The Co-operative Bank's summer switching promotion closes today, September 7, meaning customers hoping to take advantage of the offer will need to act before the deadline. New customers can receive up to £200 by moving their current account to the bank.
The incentive is available to those switching to either its Standard Current Account or Everyday Extra account. However, the full £200 is not paid in one go. Customers receive an initial £125 payment, followed by three monthly payments of £25, provided they continue to actively use their account.
Everyday Extra account revamp
The offer forms part of a wider refresh of The Co-operative Bank's Everyday Extra packaged account, with families in mind. The monthly fee has been reduced from £18 to £12, while the benefits included are worth more than £640.
Among the features are travel and mobile phone insurance covering everyone in the customer's household. Customers also receive UK and European breakdown cover, which can be used even when they are travelling as a passenger in someone else's vehicle.
Spending and saving changes
The bank has also made changes to how its current account customers can spend and save. Its 2.75% foreign transaction fee on debit card purchases overseas has been scrapped across its entire current account range.
Meanwhile, customers can access a Regular Saver account paying 7% gross/AER variable. The account can be opened with just £1 and allows savers to deposit up to £250 each month. Those who pay in the maximum amount could earn up to £114 in interest over the 12-month term.
Kat Robinson, head of Family and Everyday Banking at The Co-operative Bank, said: "It's time to bring our summer of switching to a close but there are still a few days left to take advantage of the offer."
Robinson added: "We want to help people make the most of their money, which is why we paired our switching incentive with a range of improvements across our current accounts, including fee-free debit card spending overseas and access to our competitive Regular Saver account."
Customers have until the end of today, September 7, to switch and qualify for the cash reward.
