Open a new Standard Current Account or Everyday Extra account.
You can do this online or in branch, by filling in a short application form.
Switch using the Current Account Switching Service.
This takes place during account opening - when prompted, state you wish to switch your existing account to your new Co-op one.
Choose your switch date.
You’ll need to choose a date for when you want your account switched over. To be eligible for the switching bonus, this must be within 8 weeks of opening your account.
Receive switch confirmation.
On the day of your current account switch, you’ll receive confirmation from Co-op that your account has been switched across.
Deposit £1,000 into your account.
You must pay £1,500 into your account within 30 days of the switch completing.
Set up at least 2 direct debits and make 10 or more card transactions.
You must also have at least 2 active direct debits on your account and make at least 5 card transactions within 30 days of the switch completing.
Register for online banking.
Register for Co-op's online banking services or mobile app within 30 days of the switch completing.
Receive your £125 switch bonus.
You'll receive your £125 bonus within 7 days of meeting the above critiera.
Receive an additional £75 for 3 months.
Over the next 3 months, if you continue to deposit £1,500 into your account each month, have 2 direct debits on your account and make 5 or more card transactions each month, you'll receive £75.
You can get £300 in total when switching to The Co-operative Bank. This is split into £125 upfront followed by £25 per month for a further 3 months – so the deal straddles 4 months in total. Existing current account customers can qualify for the switching offer as well as new customers and actually receive a £100 loyalty bonus as part of the deal.
To get the initial £125, you need to request a full switch from another bank. You can switch as part of opening a new Standard Current Account. Alternatively, you can apply for this account or the Everyday Extra account, which has a £18 monthly fee and comes with perks, and request a switch within 2 weeks of the account opening.
The final option is to switch a current account from another bank to an existing Co-op Bank account. The list of accounts includes the Standard Current Account, Privilege, Privilege Premier, Current Account Plus and Everyday Extra account. As part of the switch, your direct debits, standing orders and bill payments will be moved to your new account.
Then, during the first 30 days after the switch, you’ll have to deposit £1,500 or more (if you transferred a balance of this amount as part of the switch, that counts), have at least 2 active direct debits, make 5 or more card or digital wallet transactions, register for online or mobile app banking and set up the debit card in a digital wallet such as Apple Pay, Samsung Wallet or Google Pay. You’ll get the first £125 within 7 days of doing all this.
The second part of the deal gets you £25 a month, for 3 months. To qualify for this, you must deposit £1,500 or more each month, make 5 or more card or digital wallet transactions and have at least 2 direct debits active.
You can also get a £100 loyalty bonus if you’re existing customer switching from any of following brands:
Bear in mind that an Everyday Extra account costs £18 per month. So you’ll end up paying £216 in fees over the course of the year, meaning your £16 down, even with the £200 switch bonus. This only makes sense if you’re an exisitng customer and eligible for the £100 loyalty bonus.
New and existing customers are eligible to claim this switch bonus from Co-operative Bank.
You can’t qualify if:
The offer will run until it’s withdrawn.
If this offer is not for you, we also have a guide displaying current banking switching deals on the market and also other banking offers such as refer-a-friend offers and more.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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