Under the refreshed offer, customers who move their banking to the high street lender will receive an initial £100 once their switch is completed, followed by three monthly payments of £25. In total, eligible switchers can earn £175 simply by transferring their current account.
Those new to the bank can choose between the Standard Current Account or the Everyday Extra account, while current customers can also qualify by completing a full account switch into their existing Co-operative Bank account, GB News reported.
Switchers will also be able to access the bank’s Regular Saver, which offers a competitive 7.00% AER and allows monthly deposits of up to £250.
Hayley Lowell, head of current accounts at The Co-operative Bank, said the incentive has been timed to support customers as they recover from seasonal spending pressures. She said the offer is designed to give households “a welcome boost” as they plan their finances for the year ahead.
The Everyday Extra account, which carries an £18 monthly fee, includes additional benefits such as worldwide travel insurance, mobile phone protection and breakdown cover, while the standard current account remains free.
To qualify for the cash reward, customers must meet several criteria. These include paying in at least £1,000, having two active Direct Debits in place, and making at least ten debit card or digital wallet purchases. Transactions that are still pending will not count.
The bank has also confirmed that anyone who has already received a switching bonus from The Co-operative Bank since November 1, 2022, will be excluded from the promotion.
Customers are advised to review the full terms and conditions on the bank’s website to ensure they meet all eligibility requirements before starting the switch.
