The Co-operative Bank ups the switching stakes with new £175 cash incentive
1 May 2025
2 min read
- Brand new offer enables eligible current account switchers to receive up to £175 cash
- Enables exclusive access to 7% AER interest regular saver
- Current account holders could also reduce the carbon impact of their money by up to 86%**
The Co-operative Bank has today announced the launch of its new switching offer, where customers could receive up to £175 for switching their current account to The Co-operative Bank; £100 upon completing a switch to The Co-operative Bank, and £25 per month for three months thereafter.
Co-operative Bank current account customers can also benefit from exclusive access to savings accounts, including the current best buy Regular Saver product which encourages customers to save through 7.00% interest (gross/AER) on up to £250 per month.
The offer, which includes a significant £25 increase on its previous incentive, is available for a limited time to new and existing customers who switch to an eligible Co-operative Bank current account*.
Customers who successfully apply to switch will have the switching payments paid into their Co-operative Bank current account.
As an added bonus, by changing their bank, switchers can change a lot more; by withdrawing their money from other banks, current account switchers could reduce the carbon impact of their money by up to 86%**. As customers of the UK’s original ethical bank, their funds will not be invested in businesses or organisations that conflict with their ethics, meaning that their money will not be used to fund the extraction or production of fossil fuels, animal cruelty, or the manufacture or transfer of arms to oppressive regimes.
Sally McEvoy, Head of Customer Service, said:
“This is a fantastic time to join The Co-operative Bank. Our current account switching offer is back and better than ever. Customers who make the switch will not only benefit from up to £175 in cash, but they can also enjoy exclusive access to our market-leading Regular Saver account which could earn them 7% AER on their regular savings.”
ENDS
* Accounts included in the offer are a Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account.
**MotherTree's Carbon Emissions Bank League Table - Updated June 2023
To qualify for the £175 switching offer, new and existing customers must meet the eligibility criteria and terms and conditions:
- New current account customers must apply on or after 1 May 2025 for a Standard Current Account or Everyday Extra account, before the offer is withdrawn.
- Existing eligible Standard Current Account, Everyday Extra, Current Account Plus, Privilege and Privilege Premier customers must request a full switch into their existing account during the period in which the offer is live.
- smile Current Accounts, Student Accounts and Cashminder Accounts are not eligible for this offer.
- Eligible customers must not have benefitted from a switch incentive at The Co-operative Bank since 1 November 2022.
- To receive the switch payment of £100, in the 30 days following completion of a switch, customers must:
- deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
- have 2 active Direct Debits.
- make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward fulfilment of this criteria).
- register for our online and/or mobile banking service, and;
- New current account customers must apply for an account during the period in which the offer is live, and request a full switch within 2 weeks of account opening.
- New and existing customers must complete a full switch into their eligible current account within 8 weeks of the switch being requested.
- To receive the stay payments of £25 in the first three months, each month customers must:
- deposit a minimum of £1,000 into their account.
- have 2 active Direct Debits, and;
- make a minimum of 10 debit card or digital wallet transactions.
Co-operative Bank current account customers have exclusive access to our savings accounts.
Media Contacts
The Co-operative Bank Press Office
Tel: 0151 271 1985
Email: pressoffice@co-operativebank.co.uk
About The Co-operative Bank
The Co-operative Bank p.l.c. provides a full range of banking products and services to retail and SME (Small and Medium Sized Enterprises) customers and is committed to values and ethics in line with the principles of the co-operative movement.
In 1992, The Co-operative Bank took the pioneering step to become the first UK bank to launch a customer-led Ethical Policy, which gives the Bank’s customers a say on the ethical issues that are important to them, and how the Bank could help. These answers form the basis of our Ethical Policy, shaping the Bank’s ethical commitments, the way in which it will use customer’s money and the issues it will campaign for. Since 1992, the Ethical Policy remains unique in the UK and has been updated six times in consultation with the Bank’s customers, to reflect their changing priorities.
Contact
The Co-operative Bank Press Office
Landline: 0151 271 1985
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