The Co-operative Bank has just launched a switch offer worth up to £150. To get the £150, new customers will need to open an eligible current account as well as a Regular Saver account and complete several steps.
All eligible new customers who switch a current account using the Current Account Switch Service (CASS) and complete the required steps will get a £75 bonus. Then, they can get an additional £15 per month for five months if they open a Regular Saver and meet the eligibility criteria each month.
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 don't already hold an existing current account with The Co-operative Bank or smile
- You haven't received a switch incentive from The Co-operative Bank since November 1, 2022
In short, this offer is open to new customers only. Existing customers won't be able to benefit from this offer.
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
- Request a full switch using the Current Account Switch Service
Within 30 days of the switch completing, you must:
- Deposit at least £1,000 in your account
- Have at least two active Direct Debits
- Make at least 10 card transactions
- Register for and log-in to the online banking service or mobile app
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 with the Regular Saver
You can receive an extra £15 per month for five months if you set up a Regular Saver. The Regular Saver pays 7% interest on balances up to £250 per month. To be eligible for this offer, you'll need to:
- Have successfully switched and received your initial £75 switch payment
- Open a qualifying Regular Saver account
- Deposit at least £50 into your Regular Saver each month
You will also need to continue to use your current account during the 5 months when you're earning the bonus. This means, you'll need to continue depositing at least £1,000 each month and making at least 10 card transactions. You'll also need to keep your two Direct Debits (at a minimum) active.
This offer runs for five months after you receive your first £75 incentive. You can earn up to £75 over the five months, which means if you don't meet the criteria in a certain month, you can try again the following month as long as you're still within the five months.
Which bank accounts are eligible for the Co-operative switch offer?
To be eligible for the switch offer, 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 |  |
|
| Overdraft | |
|
| Mobile phone insurance |  |
|
| Worldwide travel insurance | |
|
| UK & European breakdown cover | |
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If you opt for the Everyday Extra account, this will obviously eat into your switching bonus, but it might be worth it if you're going to make use of the features. It costs £15 per month, so if you qualify for the additional £15 bonus each month, you could get your Everyday Extra benefits "for free" for five months.
That being said, the Standard Current Account is free and a great option if you know you won't be making use of the features on offer with the packaged account.
Current account switching offers
The Co-operative Bank's switching bonus is just the latest in a series of offers from banks in recent weeks. There are six offers up for grabs right now, with banks paying up to £200 for those meeting the criteria. If you're not sure whether this one is right for you, or if you simply want to explore other options, check out the best current account switch offers. These offers change frequently, so it's worth bookmarking the link and checking back often so you don't miss out as new ones appear.
