The Co-operative Bank Relaunches £175 Switching Bonus

The bank is now one of two providers to offer a cash bonus for switching current accounts.

While many providers have pulled their current account switching bonuses in recent weeks, The Co-operative Bank bucked the trend by relaunching its £175 switch incentive today (9 September).

Customers who switch to an eligible current account before the offer expires can receive £100 upfront followed by £25 per month for up to three months, as long as they meet all the necessary criteria.

To receive the £100 bonus, customers need to register for The Co-operative Bank’s online or mobile banking services, deposit a minimum of £1,000 in their account, have at least two active Direct Debits, and make at least 10 card transactions in the 30 days after a switch is completed. The provider will pay the £100 within seven days of fulfilling these requirements.

Customers can receive the final £75 in three monthly instalments by continuing to meet the above criteria for the next three months.

This switching offer is available on The Co-operative Bank’s Standard Current Account, which has no fee, and its Everyday Extra account, which charges £18 per month.

However, any customers who have received a previous switch incentive from the provider since 1 November 2022 won’t be eligible for this latest offer.

The Current Account Switch Service (CASS) makes it easy to move your current account, along with any existing payments, to a new provider.

Choosing a current account

“The Co-operative Bank’s new switching offer may be enticing and can be a helpful boost as consumers start preparing to save for Christmas,” noted Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk.

However, it’s important to consider all the terms of the offer, as well as the different features of the account, to ensure it is suitable for your banking requirements.

What other switching offers are available?

While there were plenty of current account switching offers to choose from over the summer, The Co-operative Bank and first direct are now the only two providers to offer a cash incentive for switchers.

Like The Co-operative Bank, first direct offers a £175 bonus to those who switch to its 1st Account. However, this will be paid in one lump sum after meeting the necessary criteria, so customers won’t need to wait three months before receiving the full amount.

“Free cash offers come and go depending on when banks and building societies want to draw in new customers or when providers expect consumers to be actively searching for a new deal, such as after the summer holidays,” Eastell noted.

“It remains to be seen whether more providers will jump on the free cash band wagon, but consumers should act fast because, compared to just a few months ago, a handful of deals have already been withdrawn,” she pointed out.