Major bank launches new £150 switch offer - see if you're eligible for free cash

15 January 2024 , 13:37

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Co-op Bank has launched a new switch offer (Image: Getty Images/iStockphoto)

The Co-operative Bank has today announced a new “switch and save” current account offer worth £150.

The cash incentive is split into two parts. To get the first £100, new and existing customers need to switch their current account from another bank. You’ll need to open a Standard Current Account or Everyday Extra account, or have an existing Current Account, Everyday Extra account, Current Account Plus, Privilege account or Privilege Premier account.

The switch must be completed using the Current Account Switch Service. Once you’ve completed the transfer, you’ll need to deposit £1,000, have two direct debits or standing orders set up, make five card transactions and register for online banking services or mobile app. You won’t be eligible if you’ve had a switch incentive from Co-op Bank since November 2022.

A further £50 is then available if you open a Base Rate Tracker or Online Saver account, or you already have an existing Base Rate Tracker, Online Saver, Privilege Savings, Privilege Premier Savings or Savings Plus account. You then need to have at least £25 in your savings account on day 45 after your eligible current account switch.

Lisa Cawson, Head of Current Accounts at The Co-operative Bank, said: “We’re pleased to be able to launch this new incentive today and hope it will encourage more people to consider switching their current and savings accounts to our bank. As the only UK bank with a customer-led Ethical Policy, we will never use our customers’ money to fund organisations involved in harmful activity such as the extraction or production of fossil fuels or any organisation that fails in its responsibility to respect human rights.”

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If you're not eligible for the Co-op Bank offer, First Direct is giving people £175 to switch current accounts. In addition to this, you also get access to its linked regular saver which pays 7% interest on up to £300 a month. Many people will also get an ongoing 0% overdraft up to £250. TSB is offering £125 and you can also earn £10 a month cashback for six months.

Levi Winchester