A major bank has unveiled a switching incentive that could net new customers as much as £175 in cash rewards, alongside exclusive access to a market-leading regular savings account offering seven per cent annual interest.
The financial institution's latest promotion allows switchers to receive £100 immediately upon transferring their current account, followed by monthly payments of £25 for three consecutive months.
The Co-operative Bank will allow account holders who make the move to gain entry to the bank's Regular Saver product, which provides seven per cent AER on monthly deposits of up to £250.
The limited-time promotion extends to both new and existing customers who transfer to qualifying Co-operative Bank current accounts.
To qualify for the complete £175 reward, customers must meet specific criteria over a three-month period.
Account holders need to maintain a minimum deposit of £1,000 and establish at least two Direct Debit arrangements.
Additionally, switchers must complete a minimum of 10 card purchases each month throughout the qualifying period. Registration for digital banking services, either through the online platform or mobile application, forms another mandatory requirement.
These conditions apply across all three months following the switch, with customers receiving their initial £100 payment upon successful account transfer.
Britons are looking to boost their savings | GETTYThe remaining £75 arrives in three instalments of £25 each, distributed monthly after meeting the ongoing requirements.
Customers opting for the Everyday Extra packaged account can access additional benefits worth £54, including complimentary travel insurance, breakdown assistance and mobile phone coverage for an initial three-month period.
After this promotional period expires, the account carries a monthly fee of £18.
The Co-operative Bank's proposition faces competition from other high street banks offering their own switching incentives.
TSB currently provides £100 upfront plus monthly cashback of £15 for half a year
| PATSB currently provides £100 upfront plus monthly cashback of £15 for half a year, whilst First Direct matches the £175 cash reward and includes supplementary benefits such as improved savings rates and fee-free overdraft facilities.
The Current Account Switch Guarantee ensures all regular payments, incoming funds and existing balances transfer automatically within seven days.
Alastair Douglas, chief executive of TotallyMoney, cautioned potential switchers to scrutinise the terms carefully. "Before jumping in, it's worth reading the small print, because as always, you'll need to jump through some hoops and avoid getting tripped up by the details," he said.
Account holders need to maintain a minimum deposit of £1,000 and establish at least two Direct Debit arrangement
| Co-opMr Douglas highlighted that packaged account holders should ensure they would utilise the insurance benefits beyond the free period.
He added: "Just remember that loyalty doesn't pay, but moving banks can."
John Ward, chief commercial officer at The Co-operative Bank, positioned the offer as timely support for households facing autumn expenses.
"For those who have done a bit of light homework on making the most of their money, we're offering a timely reward to help ease the pressure," Ward said.