Co-operative Bank launches free £150 cash offer for account switchers but only for a 'limited time'

Man looking happy at phone and Co-operative Bank sign

The Co-op bank is the latest financial institution to launch an account switch offer

Patrick O'Donnell

By Patrick O'Donnell

Published: 10/06/2024

- 12:14

Many banks have relaunched free cash deals for customers switching accounts with the Co-operative Bank being the latest to do so

The Co-operative Bank has announced the launch of a new £150 switch and save deal to customers who transition to one of its popular accounts.

High street banks and building societies are offering similar deals in an attempt to entice new customers, including Nationwide Building Society and first direct.

Under the Co-op's latest deal, customers will receive free cash for switching to one of the bank's current accounts but only for a limited time.

The accounts in question are the Co-operative's Co-operative Bank Standard Current Account or Everyday Extra account.

From today, the financial institution will credit £75 to the eligible current account within seven days of a customer meeting the eligibility criteria.

Furthermore, an additional £15 per month will be paid into the qualifying Regular Saver account within seven days of the 10th of the month after the qualifying period.

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Person looks at current account online on sofa

These deals offer switchers free cash if they move their current account


John Ward, the director of Product at The Co-operative Bank, outlined why customer should take advantage of this latest deal while they still can.

He explained: "We’re pleased to launch this new switch and regular save incentive today.

"As the only UK bank with a customer-led Ethical Policy, our customers can be assured that their money will never be used to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or human rights abuses.”

However, anyone interested in this deal from the Co-op will have to make sure they meet the eligibility criteria for the free sum of money.

The free cash is split in two with customers getting £75 is up front for switching a current account from another bank if they match the qualifying criteria.

Furthermore, switchers must apply to open a new current account on or after the offer launch date as of today.

They must not have benefitted, or be waiting to benefit from, a switching incentive from the Co-op since November 2022.

By the 30th day after completing the switch, customers need to have two active direct debits set up on the account.

As well as this, they need to have deposited a minimum of £1,000 into the account, registered for online banking or mobile banking and made a minimum of ten card transactions (including via digital wallet).

The other £75 as part of the bigger £150 cash offer is paid across five monthly payments, which will begin from the date in which the initial £75 switching bonus is paid.


    first direct and HSBC logo on account statement

    first direct is among the banks offering free cash for switchers


    To get this sum, bank customers must have successfully qualified for and received the £75 payment for the switch part of the incentive.

    As well as this, they must have opened as Regular Saver account with the Co-operative Bank by no later than midnight on the last day of the full calendar month, after the first £75 was received.

    Bank customers need to have also placed at least £50 into the qualifying regular Saver account in the qualifying month.

    On top of this, anyone taking advantage of this deal has to deposit £1,000 or more into account, make a minimum of ten card transactions and have two or more active direct debits

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