The Co-operative Bank is offering existing customers or members of Coventry Building Society £300 when they open a current or fee-paying everyday access account. New customers can earn £200 for the same switch. The offer is available to both new and existing customers, ensuring no one misses out.
How the Payout Works
The money is paid in instalments. New joiners receive £125 after switching and using the account, followed by £75 paid over three months for active use. Existing customers get an extra £100 the following November if they meet the requirements.
To qualify, customers must deposit a minimum of £1,500, complete at least five debit card transactions, and have at least two active direct debits. The offer applies to customers of The Co-operative Bank Smile, Coventry Building Society, Godiva Mortgages Limited, and ITL Mortgages Limited. It is not open to those who have benefited from a switch offer with the bank since November 2022.
Switching Process via CASS
The switch is done through the Current Account Switch Service (CASS), which many high street banks and building societies use. Applicants simply apply for the new account, and the new bank informs the existing bank of the switch. Direct debits are moved automatically. The service takes up to seven working days. Before switching, customers should choose a switch date, transfer old bank statements, and request any missing statements from their existing bank.
Switching may offer perks such as 0% overdrafts or better savings rates. Some accounts include free travel or mobile insurance, though often with a fee. Santander also offers new customers £180 plus a £45 Amazon gift card or a £150 hotel voucher for switching to an Everyday, Edge, Edge Up, or Edge Explorer current account, requiring two household direct debits and a £1,500 transaction within 60 days.
