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Coop Pank stops charging for payments by introducing a new free banking plan

The local Coop Pank will redesign its offer to private clients as of 1 April. Several free services and a new free banking plan will be made available during the changes.

According to Rasmus Heinla, the Head of Private Client Banking at Coop Pank AS, the increasing trend in the financial sphere is that clients can make payments free of charge but must pay for the services that offer added value. “Settlements are the main service of Coop Pank and the biggest change we’re making is that we’ll stop charging clients for making European payments. All of our clients who have chosen the Väikerahn, Rahn or Rändrahn plans can make unlimited intrabank, domestic and European payments without having to pay an extra service fee. The clients who only want to make payments and don’t need additional service can opt for the Väikerahn plan, which allows them to use all of the main banking services free of charge.”

Heinla added that as a local bank, Coop Pank has big growth ambitions: “We’ve wanted to do things differently since our arrival on the market. For example, we linked banking services to retail trade, the bankcard became the loyalty card of Coop stores and we established the biggest network of cash services in Estonia with the checkouts of Coop stores. We hope to attract new clients with the changes that will take effect as of 1 April and show once again that we dare to think differently that is customary on the Estonian baking market.”

For instance, Coop Pank will start offering everyday banking services free of charge to everyone aged 55 and over. “The retirement age is raised and the limit of offering banking services on more favourable conditions has gone up in time, but we want to do things differently and go against the flow by offering free banking service to more people than ever before,” explained Heinla.

The changes that will apply to the private clients of Coop Pank as of 1 April:

  • the new Väikerahn settlement package for clients who don’t need a bankcard or cash services, but would like to try the services of Coop Pank free of charge or need an additional current account, but don’t want to pay for it;
  • the Rahn plan, which includes payments, a debit card and cash services, is now free of charge for people aged 26 and under and 55 and over. The regular price of the plan is 2.49 euros per month;
  • unlimited European payments to clients who have chosen the Väikerahn, Rahn or Rändrahn banking plan without any extra charge;
  • Rahn and Rändrahn clients can withdraw cash free of charge throughout Europe;
  • all private client bankcards of Coop Pank now come with free purchase insurance;
  • we now offer travel insurance that covers the whole family for 4.49 euros per month to clients who would like to use travel insurance, but don’t want to get a credit card or be charged a larger lump sum for insurance.