Coop Pank lowers banking plan fees and starts paying cashback on purchases

Coop Pank is strengthening its cooperation with Coop stores and is becoming the first bank in Estonia to credit money back to it clients’ accounts for purchases made at Coop stores. In addition, the bank has extended its free purchase insurance to one year and reduced the fees of its banking plans.

Starting from 2 June, clients on Coop Pank’s Useful plan will receive 1% cashback on purchases made at Coop stores using a Coop Pank debit card.

“This is the first large-scale cashback-style loyalty programme in Estonia, where clients are refunded 1% of the previous month’s purchases directly to their current account every month. The money can be used however the client chooses,” said Karel Parve, Head of Retail Banking at Coop Pank.

For a household spending an average of €500 per month at Coop stores, this means a €5 monthly cashback reward. Over a year, that adds up to €60.

In addition to the new monetary cashback, the existing Coop bonus point system will remain in place. Points earned from purchases can be exchanged for discounts when paying for goods at Coop stores. In total, regular Coop shoppers who pay with a Coop Pank card can benefit from up to 2.5% in rewards – with 1% credited monthly to their current account and up to 1.5% available as bonus points in-store.

Banking plans become more affordable

Coop Pank is also updating its banking plans. Instead of the previous Rahn-themed plans, clients can now choose between two new options: Basic and Useful. All existing functionalities are retained in the new plans. In addition, the monthly fee for the Useful plan is being reduced by 40% to just €1.49. For clients under the age of 27 and from the age of 55, the Useful plan is free of charge.

Clients on Coop Pank’s Useful plan will continue to enjoy fee-free access to a debit card with purchase insurance and all Coop Pank cash services. Clients can also opt for the Basic plan, which is free for everyone.

Both plans include all core services, such as free domestic and European payments, a virtual payment card, and automatic purchase insurance for consumer goods.

Purchase insurance now covers 12 months

Coop Pank is the first bank in Estonia to offer its private clients purchase insurance that covers durable goods bought with Coop Pank debit or credit cards for 12 months – an increase from the previous 6 months.

The coverage is applied automatically and does not require separate sign-up or activation. The free purchase insurance is valid for all private clients holding a Coop Pank debit or credit card who purchase durable goods from physical or online stores priced between €100 and €2,500. The deductible for each insured event is €30.