Summer’s biggest switch: £300 for existing customers, £200 for new switchers

Media contact

Sophie McHale

Tel: 0151 271 1985

Email: pressoffice@co-operativebank.co.uk

Notes to Editors

The 2.75% ‘Currency Conversion Charge’ payable on overseas debit card spend has been removed on all personal current account debit cards across both The Co-operative Bank and smile, and also include Pathfinder.

Everyday Extra subscription fee will be automatically reduced to £12 and will be charged on the 1st of every month.

**Market-leading £300 switching offer for standard and packaged current accounts (excluding high-income Premier accounts requiring £75,000+ in income, savings or investments), based on publicly available UK competitor offers as of 2nd July 2026.

***Everyday Extra bundle calculations – UK & European Breakdown Cover (through RAC) worth £285.36, Worldwide Family Travel Insurance including winter sports (through AXA) worth £271.77 and Family Mobile Phone Insurance (through Assurant) worth £86.28 – total costs £643.41.

****£114 - Monthly deposit amount £250. Balance at end of 12 months, £3,114.21, interest earned, £114.21.

We have worked this out assuming:

• You make 12 regular monthly deposits on the first day of each calendar month
• The 12 months start on 1 January
• We haven’t changed the interest rate in the 12 month period
• You haven’t made any additional deposits or withdrawals.

*To qualify for the switching offer, new and existing customers must meet the eligibility criteria and terms and conditions. Full switch using the Current Account Switch Service is required. Initial and ongoing deposit and transactional criteria apply. Available to personal customers only. Switch to the Co-operative Bank’s standard Current Account or Everyday Extra account (or to a Current Account Plus, a Privilege or a Privilege Premier account if customers already hold one of these with us). Everyday Extra is subject to eligibility. Exclusions and limitations apply to all benefits. This offer (or elements of this offer) may be changed or withdrawn at any time. Customers can view the full switch offer, terms and conditions and eligibility criteria on The Co-operative Bank’s website.

Step 1: £125 Switch Incentive

New and existing customers will be eligible for the incentive. Customers must request a full switch into an eligible account during the offer period, completing within 8 weeks of the switch request. By the 30th day following the switch completion, the customer must:

• Deposit £1,500+
• Have 2+ active Direct Debits
• Make 5 debit card transactions
• Register for online banking/mobile banking, including where that registration was already in place before the switch completion date
• Customers cannot have received a switching incentive from us since 01/11/2022.

Step 2: £25 monthly contributions

Eligible Customers may also receive three x £25 incentive payments (up to a maximum of £75) if they meet the following criteria during each month of the 3 months following payment of the £125 Switch Incentive:

• Deposit £1,500 or more
• Make 5+ debit card transactions
• Maintain 2+ active Direct Debits.

Step 3: Existing Group Customers ‘only’ - £100 additional payment (made in November 2026)

At the time of payment eligible customers must:

• Still have an open eligible current account
• Have previously qualified for the £125 switch payment
• Have been an eligible existing customer as of 21st June at the point of switching

Definitions

An "Eligible Customer" means a customer who requests to switch a personal account held with another provider into an ‘Eligible Account’ with us (which shall mean a The Co-operative Bank Standard Current Account, Current Account Plus, Privilege, Privilege Premier, or Everyday Extra account and no other account) during the Offer Period, through either of the following switch request methods:

1. Requests to switch a personal account held with another provider into an existing Eligible Account; or
2. Requests to switch a personal account held with another provider as part of an application for a new Eligible Account; or
3. Requests to switch a personal account held with another provider within two weeks of opening a new Eligible Account.

An "Existing customer" is an existing personal customer (excludes business customers, organisation accounts, and mortgages held in a business name) on 21 June 2026 of either:

1. The Co-operative Bank;
2. smile;
3. Coventry Building Society (authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority with reference number: 150892) whose principal address is at Coventry House, Binley Business Park, Harry Weston Road, Coventry, CV3 2TQ;
4. Godiva Mortgages Limited (a company registered in England with company number 05830727 whose registered address is at Coventry House, Binley Business Park, Harry Weston Road, Coventry, CV3 2TQ and is authorised and regulated by the Financial Conduct Authority, firm reference number 457622, www.fca.org.uk);
5. ITL Mortgages Limited (a company registered in England with company number 02321779 whose registered address is Coventry House, Binley Business Park, Harry Weston Road, Coventry, CV3 2TQ and is authorised and regulated by the Financial Conduct Authority, firm reference no. 302608, www.fca.org.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. Since 2016, the Bank has been partnered with Centrepoint and are their longest standing corporate partner. 

In January 2025, The Co-operative Bank joined Coventry Building Society Group - a top 10 lender and the 2nd biggest building society in the UK.