The Co-operative Bank offers current account switchers £175 boost

This could be a welcome boost to those still recovering financially from the festive period.

With many people still feeling the pinch after Christmas, The Co-operative Bank has today relaunched its ‘popular’ current account switching deal which offers eligible customers a welcome £175 boost to their finances.

“The wait between December and January payday is finally over for many, but recovering from the festive period can last longer than just January,” recognised Hayley Lowell, Head of Current Accounts at The Co-operative Bank.

Switching deals are often a simple way to earn some free cash - although it’s important to consider all features of a current account carefully before making the move.

How to get your hands on the free cash

New customers looking to take advantage of this latest offer from The Co-operative Bank need to apply for its standard Current Account or Everyday Extra account before the offer is withdrawn and request a full switch within two weeks of opening^*. Meanwhile, existing customers must request a full switch to an established qualifying account. In both cases, only those who haven’t benefited from a switching incentive from The Co-operative Bank since 1 November 2022 are eligible.

The full switch must be completed within eight weeks of being requested. Within 30 days of successfully switching, new and existing customers must also register for online or mobile app banking, deposit at least £1,000 into their account, have a minimum of two active Direct Debits and make at least 10 debit card or digital wallet transactions to receive an initial £100 lump sum.

A further £25 per month is then up for grabs in each of the first three months if customers continue to meet these criteria – bringing the total value of this switching offer to £175.

Additional perks

As well as the free cash, current account customers will also gain access to The Co-operative Bank’s highly competitive regular savings account which pays 7.00% AER (variable) on deposits of up to £250 per month and could help to kickstart a savings habit this year.

Furthermore, the provider’s Everyday Extra account additionally comes with UK and European breakdown cover, mobile phone and worldwide travel insurance – all for £18 per month.

“This may be a more cost-effective option compared to buying individual policies,  however, it is crucial that consumers use all the services otherwise they may find themselves overpaying,” reminded Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk.

“There are a handful of current account providers that now offer switching offers,” said Eastell, adding that “it is always worth taking the time to consider all the options available to determine the individual costs and benefits”.