Are you eligible to earn up to £300 by switching to The Co-operative Bank?

While new customers could receive a £200 switch incentive, a higher £300 bonus is available to those who are already customers of The Co-operative Bank and Coventry BS.

Any consumers planning to switch their current account this summer now have even more cash incentives to choose from, as The Co-operative Bank launched a £200 switch bonus today (6 July).

This sum is available to new customers who use the Current Account Switch Service (CASS) to switch to the Bank’s standard Current Account or its Everyday Extra account (that charges a £12 monthly fee). It is split into an initial cash bonus of £125, followed by three payments of £25 paid over the following three months.

However, existing customers aren’t excluded from this offer. Indeed, those who have an account with The Co-operative Bank, smile, Coventry BS, Godiva Mortgages Limited or ITL Mortgages Limited (as of 21 June 2026), could receive an even higher bonus of £300 for switching to an eligible account and meeting the necessary criteria.

“A cash boost can be incredibly useful over the summer months, so it’s fantastic to see this latest offer launched by The Co-operative Bank,” Rachel Springall, Finance Expert at Moneyfacts, commented.

“It is brilliant to see loyal customers of Coventry Building Society and The Co-operative Bank rewarded with an additional £100 cash boost, on top of the £200 offer for new and existing customers, when they switch their current account to The Co-operative Bank,” she added.

How to receive the bonus

To get the initial £125 payment, both new and existing customers must request to switch to The Co-operative Bank’s Current Account or Everyday Extra account. Once the switching process is completed, they need to meet the following requirements within 30 days:

• deposit £1,500 or more into the account
• have at least two active direct debits
• make five debit card transactions
• register for online or mobile banking.

The bank will pay the £125 into the account within seven days of meeting the above criteria.

The remaining £75 bonus will be paid over the next three months in £25 instalments, as long as customers continue to pay in at least £1,500 to their account and make five or more debit card transactions each month, in addition to maintaining at least two active monthly direct debits.

Eligible existing customers who met the requirements for the £125 bonus and continue to have an open current account will receive the final £100 payment in November 2026, taking their total cash reward up to £300.

Note that any customer who has benefited from a switching incentive from The Co-operative Bank since 1 November 2022 won’t qualify for this latest offer.

Choosing a current account

This switching offer comes hot on the heels of The Co-operative Bank scrapping foreign transaction fees across its range of current accounts. This means that anyone taking advantage of this switching offer will be able to use their debit card overseas without incurring any additional charges.

Furthermore, the Bank also lowered the monthly account fee on its Everyday Extra account from £18 to £12. This packaged bank account offers a range of perks, including breakdown cover, travel insurance and mobile phone insurance.

“Packaged accounts can be a great cost-saver for holidaymakers travelling in the UK or worldwide, combining useful benefits with added peace of mind,” Springall noted.

However, before paying for a current account, customers need to make sure that it provides them with value for money and they won’t end up paying for services they won’t use or already have, for example.

Where else can you get a £200 switch bonus?

The Co-operative Bank now joins a number of other providers in offering a £200 current account switch bonus, including first direct (on its 1st account), Barclays Bank and NatWest. However, unlike The Co-operative Bank, which pays this amount in instalments over several months, these providers pay their £200 cash bonus in one lump sum when customers meet the necessary criteria.

But, while £200 is an appealing incentive, HSBC is currently offering an even higher £220 cash bonus for eligible customers who switch to its Bank Account.

This array of competitive switching offers could encourage customers to change providers, but it’s important to consider the current account as a whole, not just the initial cash incentive.