Earn up to £150 by switching to The Co-operative Bank

Its limited-time Switch and Stay incentive is open to new and existing customers switching to an eligible current account.

The Co-operative Bank launched its Switch and Stay offer, which could see customers receive up to £150.

Divided into two parts, the incentive rewards switching customers with a £75 lump sum, followed by an additional three £25 instalments.

John Ward, Director of Products, hopes it'll "encourage more people to consider switching to The Co-operative Bank.”

If you’re considering making the switch, keep reading to find out how to benefit from the incentive before it’s withdrawn.

How to receive the bonus

To qualify for the initial £75, new customers can either make the switch as part an application for a Standard Current Account or Everyday Extra account within the offer period or request a switch within two weeks of opening either of these accounts.

Meanwhile, existing customers have the option of switching from a current account held with another provider to a previously established Co-operative Bank account.

Note eligible customers must complete their switch within eight weeks of the switch being requested.

You’ll then have 30 days to deposit a minimum of £1,000 into your new account, which is inclusive of any balances transferred as part of the switch.

Furthermore, customers must have two active direct debits, make a minimum of 10 debit card or digital wallet transactions and register for online banking within the same timeframe.

Then, to receive the additional £75, you must continue to deposit at least £1,000 as well as maintain two direct debits and 10 debit card transactions. For each month these criteria are met, £25 will be paid into your account for a maximum of three months.

Keep in mind you won’t be eligible for this offer if you previously benefited from, or are waiting to receive, any switching incentive from The Co-operative Bank since 1 November 2022.

Extra incentives to consider

Customers applying for The Co-operative Bank’s Everyday Extra account will also have their subscription fee covered for three months if they switch before 4 November.

This packaged account, which comes with mobile phone insurance, worldwide travel insurance and UK & European breakdown cover typically costs £15 per month.

However, consumers should consider how often these incentives will be used in order to justify the cost.

“Weighing up any fees, benefits and incentives is crucial to pick an account that provides the best overall value,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

While customers still need to pay the monthly fee, it’ll be paid back into the account as part of the promotion.

On top of this, current account customers with The Co-operative Bank will also gain access to the provider’s Regular Saver, which pays a competitive 7.00% AER. This could be worth considering for customers looking to maximise returns on their savings.

How does it compare?

Also launched this week, the latest switching incentive from Nationwide BS is worth up to £175. Its eligible FlexAccount and FlexPlus include a £50 interest-free overdraft buffer (from November). Like the Everyday Extra account, the FlexPlus comes with a monthly fee. Meanwhile, its FlexDirect account, which also qualifies, offers customers 1% cashback.

Similarly, first direct currently pays £175 to customers switching to its 1st Account, which includes a £250 interest-free overdraft.

Additional switching incentives could be launched in the coming weeks, but this will ultimately depend on if providers feel the need to entice new business before the end of the year.

“A year ago, TSB was offering £150, and NatWest was offering £200,” Springall recalled, but added “customers might want to act quickly to take advantage of any free cash offers, as these autumn perks were pulled in the run-up to Christmas.”

However, while it can be easy to be swayed by cash offers, it’s important to consider all aspects of an account before switching.

To discover more features of these and other current accounts, our dedicated current account charts are updated regularly, and can help you compare the whole of the market.