Eligible customers will receive £100 upon completing a switch to Co-op and £25 per month for the next three months.
The offer, which is a £25 increase on the bank’s previous incentive, is available for a limited time to new and existing customers who switch to an eligible Co-operative Bank current account.
Eligible accounts are the Standard Current Account, Current Account Plus, Privilege, Privilege Premier and Everyday Extra account.
Co-operative Bank current account customers can also benefit from exclusive access to savings accounts, including the bank’s Regular Saver product, which pays 7% interest on deposits up to £250 per month.
The small print
To get the money, Co-op customers must stick to a long list of rules.
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Firstly, customers must not have benefitted from a switch incentive at The Co-operative Bank since 1 November 2022.
Next, to receive the switching payment of £100 in the 30 days following completion of a switch, account holders need to:
- Deposit a minimum of £1,000 into their new account
- Set up two direct debits
- Make a minimum of 10 debit card or digital wallet transactions
- Register for online or mobile banking
Then, to receive the ‘stay payments’ of £25 per month in the first three months, customers need to do the following each month:
- Deposit a minimum of £1,000 into their account
- Have two active direct debits
- Make at least 10 debit card or digital wallet transactions
New current account customers must apply for an account during the period in which the offer is live, and request a full switch within two weeks of account opening.
New and existing customers must complete a full switch into their eligible current account within eight weeks of the switch being requested.
Sally McEvoy, The Co-operative Bank’s head of customer service, said: “This is a fantastic time to join The Co-operative Bank. Our current account switching offer is back and better than ever. Customers who make the switch will not only benefit from up to £175 in cash, but they can also enjoy exclusive access to our market-leading Regular Saver account, which could earn them 7% AER on their regular savings.”
Rival banks’ switching incentives
High street banks routinely offer cash for new customers switching current accounts.
Switching incentives currently on offer include:
- First Direct – £175
- NatWest – £150
