Cash-strapped Brits are being urged to take advantage of a lucrative bank bonus, which could be worth between £100 and £175. However, you’ll need to meet some pretty strict criteria first
Brits have been urged to act swiftly if they want to claim a generous bank bonus worth up to £175. With soaring energy bills, spiralling council tax, increased road tax, and an even more expensive TV Licence – swathes of households are still feeling the full wrath of ‘Awful April’.
Switching banks could actually help alleviate some of the financial sting, as major high-street lenders tend to offer hefty incentives for new customers. These bank ‘bribes’ range from free cash bonuses to perks such as 0 per cent overdrafts and cashback deals.
The co-operative bank is currently offering £100 to new customers, followed by an extra £25 for the first three months. However, you’ll have to meet every eligibility criteria to get your hands on the cash.
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How to claim the Co-op’s £100 bonus
Customers will have to switch to one of the Co-Op’s existing accounts, which includes the Standard Current Account, Privilege, Privilege Premier, Current Account Plus, or Everyday Extra account. You’ll then need to deposit £1,000 or more, have at least two active Direct Debits, make ten or more card transactions, and register for online banking services or its mobile app within 30 days after your switch has been completed.
Co-op warns that deposits or transactions made prior to the switch completion will not count towards the £100 criteria. You can also get £25 for three months (worth £75) by continuing to actively use your current account.
This requires customers to deposit £1,000 or more, make ten or more card or digital wallet transactions, and have two active Direct Debits. If you do not meet the eligibility criteria for one of the months, you can still meet it in one of the following months.
“Your three months begin on the day after you receive your £100 incentive payment,” Co-Op bank explained. “The month to meet your criteria in will run to (but not including) the same date of the following month. Months two and three will begin on the day after this.”
So, if you receive your £100 bank bribe on May 20, your month one criteria will need to be hit between May 21 to June 20. Month two would run from June 21 – July 20, while month three would be July 21 – August 20.
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At the time of writing, the only other bank to be offering a switch deal is First Direct – with is enticing new customers with a £175 bonus, £250 interest-free overdraft (subject to status) and access to a 7.00 per cent AER/gross Regular Saver account. You’ll need to set up at least two Direct Debits, deposit £1,000, make five debit card payments, and log on to digital banking within the first 45 days of opening the account.
However, the £175 bonus is not on offer for those who have previously held a First Direct product. “Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018,” the bank added.
*This article does not constitute financial advice. Always read the full terms and conditions before switching bank accounts – as it may temporarily decrease your credit score.
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