A £150 switching bonus from The Co-operative Bank began on 7 June 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. But this is split into two £75 payments, each with different hoops to jump through.
To get the initial £75, you need to request a full switch from another bank to The Co-operative Bank and open either a Standard Current Account or an Everyday Extra account. This won’t work if you already have an account with either The Co-operative Bank or its digital offshoot smile.
For the second £75, you’ll have to jump through a few more hoops, including opening a Regular Saver account on top of the current account. This one comes with an eye-catching 7% interest (gross/AER variable), but that applies only to a maximum of £250 per month. If you save the max over 12 months, you’ll pocket an extra £114 in interest.
That’s a total of £264 after a year from the switching bonus and the interest on your Regular Saver account if you pay in £250 per month.
Who can get the deal?
New customers are eligible to claim this switch bonus from Co-operative Bank. You can’t qualify if:
You already have a current account with Co-operative Bank or smile
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 16+
You don’t fulfil all the terms – listed below
How can I get the deal?
Requirements to get the first £75 bonus:
Apply for a Standard Current Account or Everyday Extra account and request a full switch.
After the switch is complete, you have 30 days to deposit at least £1,000 and make 10 or more card transactions. Any balances or direct debits brought over as part of the switch will count towards your £1,000.
You must also have at least 2 active direct debits.
Register for online banking or its mobile app and log in.
Requirements to get the second £75 bonus:
Receive your initial £75 switch bonus.
Open a Regular Saver account.
Deposit at least £50 per month into your Regular Saver account. The first month will be counted from the moment your £75 switch bonus lands to the end of the following calendar month (so a month and a bit), followed by regular calendar months for the next 4 months.
Deposit at least £1,000 per month into your current account. For the first month only, any balances or direct debits brought over as part of the switch will count towards your £1,000.
Make 10 or more transactions per month in your current account.
Have at least 2 active direct debits in your current account.
You’ll receive the £75 as a £15 bonus each month for five months.
Exclusions
If you already have a current account with either The Co-operative Bank or smile, you won’t be eligible.
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 £15 bonus.
When the offer ends
The offer launched on 7 June 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.
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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Written by
Ricky Davies
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 profile
Learn more about setting up direct debits to earn current account rewards.
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