Latest current account switching deal: The Co-operative Bank launches new £160 free cash incentive

Its Everyday Extra packaged account also includes breakdown cover, travel and mobile phone insurance.

New and existing customers could earn up to £160 with The Co-operative Bank after it became the latest high street brand to introduce an incentive for switching current accounts.

The offer is split into two parts; to receive a £100 lump sum payment, new customers must complete a full switch from another bank to The Co-operative Bank’s Everyday Extra current account via the Current Account Switch Service (CASS). Meanwhile, existing customers who meet a set criteria can apply for, or upgrade to, its Everyday Extra account and request a full switch within 10 days of opening.

In addition to this, you’ll also need to deposit at least £1,000 into the account, set up a minimum of two active Direct Debits or standing orders, make five debit card transactions and register for online banking services or the mobile app within 30 days of completing to be eligible for the switching bonus.

However, the deal cannot be claimed if you’ve already requested to switch to the Everyday Extra Current Account, or if you’ve asked to switch into an account held with The Co-operative Bank, since 1 November 2022.

Similarly, you can’t have benefited from this, or any previous Co-operative Bank current account switching offers during the same timeframe.

After meeting these conditions, you’ll then have the opportunity to earn an additional £60 by regularly using your Everyday Extra account. This part of the offer, which is paid out in £10 instalments for the first six months, requires you to have two active direct debits or standing orders in place and make five debit card transactions by the 20^th day of each qualifying calendar month.

More about The Co-operative Bank’s Everyday Extra account

As well as the typical features of a current account, The Co-operative Bank’s Everyday Extra account comes with worldwide travel and mobile phone insurance, as well as UK and European breakdown cover – all for the price of £15 per month.

How does it compare?

This latest offer comes just over a week after Barclays Bank relaunched its slightly more substantial £175 cash incentive - a deal that is only available to new customers switching to either its Bank Account or Premier Account until 30 August 2024.

While other high street banks also pay £175 for moving current accounts, time is running out to take advantage of Lloyds Bank’s deal before it ends on 30 July 2024. It should be noted, though, all three eligible products (the Club Lloyds, Club Lloyds Silver and Club Lloyds Platinum current accounts) also charge a monthly maintenance fee.

Alternatively, first direct offers £175 for switching to its fee-free 1^st Account. At the time of writing, there’s no advertised end date for either this or The Co-operative Bank’s deal but, as has been seen in the past, incentives can be pulled just as quickly as they arrive.

You may therefore need to act quickly to benefit from a switching incentive before it disappears. Before committing to a new account, however, it’s important to take the time to assess whether it best meets your needs and circumstances.