The Co-operative Bank has launched a new switching offer that provides £175 to eligible customers and access to a seven per cent savings account.
The deal is available to new current account customers and comes with a series of requirements that must be completed within 30 days.
The bank said customers will receive £100 within seven days of completing the switch, followed by three further monthly payments of £25, provided they continue to meet the monthly criteria.
The offer also provides access to the bank’s Regular Saver account, which pays seven per cent AER and allows monthly deposits of up to £250.
Customers who choose the Everyday Extra account can access travel insurance, breakdown cover and mobile phone insurance for three months at no additional cost.
The bank values the combined package at £229.
To qualify for the initial £100, customers must deposit at least £1,000 into their new account and set up two Direct Debits.
They must also make ten card transactions and register for online banking or the mobile app.
Those seeking the additional £25 monthly payments must continue to meet these same requirements for each of the next three months.
The Co-operative Bank confirmed that customers who have previously received a switching incentive from the bank on or after November 1, 2022 will not be eligible under the terms of the latest promotion.
Co-operative Bank has launched a new switching offer
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No end date has been set for the offer, and the bank said it may withdraw it without notice.
Alongside the financial incentives, the bank has partnered with youth homelessness charity Centrepoint.
The bank will make a donation for every eligible switch completed, with the aim of funding a warm bed on Christmas Day for a young person experiencing homelessness for every six switches made.
Centrepoint supports young people who are at risk of or experiencing homelessness by providing accommodation and additional services designed to help them move towards independence.
The bank said its partnership with the charity reflects the growing pressures faced by young people, particularly during the winter months when temperatures drop and the risk of sleeping rough increases.
Hayley Lowell, head of current accounts at The Co-operative Bank, said: “Christmas is a wonderful time of year, but the costs can quickly snowball. We know many people are looking for ways to keep the festivities going without stretching their budgets too far”.
the bank has partnered with youth homelessness charity Centrepoint
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Centrepoint
She added: “Switching your bank account is a simple step that can help put a little extra sparkle back into your finances.
“This offer gives customers a welcome boost at an expensive time of year and every switch also helps give a young person a safe warm bed this Christmas.
“It’s a small change that can make a big difference.”
Julie Milnes, director of fundraising at Centrepoint, said: “Winter is the toughest time of year for the young people who come to Centrepoint for help.
“Many have nowhere safe to stay, and the risk of sleeping rough is all too real.”
The bank said donations through the partnership will help fund emergency accommodation and essential support services
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She said: “Support from The Co-operative Bank and its customers enables us to provide warm, safe accommodation and the wrap-around support young people need to move forward with their lives.
“Every switch could help us reach another young person at the moment they need us most.”
The bank said donations through the partnership will help fund emergency accommodation and essential support services.
The offer remains open to new customers until the bank announces otherwise.