The Co-operative Bank is offering up to £300 to new and existing customers who switch to the lender. In a move hailed by the bank as “market-leading”, customers switching to its standard or packaged current account can get up to £200.
This is made up of £125 upfront and three, monthly payments of £25 per over three months. An extra £100 loyalty bonus to hit accounts in November is only available to existing Co-op Bank and Coventry Building Society customers. Kat Robinson, Head of Family and Everyday Banking at the bank, said in a statement: “This summer, we’re launching our biggest and best switching offer yet, bringing even more value to our customers and members, and making sure people really feel the difference.
“We wanted to create an offer that genuinely helps – from our highest cash boost ever for new and loyal customers when they switch, to removing fees when spending overseas.
“Whether already part of the community or joining for the first time, this is about rewarding people in a way that really counts.”
After 30 days of the switch being completed, customers must have deposited at least £1,500, have two active Direct Debits, made five debit card payments and registered for online or mobile banking.
Anyone who has benefited from a previous Co-op Bank switching offer since November 1, 2022, is excluded from the current deal.
Rachel Springall, Finance Expert at Moneyfacts, said: “A cash boost can be incredibly useful over the summer months so it’s fantastic to see this latest offer launched by The Co-operative Bank.
“It is brilliant to see loyal customers of Coventry Building Society or The Co-operative Bank rewarded with an additional £100 cash boost, on top of the £200 offer for new customers, when they switch their current account to The Co-operative Bank.”
The Co-operative Bank’s switching offer comes after the lender removed its 2.75% fee for using its debit card overseas.
It also revamped its Everyday Extra account, which has been reduced from £18 to £12, with benefits the Co-op Bank said are worth more than £640.
This includes UK and Europe breakdown cover worth £285, worldwide family travel insurance via AXA at £217 and mobile phone cover worth £86, according to the lender.
Current account holders can also access a Regular Saver account, offering an exclusive 7% rate.
The Co-op Bank said customers can open an account with as little as £1 and save up to £250 per month, earning up to £114 interest over the one year term.