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Coop Pank waives its monthly bank services fee for clients aged over 55

The Estonian domestic bank Coop Pank has waived the monthly fee for clients aged over 55 using its banking services package ‘Rahn’, which accounts for the largest number of the bank’s clients. From now on it will allow them to use all the major daily banking services free of charge.

The services in the ‘Rahn’ package which will from now on be free for clients aged over 55 comprise the use of the bank account, free EU payments and a free bank card with purchase protection insurance, which also guarantees the best prices in Coop stores as a loyalty card. In addition, the clients will be able to make cash deposits and withdrawals in 330 Coop stores as well as withdraw cash without a service fee from any ATMs in Estonia and Europe.

Rasmus Heinla, the head of private banking at Coop Pank, says that the monthly fee for the package of bank services has been permanently cancelled, and the decision applies to the existing and future clients of the age group alike. “We are implementing this change because we highly value our clients in the 55+ age group aka the ‘new middle-aged’, and we would like to encourage them to use more of our daily banking services in Estonia and when they travel in Europe”, said Heinla.

The monthly fee for the ‘Rahn’ package of bank services has also been cancelled for all the clients aged under 27 in order to better meet young clients’ expectations. For the rest of the clients’, the package monthly fee is 2.49 euros.

An account in Coop Pank can be conveniently opened through the bank’s web page in mere minutes, and the bank card will be sent to the new client by post. This means it is very simple to become a Coop Bank’s client without having to come to a branch office in person.

Starting on 1 April, Coop Pank has also redesigned its service plans for private banking clients, and the primary changes comprise the following:

  • There is a new package of services titled ‘Väikerahn’ meant for those who do not need a bank card or cash-related services but would like to try Coop Bank’s free services or need another bank account without having to pay a service fee.
  • An unlimited number of payments in the bank service packages ‘Väikerahn’, ‘Rahn’ or ‘Rändrahn’ without additional fees.
  • Free cash withdrawal for the clients using the packages ‘Rahn’ and ‘Rändrahn’ all over Europe.
  • Free purchase protection insurance with all Coop Pank cards for private clients.
  • An additional option of travel insurance for the whole family at a monthly fee of 4.49 euros.