New £150 ‘Switch and Save’ incentive from The Co-operative Bank

This limited time offer could see customers earn a switching bonus by moving to an eligible current account.

The Co-operative Bank launched its brand new ‘Switch and Save’ offer last week, giving new customers the chance to earn up to £150.

Split into two parts, the scheme offers £75 upfront, and a further £75 spread out over five months for those who meet the criteria.

Am I eligible?

To receive the initial £75 instalment, you’ll need to switch your current account to either a Standard Current Account or Everyday Extra Account. This can be done through the Current Account Switch Service (CASS).

The Everyday Extra Account is a packaged bank account that offers extra features such as phone insurance, worldwide travel insurance and UK and European breakdown cover, costing £15 a month.

To be eligible for the cash incentive, you must transfer at least two direct debits and make 10 card transactions within 30 days of your switch completing. Additionally, you’ll need to deposit a minimum of £1,000 into your new account and register for online or mobile banking with the provider within the same timeframe.

You’ll then have until midnight on the last day of the month after receiving the initial £75 payment to open a Regular Saver Account and deposit a minimum of £50 to receive the first £15 instalment.

“The regular savings account pays an attractive 7.00% gross/AER and allows customers to invest up to £250 each month for a year, but the £15 reward is not taken as part of this payment,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

For each of the next four months, you’ll need to continue making the same minimum deposits into both accounts, as well as maintaining the direct debits and card transactions to obtain the remaining £15 payments.

It’s important to note that you won’t be eligible if you’ve previously benefited from a switching incentive with The Co-operative Bank since 1 November 2022.

How does it compare?

The number of current account switching deals has risen over recent months, giving customers various opportunities to benefit from free cash offers.

In May, first direct launched its switching deal, offering £175 for new customers using CASS to move to the provider’s 1st Account.

A week later Santander announced a similar offer, whereby you can earn £175 for switching to either a Santander Edge current account, Santander Edge Up current account or Private current account.

More recently, TSB and Lloyds Bank launched switching incentives, offering customers cash bonuses for switching to Spend and Save and Club Lloyds accounts. The TSB incentive offers an initial £100 as well as up to £60 cashback for eligible customers, while Lloyds pays £175 for meeting its criteria.

However, Springall urged savers to consider other factors aside from appealing cash incentives before committing to a new account.

“Consumers hoping to switch their current account may wish to consider the latest offers, but they must not be swayed by a free cash boost alone and instead, ensure the new account suits their everyday banking needs,” commented Springall.