The Co-operative Bank is offering up to £300 to new and existing customers who switch their current account to the lender, in what it calls its biggest switching offer yet. The deal comprises a £200 cash boost for switchers and an extra £100 loyalty bonus for existing Co-op Bank and Coventry Building Society customers.
How the Switching Offer Works
Customers switching to the bank's standard or packaged current account can receive up to £200. This is split into £125 upfront and three monthly payments of £25 over three months. An additional £100 loyalty bonus will be credited to accounts in November, but this is only available to existing Co-op Bank and Coventry Building Society customers.
Kat Robinson, Head of Family and Everyday Banking at the Co-operative Bank, said: "This summer, we’re launching our biggest and best switching offer yet, bringing even more value to our customers and members, and making sure people really feel the difference."
Conditions to Qualify
To be eligible for the offer, customers must complete the switch within 30 days, deposit at least £1,500, have two active Direct Debits, make five debit card payments, and register for online or mobile banking. Anyone who has benefited from a previous Co-op Bank switching offer since November 1, 2022, is excluded.
Expert Reaction
Rachel Springall, Finance Expert at Moneyfacts, commented: "A cash boost can be incredibly useful over the summer months so it’s fantastic to see this latest offer launched by The Co-operative Bank. It is brilliant to see loyal customers of Coventry Building Society or The Co-operative Bank rewarded with an additional £100 cash boost, on top of the £200 offer for new customers, when they switch their current account to The Co-operative Bank."
Additional Account Benefits
The switching offer follows the bank's removal of the 2.75% fee for using its debit card overseas. The Co-operative Bank also revamped its Everyday Extra account, reducing the monthly fee from £18 to £12, while claiming the benefits are worth over £640. These include UK and Europe breakdown cover worth £285, worldwide family travel insurance via AXA valued at £217, and mobile phone cover worth £86.
Current account holders can also access a Regular Saver account offering an exclusive 7% interest rate. Customers can open the account with as little as £1 and save up to £250 per month, earning up to £114 interest over the one-year term.
