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Co-op Bank offers biggest switching incentive

New customers can earn £216 in first year

Co-operative logo

The Co-operative Bank is offering new customers £150 to switch to its current account.

If you open a Co-op current account and sign up for its ‘everyday rewards’ scheme you’ll also be able to earn up to £5.50 a month throughout the first year, meaning you could boost your bank balance to the tune of £216 in total.

To qualify for the offer you’ll need to use the official Current Account Switch Service and maintain at least four direct debits. You’ll be entitled to a monthly bonus payment of £4 if you do the following:

  • Pay in a minimum of £800 each month
  • Stay in credit or within your agreed overdraft limit
  • Log into online banking or the mobile app at least once a month
  • Choose paperless statements

By meeting these conditions you’ll also be rewarded an extra 5p every time you use your debit card up to a maximum of £1.50 a month, giving you a total monthly bonus of £5.50.

Find out more: how to switch bank accounts – our guide to the switching process

How does the Co-operative Bank’s current account compare?

The £150 up-front payment is currently the biggest cash switching incentive on the market, beating the likes of Halifax and First Direct, which both offer £100 to customers switching their accounts to them. But how does the Co-op compare to its rivals for customer satisfaction?

In January 2016 we surveyed just under 6,000 members of the public to find out the best and worst banks for customer service.

You can find out how the Co-operative Bank, Halifax and First Direct scored by checking out our bank account reviews.

Do you always stay in credit?

If you always maintain a large current account balance then it could be worth considering other providers, as the Co-op account comes with 0% credit interest.

Nationwide’s FlexDirect account comes with an AER of 5% for the first 12 months (dropping to 1% after the first year) on balances up to £2,500 as long as you pay in £1,000 a month. TSB pays 5% AER on balances up to £2,000 if you pay in £500 a month.

For those with even larger balances, the popular Santander 123 current account pays tiered interest of up to 3% on balances up to £20,000, though it does come with a £60 annual fee.

Find out more: best bank accounts if you always stay in credit

Already have a Co-op current account?

If you already have a Co-op account, you too can take advantage of the £150 offer and monthly bonus – but only if you’ve paid in less than an average of £800 a month between February and May 2016. 

You’ll have to use the Current Account Switch Service to close the account you’ve been using as your main account (usually the one your salary gets paid into) and switch to your existing Co-op account.

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