Co-operative Bank launches £150 switching deal: is it worth going for?

Co-operative Bank has launched a new current account deal worth £150, meaning there are now six deals for switchers to choose from.

New customers are being offered an initial payment of £75 to switch, and then a further £15 a month for five months if they open and pay into a linked savings account. 

Read on to find out how the deal compares with its competitors, and to learn about how Co-operative Bank ranks for customer service. 

Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of the current account provider before committing to any financial products.

How to get £150 for switching

This deal has two steps that you’ll need to follow to get the full £150. 

Step 1

First, you’ll need to switch your existing bank account using the Current Account Switch Service to either a standard current account or the Everyday Extra account.

You’ll need to deposit £1,000 or more, have two or more active direct debits, register for online or mobile banking and make 10 or more card transactions before the 30th of the month. 

If you hit this criteria you’ll get £75, paid within seven days. 

Step 2

The remaining £75 will be paid in five £15 instalments spread over five months. 

You’ll need to open up a qualifying savings account and pay £50 into it each month for at least five months.

Co-operative Bank’s regular savings account pays 7% interest AER gross (variable). 

The first of the five qualifying months starts on the date you receive your £75 switching payment, and runs until the end of the following month. The remaining four months are normal calendar months.

During this period, you must continue to deposit £1,000 each month into your current account, make 10 or more card transactions and have two or more active direct debits. 

For each month you meet the criteria, the £15 bonus will be paid into your savings account. 

• Find out more: how to switch your bank account

What do the accounts offer?

You’ll be eligible for the deal if you switch to Co-operative Bank's 'standard' current account or 'everyday extra' account. 

Standard current account

This is a no-frills bank account. There's no monthly fee and you can manage the account via mobile or online banking. 

You'll also get access to a linked regular savings account and can apply for an overdraft.

• Find out more: best basic bank accounts 2024 

Everyday Extra

The Everyday Extra is a packaged bank account that includes all the features of the standard current account.

It also offers worldwide travel insurance provided by AXA, mobile phone insurance provided by LSG, and RAC UK and European breakdown cover.

The account costs £15 a month (£180 a year). 

• Find out more: best packaged bank accounts 2024

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What's in the small print?

You can’t have have benefited from other Co-operative Bank current account switch offers since November 2022. 

This includes if a Refer a Friend referral form has been submitted and the bonus is due to be paid after this offer was made available.

If you fail to qualify for one of the incentive payments in any month, you will still be eligible to qualify for the following incentive payments should you subsequently meet all of the criteria.

• Find out more: best savings rates 2024

Is Co-operative Bank a good provider?

Co-operative Bank received a satisfaction score of 73% in our latest survey of the best banks, putting it in 11th out of 21 providers we covered.

It's also one of only three banks to be a Which? Eco Provider, meaning it has no exposure to fossil fuels in its banking activities. 

Customers rated Co-operative Bank highly for its customer service in general, service in branch and how it deals with complaints, scoring four out of five stars for each. It received a middling score for its telephone, online and mobile banking service, and call-based customer service.

Co-operative Bank is currently in the process of being taken over by Coventry Building Society, meaning customers may be moved over to Coventry at some point. 

• Find out more: Coventry Building Society agrees to buy Co-operative Bank 

What about other switching deals?

Currently, there are four switching offers available for new customers. 

• First Direct: £175 for switching to its 1st account. 
• Lloyds: £175 for switching to a Club Lloyds account. 
• Santander: £175 for switching to an Edge, Edge Up or Private bank account.
• TSB: £100 for switching to a Spend and Save or a Spend and Save Plus account, plus £60 in cashback. 

Existing Nationwide customers can also benefit from a member-only deal of £200 if they switch to a FlexPlus, FlexDirect or FlexAccount. Eligible members can also get £100 this month as part of the Fairer Share scheme.

• Find out more: are current account switch deals getting better or worse?

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