Co-operative Bank is axing its rewards scheme for 2.6 million customers from next month.
The Everyday Rewards scheme closed to new customers from March 26. It will end for existing customers on May 31, 2024.
A spokesperson said: "Since launching the scheme in 2016, our customers have enabled us to donate over £1.6million to our charity partners.
"We want to reassure customers that the closure of this scheme will not affect the support provided to these partners and that we remain committed to supporting both them and their causes.”
The bank said those who have already opted in for Everyday Rewards will see any reward amounts earned up to this date paid into their account, or donated to a chosen charity, by June 30, 2024.
Everyday Rewards offers eligible customers more than £26 each year. Customers can either earn the rewards themselves, or donate the money to charity.
The Co-operative Bank is currently offering a competitive seven per cent interest rate on its Regular Saver
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It pays £1 for each month a person qualifies, plus up to a maximum of £1.20 for debit card spending each month they qualify.
Those who meet the eligible criteria will be rewarded an extra two pence each time they use their debit card to pay for things.
Co-operative Bank launched a £100 switch and save incentive for customers earlier this year, although the switching bonus has now closed.
The bank is currently offering a competitive seven per cent interest rate on its Regular Saver.
The following accounts were eligible for Everyday Rewards:
- Current Account.
- Everyday Extra current account.
- Privilege account.
- Privilege Premier account.
- Current Account Plus.
How to qualify for Co-operative Everyday Rewards
To qualify for Everyday Rewards, customers need to pay in a minimum of £800 to the nominated, and eligible, account.
Account holders must stay in credit, or within their arranged overdraft limit on the nominated account.
Customers must log into online banking or the mobile banking app at least once a month, and remain opted in for paperless statements on their nominated account.
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Furthermore, they must pay in at least four Direct Debits from their nominated account.
Transfers from other Co-operative Bank, Britannia and smile accounts won't count.
It's only possible to earn rewards on one account at a time.
In the event the customer doesn't meet all of the qualifying criteria above in any month, for example, if they pay less than £800 into the nominated account in April, then they wouldn't earn the rewards for that month.
