Trio of new banking offers

May 14, 2010

Highly competitive current account benefits from The Co-operative Bank

The Co-operative Bank has launched a trio of new offers for new and existing current account customers, including a new highly competitive lifetime tracker mortgage at 2.49% (tracks at 1.99% above Bank of England base rate) with no application fees.

Rod Bulmer, Managing Director, Retail at The Co-operative Financial Services comments: “Many customers have told us that they are disillusioned with their current provider and in the past customers have often been reluctant to change banks due to a perceived difficulty with switching and a lack of alternative providers. However at The Co-operative Bank we have bucked the market trend by doubling our market share for new current accounts in the last year, and experiencing a flight to trust, with a 38% increase in current account openings. These new offers now provide customers with even more reasons to bank with us.”

The new deals include the following:

  • A highly competitive lifetime tracker mortgage deal at 2.49% for up to 75% LTV (tracks at 1.99% above Bank of England base rate). This mortgage also has no application fees or early repayment charges and is available from Friday 14th May.
  • 0.5% discount off the standard rate on a personal loan from The Co-operative Bank.
  • 20% discount on home insurance with The Co-operative Insurance for the first year.


These new offers are available to both existing and new current account customers, who use the dedicated switching service from The Co-operative Bank, with the following accounts: Current Account, Current Account Plus, Privilege, Privilege Premier, smile current account and smilemore*.
Rod Bulmer adds: “In order to help customers who want to switch their current account and try a new provider, we have a dedicated switching service, which removes the hassle for customers, and to gain even more customer confidence, we promise to guarantee satisfaction with our switching service or we’ll offer unhappy customers £50.''

Any customers wishing to take out a current account should call 0800 707 6189, or visit www.co-operativebank.co.uk. For more information about the new mortgage product customers can call 08000 288 288.

For further information please contact

Catherine Laycock / Alejandra Solis
The Co-operative Financial Services Press Office
Tel: 0161 903 3833 / 3808
Email : catherine.laycock@cfs.coop / alejandra.solis@cfs.coop
Twitter: @CFSpressteam

 

Notes to editors:

FOR MEDIA PURPOSES ONLY

ISDN facilities are available for broadcast media interviews.

*The switching offers are available to new and existing customers
The Co-operative Bank - Current Account, Current Account Plus, Privilege, & Privilege Premier, smile - smile current account, smilemore account (the 0.5% discount on a personal loan is not available for smile customers)

The offers are available to those customers who have regular payments (on the account and are crediting their account with a regular amount (salary, pension, etc)

Full offer information:
Loan
* 0.5% discount off a personal loan
* New customers must have switched in using the dedicated Switching Service. Existing customers must have regular payments on the account and be crediting their account with a regular amount (salary, pension, etc) or use the Switching Service to do so
* New Customers must have opened the accounts from 1st May to 30th June and used the Switching Service by 31st December 10
* Offer applies until 31st December 10
* Discount available in branch or through telephone banking (08457 212 212)

Mortgage Offer
* Lifetime tracker - 2.49% (1.99% plus Bank of England Base Rate). Cost for comparison is 2.5% APR
* No application fee
* New customers must have switched in using the dedicated Switching Service or have paid at least two months consecutive salary into the account. Mortgage must be paid via direct debit from qualifying Co-operative Bank Account.

* Offer applies until 31st December 10 (subject to availability)
* Offer available through the telephone only on 08000 288 288

Home Insurance
* 20% off first years Co-operative Insurance home insurance premium. The 20% discount does not apply to renewals - new home insurance customers only
* New customers must have switched in using the dedicated Switching Service. Existing customers must have regular payments on the account and be crediting their account with a regular amount (salary, pension, etc) or use the Switching Service to do so
* New Customers must have opened the accounts from 1st May to 30th June and used the Switching Service by 31st August 10
* 20% discount offer applies until 31st August 10

Guaranteed Satisfaction with the Switching Service
* £50 payment will be made if we make an error
- Setting up a Direct Debit/Standing Order which results in the customer incurring charges
- Making an administration mistake which results in the customer incurrring charges
- Failing to set up a requested overdraft facility which result in customer incurring charges

The dissatisfaction £50 payment is on request. Customers should contact the Switching Service by telephone 0161 947 7135 or by letter. The £50 payment cannot be used in conjunction with any other Service Level Guarantee payment

 

About The Co-operative Financial Services

The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.

Following the merger with Britannia Building Society on 1 August 2009 CFS is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.

As part of The Co-operative Group, the new business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport.

It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.