From today, customers who switch their bank to Co-op bank’s Standard Current Account or Everyday Extra account can get an upfront payment of £75 – and a chance of a further £75
The Co-operative Bank has today announced a brand new switching offer worth £150 – but there is a slight catch.
From today, customers who switch away from their old bank to Co-op bank’s Standard Current Account or Everyday Extra account can get an upfront payment of £75. However, to get the rest customers will need to open a Regular Saver Account. If they do, Co-op will pay an additional £15 a month for the next five months – totalling £75.
To get the first £75, new customers must also set up two active direct debit on the account – these can include any that are transferred as part of the switch – deposit a minimum of £1,000, register for online banking or mobile banking, and make a minimum of ten card transactions within 30 days. So if you switched today (June 7) you must have completed all these tasks by Sunday, July 7.
To get the second half, you will need to have successfully qualified for and received the first £75 payment, and have opened a Regular Saver account by no later than midnight on the last day of the full calendar month, following the month after you get the £75 switch incentive.
You need to also deposit a minimum of £50 into the qualifying Regular Saver account. The same criteria for the first payment then apply each month to get the extra £15. Alongside this, you can’t have benefited from a Co-Op bank switching offer since November 1 2022.
John Ward, Director of Product at The Co-operative Bank, said: “We’re pleased to launch this new switch and regular save incentive today. As the only UK bank with a customer-led Ethical Policy, our customers can be assured that their money will never be used to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or human rights abuses.”
Banks and building societies often offer cash incentives to new customers willing to make a full switch from their existing current account. The switching market is hotting up at the moment as this is the sixth switching offer available right now.
TSB is currently offering £160 to switch, while First Direct, Lloyds and Santander all offer £175. The highest is Nationwide at £200 this one is only available to those with existing accounts, so new customers cannot claim the incentive. You can read our entire round up of all banking switching offers – including the rules on how to get them – on the market right now here.
