Switch to The Co-operative Bank to earn an “attractive” cash bonus of up to £175

The Co-operative Bank will also donate to youth homelessness charity, Centrepoint, for every switch.

With the festive season in full swing, The Co-operative Bank is the latest provider to offer consumers a current account switching bonus.

The bank is offering a total cash bonus of £175, which is made up of a £100 initial payment and three additional monthly payments of £25 if customers continue to meet the necessary criteria.

“The new switching offer from The Co-operative Bank is attractive,” noted Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

“In the run-up to Christmas, many consumers will be spending more than usual to cover the festivities, so switching current accounts for a free cash injection could make a big difference,” she added.

As well as giving consumers a potential cash boost this Christmas, The Co-operative Bank is also pledging to donate to its charity partner, youth homelessness charity, Centrepoint, every time a customer switches.

“This offer gives customers a welcome boost at an expensive time of year – and every switch also helps give a young person a safe warm bed this Christmas. It’s a small change that can make a big difference,” commented Hayley Lowell, Head of Current Accounts at The Co-operative Bank.

How to get the £175 bonus

If consumers are quick, they may be able to secure the first £100 before the end of the year, or even in time for Christmas. To do this, they will need to request to switch to an eligible account from The Co-operative Bank, such as its Standard Current Account or Everyday Extra Account.

Within 30 days of switching, customers will need to:

• deposit £1,000 or more into the account
• have at least two active Direct Debits
• make 10 or more card transactions
• register for The Co-operative Bank’s online banking services or mobile app.

Once a customer meets these criteria, the bank will pay out the first £100 within seven days.

Customers will then receive £25 per month for the next three months, as long as they continue to deposit a minimum of £1,000 into the account, make 10 or more transactions and have two active Direct Debits.

Bear in mind that, to be eligible for this switching bonus, consumers can’t have received any other switch incentive from the provider since 1 November 2022.

Other perks on offer

Before switching providers, consumers should look at a current account’s features and benefits to ensure it’s right for their situation.

Indeed, Springall cautions that while “an upfront free cash injection is a great sweetener”, it’s important that consumers “shouldn’t feel pressured to switch” and only ever move accounts “if the new deal offers them better value”.

As a result, anyone considering The Co-operative Bank switch offer should check the terms of the account to see if it would be a good fit for them.

One of the perks of having a current account with The Co-operative Bank is that customers can access a competitive savings rate of 7.00% AER (variable) via its Regular Saver account, which allows customers to deposit up to £250 per month. See how it compares to other regular savings accounts.

The bank’s Standard Current Account is relatively basic but, if customers want more benefits and additional features, they could consider the Everyday Extra account.

This packaged account offers mobile phone insurance, worldwide travel insurance and UK and European breakdown cover but, in return, it charges an £18 monthly fee.

However, this fee will be reimbursed for the first three months as part of another promotional offer from the bank.

What other current account offers are available in December?

Anyone thinking about switching current accounts has a number of incentives to choose from, including cash bonuses that are comparable to the one offered by The Co-operative Bank.

For example, first direct offers an upfront £175 cash bonus when you switch to its 1st account, while NatWest and Nationwide BS will also pay £175 when switching to one of its eligible accounts.

However, it’s possible to earn even more than this by switching current account providers, with Santander and Lloyds Bank both offering £200 cash switch incentives.

The Current Account Switch Service (CASS) has made it easier to move current account providers, as it will transfer your balance, along with any existing Direct Debits and standing orders, across to your new account.

Compare switching offers

See our current account switching chart to find some of the best switching bonuses available. You can also learn more about the different incentives and the features of each account.

Can I still receive the £175 bonus if I’ve switched accounts with The Co-operative Bank before?

This depends on when you last switched accounts. The £175 bonus isn’t available if you’ve received (or are waiting to receive) any switching incentive from The Co-operative Bank since 1 November 2022.

What if I don’t meet the spending or transaction requirements during the first 3 months?

If you don’t meet the requirements for the cash bonus in a particular month, you won’t receive the £25 payment. However, if you meet them in another month, you will receive the bonus. Note that this offer only runs for the first three months after switching; it won’t be extended if you don’t meet the criteria.

When does the switching offer end?

The Co-operative Bank hasn’t specified an end date to this switching offer. It could withdraw it at any time.