Up To £176 Cash Reward For Switching To A Co-op Bank Current Account
06 January 2017
- £110 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
- Everyday Rewards monthly payments can alternatively be made to one of five charity partners
Savvy switchers looking to start 2017 with a new bank account could earn up to £176 in their first year as a Co-op Bank Current Account customer.
By moving their main bank account, including switching a minimum of four active direct debits, to The Co-operative Bank they will be £110 better off for making the switch.
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 from doing everyday banking arrangements. A successful switcher could therefore be £176 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 structure, which was designed with customer feedback in line with the Bank’s Ethical Policy.
The Co-operative Bank is the only UK high street Bank with a customer-led Ethical Policy. Since 1992 over 320,000 customers have helped shape the Ethical Policy that underpins how it runs its business.
Some examples of our ethical policy in practice include; our pioneering referral scheme, in partnership with Manchester Citizen’s Advice, for customers who find themselves in financial difficulty, and our return to campaigning with Refuge to raise awareness of financial abuse, resulted in our ‘My Money My Life’ campaign receiving industry backing for support to be provided to victims.
The £110 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 October 3rd 2016 and January 3rd 2017; 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 debits.
Matthew Carter, Products and Communications 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 £110 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. In addition, the Bank’s Values & Ethics remain unique in the UK market and ensure we run our business in a different way that reflects the ethical concerns of our customers.
“Existing customers who aren’t using their account as their main bank account can also benefit from the £110 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 monthly £5.50 reward to one of five nominated charitable partners: Amnesty International; Hospice UK; Oxfam; Refuge and The Woodland Trust.
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Notes to editors:
New customers using the full CASS to move at least four active direct debits to an eligible Co-operative Bank current account:http://www.co-operativebank.co.uk/campaigns/current-accounts/current-account-incentive
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 October 3rd 2016 and January 3rd2017, 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.
If 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.
For further information please contact:
Customer services: +44 (0)3457 212 212 available 6am to 10pm, 7 days a week.
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.