Up to £216 cash reward for switching to a Co-op bank current account
26 August 2016
- £150 incentive for new customers using the full Current Account Switching Service to take out a current account
- Opt into Co-operative Bank Everyday Rewards to earn up to a £5.50 cash reward into your account each month
Consumers looking to make the most of their money and take advantage of the Current Account Switch Service (CASS) should consider switching to The Co-op Bank’s Current Account to benefit from a cash reward of up to £216 in their first year as a new bank customer.
By moving their main bank account, including switching a minimum of four active direct debits, to The Co-operative Bank they will be £150 better off for making the switch1.
In addition, those who are eligible for the Bank’s Everyday Rewards scheme could also receive up to £5.50 per month into their account for doing everyday banking things2. A successful switcher could therefore be £216 better off over a 12 month period.
The fee free Co-operative Bank Current Account is already a five star rated account by Moneyfacts and has a competitive overdraft structure3, which was designed with customer feedback in line with the Bank’s Ethical Policy. In a recent poll on MoneySavingExpert.com the Bank’s current account was the third best performing in its league table with 72 per cent of customers saying they were very pleased with their account4.
The Bank has also received several customer service awards and been named as the most improved banking brand in the latest UK Customer Satisfaction Index from the Institute of Customer Service5.
The £150 switching offer is also available to existing Co-operative Bank customers who do not currently use their current account as their main bank account. Customers will be eligible for the offer unless an average of £800 or more per month has been credited to their account between February 3rd 2016 and May 3rd 2016; or they have previously received any other incentive for switching at any point since January 2014. Existing customers will need to switch using the full CASS process; which will include the closure of their old account on the day the switch completes, and switch in a minimum of four active direct debits1.
Matthew Carter, Products and Marketing Director at The Co-operative Bank said: “We’re immensely proud of our five star rated Current Account and the Everyday Rewards scheme available to our customers. We are confident that new switchers to the Bank who may be tempted in by the £150 incentive will really benefit from the account when they make the move and experience first-hand the great service offered by the Bank’s customer service teams.
“Existing customers who aren’t using their account as their main bank account can also benefit from the £150 switching incentive. In addition, all eligible existing customers are able to opt into our Everyday Rewards scheme, to benefit each month from a cash payment of up to £5.50 with the potential to pocket up to £66 in a 12 month period.”
Co-op Bank Current Account customers benefitting from the Everyday Rewards scheme can also opt to pay their £5.50 reward to one of five nominated charitable partners: Amnesty International; Hospice UK; Oxfam; Refuge and The Woodland Trust6.
The Bank’s £150 switching incentive is the focus of its latest advertising campaign ‘It’s Good to be Different’ and is being promoted in bank branches, on TV and online to encourage consumers to switch their account in the lead up to the Current Account Switch Service third anniversary in September.
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Notes to editors:
1New customers using the full CASS to move at least four active direct debits to an eligible Co-operative Bank current account.
Existing Co-operative Bank Current Account, Privilege Account, Privilege Premier Account, Current Account Plus account holders, if they are not paying in at least £800 per month and have not done so between February 3rd 2016 and May 3rd 2016, and who have not previously switched to the bank and benefitted from a monetary switching incentive since January 2014.
For full terms and conditions:
Account holders can earn rewards of £4.00 a month by simply:
- Paying in at least £800 into the account each month;
- Staying in credit or within any agreed formal overdraft limit each month;
- Remaining opted in for paperless statements;
- Logging onto online banking or the mobile app at least once each month;
- Having at least four direct debits paid from the account each month.
On top of this, customers can earn 5p every time they use their debit card up to a maximum of £1.50 a month, giving a total monthly reward of up to £5.50, or £66 annually.
Customers can opt to donate their monthly rewards to one of five nominated charitable partners: Amnesty International; Hospice UK; Oxfam; Refuge and The Woodland Trust.
5UKCSI (UK Customer Satisfaction Index) is The Institute of Customer Service’s national measure of customer satisfaction. It provides insights into the state and direction of customer satisfaction at a national level, across 13 key sectors and for individual organisations. UKCSI was launched by The Institute of Customer Service in 2008. It provides a unique way of measuring the current customer satisfaction of UK customers, as well as trends over time. The full July 2016 report can be found at www.instituteofcustomerservice.com/ukcsi
6If you choose for us to make a donation to one of our chosen charities, we’ll pay that charity every six months, in June and December.
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around 4.4 million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.