You need to know an existing customer to get the refer-a-friend bonus.
The Co-operative Bank has boosted its refer-a-friend switching deal from £50 to £125. Here’s how it works.
How much can you get for switching to Co-op Bank?
This offer is for £125 when you switch using your friend’s account details. The friend who refered you will also get £125.
Who can get the Co-op switching offer?
To get this offer you need to be referred by a friend who has an account with Co-op already and you need to not already have an account with the bank.
You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.
You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.
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What are the requirements for the Co-operative Bank switching offer?
To get the £125 you’ll need to
- Not already have a current account with Co-operative Bank
- Open either a Co-operative Bank Current Account or Everyday Extra account
As with most switching deals, you need to use the Current Account Switching Service to move over an account from a different bank. There’s no set end date at the moment.
The switch doesn’t have any further conditions, so there’s no need to have any direct debits set up or deposit a set sum of money into the new account.
However, once the switch is complete, you then need to fill in the referral claim form, found on the Co-op Bank website or in a branch. For this you’ll need:
- First and last name of the person referring you
- Their email address
- Their Co-operative Bank sort code
- Their Co-operative Bank account number
When will the money be paid?
As long as you meet the criteria, you’ll get the cash paid into your account within 60 days of the switch completion.
How many times can you refer a friend?
There’s no limit to how many times others can use your details to switch. And you’ll get £125 for each one.
Co-op switching summary
|Bonus paid||Within 60 days of switch completion|
|Open to existing customers||No|
|Requirements||Open up either a Standard or Everyday Extra current account|
|Switch using the Current Account Switch Service and close old account|
|Complete a referral form online or in branch once with referrer’s details|
|Exclusions||Not already have a Co-operative Bank current account|
|Offer limited to one welcome offer per person and account|
Is Co-operative Bank any good?
There are a couple of current accounts that will make you eligible for this offer: the Current Account and the Everyday Extra account.
The Current Account is a standard account that doesn’t do much. You can add on an extra called Everyday Rewards which could earn you £2.20 every month, but it requires four direct debits and 60 debit card transactions every month to get the full amount. Personally I wouldn’t bother.
The Everyday Extra account costs £15 a month and comes with insurance policies, though there are cheaper options out there. And that’s if you actually need a packaged account.
Co-operative Bank Current Account with Everyday Rewards
|Benefits||£1 credit each month|
|2p cashback each time you use your debit card to a max of £1.20 a month|
|Requirements||Pay in £800 a month|
|Pay out four Direct Debits a month|
|Balance must remain above £0, or within arranged overdraft limit|
|Opt for paperless statements|
|Exclusions||You can only have Everyday Rewards on one account|
Is it worth switching to Co-op?
If you’re switching for the first time you’ll probably find higher paying options out there, and I’d focus on these instead.
But if you’ve repeatedly switched then it’s unlikely you’ve had switching cash from Co-op so this is a great opportunity for extra money. However you will need to know an existing customer who can share their details with you – so that could be an obstacle.
Of course, there’s also the chance to earn money from this scheme by referring your friends. So there’s the potential to make more cash from this as you’ll get £125 for each person who does switch.
Co-operative Bank is regarded as one of the more ethical banks, though Nationwide and Triodos score higher in ratings from Ethical Consumer magazine.
Are there better switching offers?
If you’re a repeat switcher and aren’t planning to keep an account then this is one of the best. But if you plan to just switch once I’d actually look at other options which have added rewards or cashback.
These come and go, so here’s everything you need to know about all these and other different bank switching deals.