The Co-operative Bank launches new £175 switch offer

The Co-operative Bank has launched a new switching offer worth up to £175. New and existing customers can get the incentive by switching to an eligible current account and using it for three months.

All eligible customers who switch a current account using the Current Account Switch Service (CASS) and complete the required steps will get a £100 bonus within 7 days of meeting the criteria. You can then get an additional three payments of £25 per month for each month you:

• deposit £1,000 or more
• make ten or more card or digital wallet transactions
• have two or more active Direct Debits

Who is eligible for the Co-operative Bank switch offer?

To be eligible for the offer, you cannot have received a switch incentive from The Co-operative Bank since 1st November 2022. You do not need to be a new customer, as existing customers can still qualify by switching a current account held with a different bank to an existing Co-operative Bank account.

If you do already have a current account with The Co-operative Bank, make sure you do not close any Co-operative or Smile accounts you have while the offer is running (even if it's unrelated to this switch) as this could make you ineligible for the switch incentive.

How to get the £100 switch incentive

You must use the Current Account Switch Service (CASS) to switch a qualifying current account to a new Standard Current Account or Everyday Extra Account, or to an existing Standard Current Account, Privilege, Privilege Premier, Current Account Plus or Everyday Extra Account. This must take place during the offer period.

Once the switch is complete, you will have 30 days to fulfil the following requirements: deposit £1,000 or more, maintain two or more active Direct Debits, complete ten or more card transactions, and register for online banking services. Any deposits or transactions made before the switch is completed will not count, but balances transferred as part of the switch will. You should then receive your £100 within 7 days of all criteria being met.

In summary, you need to:

• Open a Standard Current Account or an Everyday Extra Account (skip this step if you already have a Standard Current Account, Privilege, Privilege Premier, Current Account Plus or Everyday Extra Account)
• Switch from a current account held with a different provider to your Co-operative Bank account (using the Current Account Switch Service)

Within 30 days of the switch being completed, you must:

• Deposit at least £1,000 (including any money transferred as part of the switch)
• Have at least two active Direct Debits
• Make at least 10 card transactions
• Register for online banking or the mobile app

How to get an extra £75 over 3 months

Once you have your initial £100, you can focus on the bonus £25 per month for three months. To qualify, you need to:

• 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-month period begins the day after you receive your £100 switch incentive payment. So, if you receive your £100 switch incentive payment on 14th February, your first month would be from 15th February to 14th March.

If you do not meet the eligibility criteria for one of the months, but meet it the following month, you can still get the £25 for the month you met the criteria. You cannot get the £25 payments if you have not received the initial £100 switching bonus.

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	£18
Regular saver account	Yes	Yes
Overdraft	Yes	Yes
Mobile phone insurance	No	Yes
Worldwide travel insurance	No	Yes
UK & European breakdown cover	No	Yes

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 deal 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.