Not long after the end of its £160 switching bonus, The Co-operative Bank launched a new £150 “switch and stay” incentive on 27 September, 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 £150 in total when switching to The Co-operative Bank. This is split into £75 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 as well as new customers.
To get the initial £75, 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 £15 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 £1,000 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 10 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 £75 with 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 £1,000 or more each month, make 10 or more card or digital wallet transactions and have at least 2 direct debits active.
Bear in mind that an Everyday Extra account costs £15 per month, so you’ll pay more than your £150 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 close your qualifying Co-operative Bank account within the offer period
You’re not a UK resident
You’re not aged 16+ (minimum age for the Standard Current Account – it’s 18+ for Everyday Extra)
You don’t fulfil all the terms
How can I get the deal?
Requirements to get the first £75 bonus: What to do in the first month
Switch as part of opening a new Standard Current Account or apply for this account or the Everyday Extra account and request a switch within 2 weeks of the account opening or
Alternatively, switch a current account from another bank to an existing Co-op Bank account
During the first 30 days after the switch, deposit £1,000 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 10 or more card or digital wallet transactions
Register for online or mobile app banking
Set up the debit card in a digital wallet such as Apple Pay, Samsung Wallet or Google Pay
Requirements to get £25 per month for 3 months:
Receive your initial £75 switch bonus
Deposit £1,000 or more each month
Make 10 or more card or digital wallet transactions
Have at least 2 active direct debits
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 £25 bonus.
When the offer ends
The offer launched on 27 September and has no confirmed expiry date.
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What switching offers have been available in the past?
The Co-operative Bank has run switching offers and similar deals in the past. During 15 July – 10 August, 2024, it ran a £160 switch deal on its Everyday Extra packaged account (which costs £15 a month and comes with perks). And there was a 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.
The bank also had a £150 bank switching bonus in June 2024, where you could get £75 upfront 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.
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Liz Edwards has been a consumer writer and editor for more than 20 years. She led award-winning teams at the campaigning publisher Which?, and has covered a range of consumer rights and personal finance topics including pensions, credit, banking and insurance. Liz has appeared frequently in national media such as The Sun, Metro, HuffPost and The Independent. She loves to cut through waffle to give consumers the real lowdown. And she loves puns. See full bio
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Find out how you can pocket £175 for switching current accounts and how much interest you could earn on top.
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