Co-op axed its cashback perk for members back in January and set a deadline of December 31 to spend any balance that you may have previously built up
Martin Lewis’ MoneySavingExpert.com website has issued an urgent warning to Co-op members.
Supermarket shoppers have just weeks left to spend any rewards balance they’ve built up through the Co-op Membership scheme. This scheme saw Co-op shoppers get 2p back for every £1 spent on Co-op branded products and services.
The supermarket axed this cashback back in January and set a deadline of December 31 to spend any balance that you may have previously built up. MSE explains: “If you’re a Co-op loyalty scheme member, check now if you have any cash left on your rewards balance, as any unused amounts will expire at 11.59pm on Tuesday 31 December.”
You can check your balance on your latest Co-op receipt, or by logging into your account through the Co-op app or website. You can only spend your rewards balance on items purchased in store – you can’t use it for home deliveries.
Alternatively, you can also donate your balance to various causes supported by the Co-op. Independent co-operatives – such as the Central England, Chelmsford Star, Southern and Midcounties co-ops – have their own separate loyalty schemes which aren’t affected by this change.
At the time, the Co-op said: “Rather than earning a few pence on rewards, our Members will now make substantial savings on their shop with immediate discounts being applied at the till. Overall, a bigger saving on Co-op, and branded products.”
The Co-op changed its loyalty scheme last year so members now get lower prices in stores on some products, just like Tesco and Sainsbury’s. However, you may still be able to get the same item or an equivalent cheaper elsewhere. You can compare prices online using a shopping tool like Trolley.co.uk. Co-op Membership costs £1 to sign up to.
The shake-up comes as Co-op Bank runs its £150 switch offer for those who move their existing current account to its Standard Current Account or Everyday Extra account. You get a cash reward of £75 if you deposit a minimum of £1,000, have two active direct debits, make a minimum of ten debit card or digital wallet transactions, register for online or mobile banking and set up your debit card in a digital wallet.
You then get £25 a month for three months after, taking your total reward to £150, if you continue to deposit a minimum of £1,000, have two direct debits and make a minimum of ten debit card or digital wallet transactions, each month. You won’t be eligible if you’ve received a switch bonus from Co-op Bank since November 2022.
