How you could receive up to £150 by switching to The Co-operative Bank

The provider relaunched its popular incentive this week, giving eligible customers access to added rewards.

Those looking for a boost to their finances this winter may wish to consider the latest current account switching offer from The Co-operative Bank. Relaunched yesterday (6 February), it offers new and existing customers £75 for switching to either its Standard Current Account or Everyday Extra Account, followed by three £25 instalments.

To receive the £75, you must apply for an eligible account and request a switch within two weeks of the account opening, or switch a current account held with another provider to an existing Co-operative Bank account. This can include its Standard Current Account, Privilege, Privilege Premier, Current Account Plus or Everyday Extra account. You can also switch as part of an application for a new Standard Current Account.

In the 30 days following the opening of the account, you’ll also need to have deposited a minimum of £1,000, have set up two or more direct debits and made a minimum of 10 transactions (this can be by card or digitally). You’ll also need to register for online banking or the provider’s app and use the card in a digital wallet such as Apple Pay or Google Pay.

Those who qualify should receive the bonus within seven days, and, from the day after, can earn a further £25 for each month (up to three months) they continue to meet these criteria.

Keep in mind, however, that you won’t be eligible if you previously benefited from any previous switch incentive with the provider since 1 November 2022.

Added extras to consider

Designed to further reward customer loyalty, both accounts also grant customers access to exclusive savings accounts, including the provider’s highly competitive Regular Saver paying 7.00% AER.

Those opting for the Everyday Extra Account will also gain access to a host of additional benefits covered under its £15 monthly fee, including mobile phone and worldwide travel insurance as well as breakdown cover.

While this may appear enticing, it’s important to weigh up the cost of these features against how often you expect to use them and whether you already have cover elsewhere.

How does it compare?

This latest incentive joins a small number still available on the market after many were recently withdrawn, including Santander’s £150 switching offer, which ended on Wednesday (5 February).

A higher £175 is still paid to those moving to either first direct’s 1st Account or one of Nationwide Building Society’s eligible options, which includes its FlexPlus package account.

Meanwhile, TSB continues to offer up to £160 cashback for moving to its Spend & Save or Spend & Save Plus accounts alongside added benefits.

“Those comparing perks will find some accounts offer upfront free cash, or cashback on purchases, high credit interest or a competitive overdraft tariff,” commented Rachel Springall, Finance Expert at Moneyfactscomapre.co.uk.

“A free cash bonus can be useful for those on a tight budget, but it’s crucial consumers are not swayed by a single perk,” Springall added.