Just two weeks after its launch, one personal and business bank account provider has binned its offer of a free £200 for customers switching current accounts, it was recently reported.
Mutual bank the Co-operative made waves on October 17 by offering anyone who paid £800 into one of their accounts monthly, provided they also switched their direct debits. However, only 11 days have passed since demand will force it to end the offer, a bank spokesman recently said.
The Co-op has already put an end to taking online banking and phone applications for the deal, and while the offer is still available at one of the banks more than 340 branches, this too will end early next week. Many will likely be saddened to see the end of such an offer, as the bank’s ethical stance and customer service record have made it a favourite amongst banking customers up to this point.
The Co-op stands right now just under the top spot in the customer service standings in Which? magazine with a 79 per cent score. The market leader, First Direct, currently tops the table at 84 per cent.
Many customers had positive comments to say on the switching offer, with one calling it refreshing to see a bank with principles coming forward with such a fine deal. Many feel that, because the bank is a mutual, the lack of shareholders means the bank is more concerned with the well-being of its customers, unlike the impression most Brits get from High Street banks.
Co-op has designs on challenging the five largest banks in the UK for a larger piece of the pie when it comes to the UK current account market. The so-called ‘Big Four’ currently control more than 75 per cent of the market landscape, with Lloyds Banking Group controlling 25 per cent alone.