The Co-operative Bank launches £150 “switch and stay” offer

The Co-operative Bank has just launched a new "switch and stay" offer worth up to £150. New and existing customers can get the incentive by switching to an eligible current account.

All eligible customers who switch a current account using the Current Account Switch Service (CASS) and complete the required steps will get a £75 bonus within 7 days of meeting the criteria. They can then get an additional £25 per month for up to three months for actively using their current account.

Read on to find out if you're eligible and how to qualify for the offer.

Who is eligible for the switch offer

You're likely to be eligible for the offer if you haven't received a switch incentive from The Co-operative Bank since November 1, 2022. However, the offer is available to new and existing current account customers, so you'll be able to benefit even if you already have an account with the bank.

How to get the £75 switch incentive

There are several steps you need to complete to qualify for the £75 switch incentive. We've outlined them below:

• Open an eligible account - either a Standard Current Account or an Everyday Extra account

OR

• Switch a current account held with a different provider to an existing Co-operative Bank account - this includes the Standard Current Account, Privilege, Privilege Premier, Current Account Plus or Everyday Extra Account

You need to request a switch using CASS and complete a full switch into an eligible account within 8 weeks of your switch request. This will include the closure of your old account.

It's worth noting that the eligible accounts are different depending on whether you're a new customer opening an account with the Co-op or an existing customer switching into an account you already have.

Within 30 days of the switch completing, you must:

1. Deposit at least £1,000 in your account
2. Have at least two active Direct Debits
3. Make at least 10 card transactions
4. Register for and log-in to the online banking service or mobile app
5. Set up your debit card in a digital wallet such as Apple Pay, Samsung Wallet, or Google Pay

If you complete all of the steps above, you should receive £75 within seven days of meeting the criteria.

How to get an extra £75 over 3 months

You can receive an additional £75 over three months if you use your account frequently. You will earn £25 a month for three months if you:

• Deposit at least £1,000 each month
• Make ten or more card (or digital wallet) transactions each month
• Have two or more active Direct Debits

Your three months begin after you receive your £75 switch incentive payment. So, for example, if you receive your £75 switch incentive payment on October 14, your first month will begin on October 15 and end on November 14.

If you do not meet the eligibility criteria for one of the months, but meet it the following month, you can still get £25 when you meet the criteria. As such, you can earn up to £75 and don't need to meet the criteria every month to benefit.

Which bank accounts are eligible for the Co-operative switch offer?

To be eligible for the switch offer as a new customer, you need to open either a free Standard Current Account or a paid packaged Everyday Extra account with The Co-operative Bank. In the table below, we compare the key features offered by both accounts.

	Standard Current Account	Everyday Extra account
Monthly fee	Free	£15^
Regular saver account	Yes	Yes
Overdraft	Yes	Yes
Mobile phone insurance	No	Yes
Worldwide travel insurance	No	Yes
UK & European breakdown cover	No	Yes

^You can get the Everyday Extra account for free for three months as long as you apply before November 4. This is a special offer that is running separately from the switching offer so you will receive your switching incentive and "stay" bonus on top of the free subscription. 

If you're an existing customer, you can benefit from the switch offer if you have a Standard Current Account, Privilege, Privilege Premier, Current Account Plus, or Everyday Extra account and request to switch a current account held with a different provider.

Current account switching offers

If the Co-operative Bank's switching offer isn't quite right for you, there are other options available. Check out the best current account switch offers on the market right now to see if there is a different offer that works for you. These change frequently, so it's worth bookmarking the link and checking back often so you don't miss out as new ones appear.