Not long after the end of their £150 switching bonus, The Co-operative Bank launched a new £160 switch incentive on 22 July 2024. We explain what you have to do to get the money. To compare all the latest switching deals, check out our switching deals guide.
How much can I get with The Co-operative Bank’s switch deal?
You can get £160 in total when switching to The Co-operative Bank. This is split into £100 up front followed by £10 per month for 6 months.
To get the initial £100, you need to request a full switch from another bank to The Co-operative Bank’s Everyday Extra account, which has a £15 monthly fee. This can be either a new Everyday Extra account that you’ve just opened, or one you already had. The key here is switching an account from another bank. Within 30 days of completing the switch, you need to register for online banking, pay in at least £1,000, have 2 or more direct debits or standing orders and make 5 or more direct debit transactions.
For the extra £60, it’s a similar story. You’ll have to have at least 2 direct debits or standing orders and make 5 or more debit card transactions per qualifying month. You can get a maximum of 6 payments of £10, starting from the month you make the switch.
One unusual stipulation we noticed is that this all has to be done by the 20th day of each calendar month – not the last. So, if you want to get the maximum cash, make sure you tick all the boxes in time.
If you’re already with The Co-operative Bank, but don’t yet have an Everyday Extra account, you can log in and go to ‘Manage account’ to see if you’re eligible for an upgrade. Bear in mind that an Everyday Extra account costs £15 per month, so you’ll pay more than your £160 switch bonus over the course of a year.
Bear in mind that an Everyday Extra account costs £15 per month, so you’ll pay more than your £160 switch bonus over the course of a year.
Who can get the deal?
New and existing customers are eligible to claim this switch bonus from Co-operative Bank.
You can’t qualify if:
You have received, or are waiting to receive, any switch incentive from Co-operative Bank since 1 November 2022
You closed your existing Co-operative Bank account within the offer period
You’re not a UK resident
You’re not aged 18+
You don’t fulfil all the terms – listed below
How can I get the deal?
Requirements to get the first £100 bonus:
Request a full switch to an Everyday Extra account, whether it’s an existing account or a new one.
After the switch is complete, you have 30 days to deposit at least £1,000 and make 5 or more card transactions.
You must also have at least 2 active direct debits or standing orders.
Register for online or mobile banking.
Requirements to get £10 per month for 6 months:
Receive your initial £100 switch bonus.
By the 20th day of each calendar month, make 5 or more debit card transactions.
By the 20th day of each calendar month, have at least 2 active direct debits or standing orders in your Everyday Extra account.
Receive a £10 bonus each qualifying month for up to 6 months.
Exclusions
You can’t claim the offer if you have received, or are waiting to receive, any switch incentive from Co-operative Bank since 1 November 2022.
In any month where you don’t fulfil the criteria, you won’t receive your £10 bonus.
When the offer ends
The offer launched on 22 July 2024 and has no confirmed expiry date.
What switching offers have been available in the past?
The Co-operative Bank has run switching offers and similar deals in the past, like their Refer a Friend Switching Offer from November to December 2022, where both you and a friend could get £125 each when switching to Co-operative Bank.
They also had a £150 bank switching bonus in June 2024, where you could get £75 up front plus another £75 if you ticked the right boxes for a few months, like meeting minimum deposit amounts.
If you’ve taken part in a Co-operative Bank switching deal previously, you should always check the terms and conditions before trying to use a new one. This is because there’s often a clause which states you cannot claim two switching deals within a certain amount of time.
Compare The Co-operative Bank’s current accounts
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Ricky Davies is a senior writer at Finder, focusing on banking and fintech. He’s previously written for Lloyds Banking Group, Halifax, and Royal Bank of Scotland. Additionally, he helped with a major rebrand at LSEG, which is one of the world’s largest providers of financial markets data and infrastructure, and has created guides for several crypto sites. Outside of finance, Ricky enjoys developing personal projects such as writing scripts, and has written an award-winning play. See full bio
Ricky's expertise
Ricky has written 13 Finder guides across topics including:
Find out how you can open a new current account with Santander and take advantage of the latest switching bonus.
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