at The Co-operative Bank, said: "'Everyday Rewards' is a simple and straight forward current account loyalty programme that rewards customers for using their current account in a normal, everyday kind of way, at no additional cost. Simple behaviours such as being opted in for paperless statements and choosing to do more online banking, are things many customers are already doing, we want to acknowledge this and provide them with a benefit for doing so."
The development of 'Everyday Rewards' further shows the Bank's commitment to work with customers to develop products with the Bank's values and ethics at their core. In addition to working with its own customers, the Bank also undertook wider consumer research during its development.
Matthew Carter concluded: "Listening to customers and working with them as we build and develop products and services is a huge part of our unique, customer-led Ethical Policy. 'Everyday Rewards' follows on from the launch of our Balance Transfer Credit Card and improvements to our overdraft proposition announced last year and we are committed to this approach, continuing to put customers at the heart of what we do. Our simple and straight forward reward scheme is easy to understand and avoids using some of the unsustainable practices we have seen in the market such as headline grabbing rates and there are no monthly or annual fees, or complex qualifying criteria."
Charlotte Nelson, Finance Expert at Moneyfacts.co.uk, said: "The Co-operative Bank's new current account reward scheme is a welcome addition to the market and a great way for new and existing customers to earn something extra from their everyday spending habits.
"It's great that customers can not only benefit from the straightforward £4 per month cash reward but also receive an extra boost from their debit card transactions as well – increasing their reward potential to a maximum of £5.50 per month. Furthermore, the fact that customers can choose to donate their reward to charity will only add to this scheme's appeal."
For further details please go to: www.co-operativebank.co.uk/rewards
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For further information contact The Co-operative Bank Press Office.
Notes to editors:
^ Source Moneyfacts September 2015
* The following accounts are eligible to earn Rewards; Current Account, Current Account Plus, Privilege Account and Privilege Premier Account. Remember, you must nominate an account before you can start earning Rewards.
** If you choose for us to make a donation to one of our chosen charities, we'll pay that charity every six months, in June and December.
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around five million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.