You’ll have to switch to the Co-operative Bank Standard Current Account or Everyday Extra account to get the first £75, then open a Regular Saver Account to get the additional £75
The Co-operative Bank is set to pull its £150 switch offer in just a few hours time.
To get the money, you need to switch to its Standard Current Account or Everyday Extra account by the end of the day tomorrow (July 5). You will initially get £75 for switching, but to get the rest of the reward, you’ll need to open a Regular Saver Account. If you do this, the Co-op will pay an additional £15 a month for the next five months, totalling £75.
To get the first £75, new customers must also set up two active direct debits, deposit a minimum of £1,000, register for online banking or mobile banking, and make a minimum of ten card transactions within 30 days. To get the second half, you need to have qualified for the first £75 payment, and then open a Regular Saver account by no later than midnight on the last day of the full calendar month, following the month after you get the £75 switch incentive.
You need to also deposit a minimum of £50 into the qualifying Regular Saver account. The same criteria for the first payment then apply each month to get the extra £15. You won’t be eligible for any switch reward if you have received a switch bonus from Co-operative Bank since November 2022.
John Ward, Director of Product at The Co-operative Bank, said: “We’re pleased to launch this new switch and regular save incentive today. As the only UK bank with a customer-led Ethical Policy, our customers can be assured that their money will never be used to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or human rights abuses.”
First Direct and Lloyds Bank are currently offering £175 to switch, while Nationwide is giving £200 to those who switch – but only if you’re already a Nationwide member. If you’re going to be putting in a big credit application soon, such as a mortgage, you may want to hold off on doing multiple switches. This is because each application to switch will show on your credit file.
