‘Enticing’ £175 switching offer relaunched by The Co-operative Bank

Customers now have a greater choice of switching incentives to choose from.

The Co-operative Bank joins the current account switching fray after relaunching its incentive this week, giving those after a Springtime boost to their finances yet more offers to choose from.

Up from its previous £150 offering, it now pays up to £175 for those moving to either its Standard or Everyday Extra current accounts. This is divided into a £100 initial lump sum for making the switch, followed by three £25 monthly instalments.

“It’s encouraging to see some competition within the current account arena this week, and The Co-operative Bank’s new offer could be an enticing choice,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

To receive the first part of the offer, customers must either switch to its Standard Current Account as part of a new application or apply for either of the eligible accounts and request a switch within two weeks of opening.

Existing customers can also benefit by switching an account held with another provider to an existing Co-operative Bank account, which includes its Standard Current Account, Privilege, Privilege Premier, Current Account Plus or Everyday Extra account.

Keep in mind the switch must be completed within eight weeks of any request using the Current Account Switch Service (CASS).

After switching, customers then have 30 days to deposit a minimum of £1,000, make 10 or more card transactions and to register for online banking or The Co-operative Bank app. They’ll also need to ensure the account has at least two active Direct Debits.

The £100 will then be deposited within seven days of meeting these requirements, and from the following day, the remaining £25 payments are available for those who continue to meet the criteria for the next three months.

Be aware that you won’t qualify or any part of the incentive if you previously benefited from a Co-operative Bank switching offer since 1 November 2022.

A range of additional benefits

As part of switching to either of its accounts, customers can access exclusive savings rates, including The Co-operative Bank's Regular Saver paying a highly competitive 7.00% AER on maturity.

Meanwhile, more extensive rewards can be found with the provider’s Everyday Extra for those willing to pay its £15 monthly fee, including mobile phone and travel insurance as well as breakdown cover.

Although it can be useful to consolidate these costs under one payment, consider whether you’ll use all the added features, or if they can be found cheaper individually elsewhere.

Is it worth making the switch?

This latest offer from the Co-operative Bank joins a growing list of switching incentives that has dwindled over the past few months, which is encouraging news for consumers.

At the time of writing, customers can also earn £175 by switching to first direct’s 1st Account, while those moving to NatWest’s Reward or Premier Reward accounts can receive a £150 lump sum.

Taking advantage of current account switching offers can be a great way to earn extra cash, though it’s important to not be swayed by a single perk before you “ditch and switch”, with Springall urging customers to “check the terms carefully.”

As each provider offers its own exclusive benefits, it’s therefore worth exploring each option in detail to find out which one works best for you.