You need to know an existing customer to get the refer-a-friend bonus.



The Co-operative Bank has brought bank its refer-a-friend switching deal, though there are a few more requirements this time around. Here’s how it works.
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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. If you don’t know anyone there’s a thread in our Facebook Group where people can share the love by referring one person.
A new rule this time is can’t already have a current account with Co-operative Bank or opened one since 1 November 2022
Then, you’ll need to open one of these two accounts:
- Co-operative Bank Current Account
- Co-operative Bank Everyday Extra account
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?
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. That old account will close.
Then within 60 days of opening the account you must
- Complete your switch from a different bank
- Deposit £800
- Set up two Direct Debits
- Make at least 5 debit card payments
- Register for online banking
Note that you can set up the Direct Debits 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.
That £800 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 £800.
Then, once the switch date is set, 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?
The Co-operative Bank will check you meet the criteria after 60 days, and you’ll get the cash paid into your account within another 30 days. So you’re looking at roughly 90 days after opening the account.
When will the offer end?
At the start there no end date has been published. Based on previous offers it’s likely this will last a few weeks.
Co-op switching summary
Switching bonus | £125 |
Requirements | Open up either a Standard or Everyday Extra current account |
Then within 60 days complete the following: | |
Switch using the Current Account Switch Service and close old account | |
Deposit £800 | |
Set up two direct debits | |
Use the debit card at least five times | |
Set up online banking | |
Complete a referral form online or in branch with the referrer’s details | |
Exclusions | Not already have a Co-operative Bank current account or had one since 1 November 2022 |
Offer limited to one welcome offer per person and account | |
Open to existing customers | No |
Bonus paid | Within 90 days of opening the account |
Offer ends | Unknown |
Who can refer friends?
You can refer someone as long as you have one of the following Co-op current accounts:
- Current Account
- Everyday Extra account
- Cashminder
- Student
- Current Account Plus
- Privilege
- Privilege Premier
You’ll need to share your name, email address and account details with your friend. You’ll get your money once the new account and conditions have been validated, so 60 to 90 days after they open the account.
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.
However a new term this time around is Co-operative Bank reserve the right to refuse or reverse payments if they suspect you’ve been engaged in a marketing campaign to get referrals rather than just sharing with friends and family.
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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
Benefits | £1 credit each month |
2p cashback each time you use your debit card to a max of £1.20 a month | |
Fee | None |
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?



Andy’s analysis
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.
If someone refers you how long does it take before you get £125? Also does this offer have an end date?
Opening a cashminder account and then switching my partners current account got us the 125 each after filling in refer a friend form. Offer over now but hopefully this helps people out if it comes back up 🙂
Earliest date for a switch to be completed is now 23 March, making it too late to claim the Referral Bonus. How annoying
Hard to believe that I opened an account on 11th December and was informed (online by the Coop) that the switch couldn’t go through until 2nd January 2023. Offer now closing on 16th and 14 days within which to confirm the switch. A little annoying, and to me unfair, that they were still advertising this offer without an end date, knowing I couldn’t meet their deadline. Also astonished that the 7 day switching process is taking 22 days (even allowing for bank holidays). Not a good first impression.
You can fill in the form once you have the account details, even if the switch hasn’t been completed
Thanks. It does state the word ‘after'(see below) in their T&C’s. I hope you’re correct, but it is rather misleading.
‘So you can both get your £125 payment, make sure they first follow the steps to qualify for the offer, and after the switch is complete that they remember to complete the referral form.’
This has now been added to the Co-op’s website – ‘Your friend fully completes a current account switch from another bank, and we receive their completed referral form by 20 January 2023.’
Thanks Chris
Unfortunately I don’t know anyone with a Coop bank account. Would there be anything stopping me from opening a new Coop current account and then immediately referring my wife? If she then switched her current account from another bank into Coop would we both get £125?
I’d like to know the answer to this as well please! Can anyone help?
I’m going to give this a go, nothing on terms and cons to suggest it wouldn’t work. I’ll post a reply on here if I have any joy
Hi Phil,
Did this work?