The Co-Operative Bank launches new £150 cash boost to new customers
The offer is only available for a limited amount of time so savers should act quick if the deal is right for them.
The Co-operative Bank has announced the launch of a brand new £150 cash incentive to entice new current account switchers.
An amount of £75 will be credited to the eligible current account within seven days of meeting the eligibility criteria.
An additional £15 will then be paid into the qualifying Regular Saver account for five consecutive months following the qualifying period.
Commenting on the launch, John Ward, director of product at The Co-operative Bank, said: “We’re pleased to launch this new switch and regular save incentive.
“As the only UK bank with a customer-led Ethical Policy, our customers can be assured that their money will never be used to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or human rights abuses.”
The switch offer is worth £150 in total and to qualify, customers must apply to open a new current account on or after the offer launch date, which was June 7.
By the 30th day following the switch's completion, customers must:
- Have two active direct debits set up on the account (these can include any that are transferred as part of the switch)
- Deposit a minimum of £1,000 into the account
- Register for online banking or mobile banking
- Make a minimum of 10 card transactions (including via digital wallet).
To receive the five monthly £15 instalments, customers must open the Co-Operative Bank’s Regular Saver account by midnight on the last day of the full calendar month following the month in which they received the £75 switch incentive.
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Additionally, savers must deposit a minimum of £50 into the qualifying Regular Saver account during the qualifying month.
However, it must be noted that customers cannot have benefitted, or be waiting to benefit from, a switching incentive from the Co-Operative Bank since November 1, 2022, if they’d like to sign up for the new deal.
The Co-Operative Bank isn’t the only one currently offering a bank switch deal. TSB is offering savers up to £160, as well as the choice of one of three free rewards.
Santander is offering new customers £175 plus an ongoing one percent cashback on most bills and some spending.
Lloyds Bank and first direct are also offering £175 to new switchers, and Nationwide is offering £200.
