The Co-operative Bank has brought back its popular £175 switching deal, and it’s open to both new customers and those already banking with them.
The high street lender announced the return of this cash incentive, following similar offers in previous years.
Here’s how the money breaks down: you’ll pocket £100 as soon as your switch goes through, then receive £25 each month for the following three months.
That’s a total of £175 landing in your account just for moving your banking over.
New customers can open either a Standard Current Account or an Everyday Extra account to qualify.
If you’re already with the bank, you can still get in on the action by requesting a full switch into your existing account.
Switchers also get exclusive access to the bank’s Regular Saver account, which pays a rather impressive 7.00 per cent AER and lets you stash away up to £250 every month.
Hayley Lowell, head of current accounts at The Co-operative Bank, said: “The wait between December and January payday is finally over for many, but recovering from the festive period can last longer than just January.
“Our £175 switching offer is a welcome boost for customers as they manage their finances in the year ahead.”
New customers can open either a Standard Current Account or an Everyday Extra account to qualify
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It’s a timely offer, really, given that plenty of us are still feeling the pinch from Christmas spending.
The deal applies to the Current Account and Everyday Extra options, with the latter costing £18 monthly but throwing in worldwide travel insurance, mobile cover and breakdown assistance.
To grab the full £175, you’ll need to tick a few boxes though.
First up, you must deposit at least £1,000 into your new account – and that includes any balances transferred as part of the switch.
Various criteria needs to be met to get the full bonus
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You’ll also need two active Direct Debits set up and running.
On top of that, the bank wants to see a minimum of ten debit card or digital wallet transactions, though pending payments won’t count towards this requirement.
There’s one more catch to be aware of: if you’ve already benefited from a Co-operative Bank switch incentive since November 1, 2022, you won’t be eligible this time around.
Various other terms and conditions apply, so it’s worth checking the full eligibility requirements on the bank’s website before diving in.
The account earns an Excellent Moneyfacts product rating
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Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, reckons customers hunting for a new bank will be pleased with this week’s relaunch.
She said: “Customers who switch using the CASS (Current Account Switch Service) will now receive £100, but they could earn an extra £75 across three months, subject to meeting certain criteria.”
The expert added that current account holders can get exclusive access to the seven per cent AER Regular Saver, while the Everyday Extra option’s travel insurance and mobile cover should boost its appeal.
However, she notes that as with any account switch, “customers will need to assess all the benefits and charges to ensure it’s the right choice for them. Overall, the account earns an Excellent Moneyfacts product rating.”