This new offer has a few hoops to jump through to get the full £150.
The Co-operative Bank has brought bank its switching deal, but you no longer need to be referred – though there are a few more requirements this time around. Here’s how it works.
** UPDATE FRIDAY 19 JANUARY – CO-OP HAVE UNEXPECTEDLY ANNOUNCED THE OFFER WILL END TODAY**
How much can you get for switching to Co-op Bank?
This offer is for £100 when you switch, with another £50 available via a linked savings account
Who can get the Co-op switching offer?
This offer is open to both new and existing Co-op Bank current account holders. However you can’t already have a had a switching bonus from Co-operative Bank since 1 November 2022. This includes the refer-a-friend offer.
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.
What are the requirements for the Co-operative Bank switching offer?
£100 switching bonus
First you’ll need to open or have one of these two accounts:
- Co-operative Bank Current Account
- Co-operative Bank Everyday Extra account
Existing customers can also switch into:
- Current Account Plus
- Privilege Premier
As with most switching deals, once you’ve opened the new account, you need to use the Current Account Switching Service to move over an account from a different bank. For newbies you’ll do this as part of the application. You need to ensure the switch completes with in six weeks of starting the process.
Then within 30 days of the switch completing you must:
- Complete your switch from a different bank
- Deposit £1,000
- Set up two direct debits or standing orders
- Make at least 5 debit card payments
- Register for online banking
Note that you can set up the direct debits or standing orders on the new account, meaning they don’t need to be on the old account before you switch (though any you do switch will count too). Here are some cheap and fast direct debits you can set up if you’re short on them, though the easiest option will just be to set up a standing order to another of your accounts.
That £1,000 doesn’t need to stay in the account either, so you can move it out elsewhere straight away if you wish. It also doesn’t need to be in one go, so you can move smaller amounts in and out if that’s easier. Any money moved as part of the switch will also count towards the £1,000.
You can also hack the debit card payments, since paying off a credit card or using it to add money to other accounts in your name (such as Monzo, Revolut, Chip and NS&I – more here in our Halifax Reward hack article).
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£50 savings bonus
The second lot of cash requires you to open up an exclusive savings account as a new customer or already hold on as an existing customer.
The accounts for new customers are:
- Base Rate Tracker
- Online Saver
The additional accounts for existing customers are:
- Privilege Saver
- Privilege Premier Saver
- Savings Plus
You then need to have at least £25 in this savings account on day 45 after the switch completes. This does mean you can add the money later, though to be safe it’s probably wise to add the money in earlier.
The full switch must complete successfully for you to be eligible for this extra money.
When will the money be paid?
For the £100 switching cash, the Co-operative Bank will check you meet the criteria after 40 days of the switch completing, and then add the money to your account. So at best you’re looking at roughly 49 days after opening the account to receive the cash.
The £50 savings bonus wil be added to your account within 60 days of the switch completing, so you’ll need to keep both accounts open for at least two months after the switch.
When will the offer end?
At the start there’s no end date published. We’ll update here when / if one is announced.
Co-op switching summary
|Open up either a Standard or Everyday Extra current account (or already hold one of the listed accounts)
|Then within 6 weeks complete the following:
|Switch using the Current Account Switch Service and close old account
|Then within 30 days of the switch completing do the following:
|Set up two direct debits or standing orders
|Use the debit card at least five times
|Set up online banking
|Have £25 in the qualifying savings accounts 45 days after the switch completion
|Not already have a bonus from Co-operative Bank since 1 November 2022
|Offer limited to one welcome offer per person and account
|Open to existing customers
|Switch bonus paid
|Within 40 days of completing the switch
|Savings bonus paid
|Within 60 days of completing the switch
|19 January 2023
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 – there are far better reward accounts.
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
|£1 credit each month
|2p cashback each time you use your debit card to a max of £1.20 a month
|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
|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. Even better you no longer need to be referred by a friend.
The extra £50 is an easy win too, just remember to add the required £25 by the set date.
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.