The Co-operative Bank Launches New Current Account Switching Incentive That Rewards Customers And Helps Give Homeless Young People A Future
01 August 2017
- Eligible customers can receive a £125 cash incentive for switching their bank account to The Co-operative Bank
- An additional donation of £25 will be made to homeless young peoples’ charity Centrepoint in celebration of the 25th anniversary of the Bank’s customer-led Ethical Policy
Now successful current account switchers to The Co-operative Bank could be £125 better off and help give young homeless people a future by raising an additional £25 for the Bank’s charity partner Centrepoint.
From today, Tuesday 1st August 2017, The Co-operative Bank is paying £125 to eligible customers who switch their account using the Current Account Switching Service1. For every switch that is made meeting the bank’s offer criteria, the bank will make a £25 donation to its charity partner Centrepoint, to go towards the valuable work they are carrying out around the UK in support of vulnerable 16-25 year olds. This new switch offer reflects 25 years of the Co-operative Bank’s customer-led Ethical Policy, which clearly defines how the Bank offers an ethical approach to high street banking. To read more about The Co-operative Bank’s Ethical Policy visit: our Ethical Policy webpage
The offer is available to those switching to The Co-operative Bank’s five star Moneyfacts rated Current Account 2 and could also benefit from the Everyday Rewards feature which means they can receive up to £5.50 per month into their account from doing everyday banking arrangements. Customers can also choose to pay their reward to one of the Bank’s nominated charities: Amnesty International; Hospice UK; Oxfam; Refuge and The Woodland Trust 3
For customers to qualify for the switching incentive, they need to:
- Make a full current account switch using the Current Account Switch Service;
- Make sure a minimum of four active Direct Debits are switched to a qualifying current account;
- Choose from one of the five qualifying accounts: standard Current Account, Current Account Plus, Everyday Extra, Privilege and Privilege Premier;
- Available to EU residents aged 16+.
The full terms and conditions of the offer are available here:
Matthew Carter, director of products and communications at The Co-operative Bank said: “This new switching incentive is a way to thank our new customers for choosing to bank with us, and also enables them to help give young homeless people a future through our charity partner Centrepoint. Donations will help to fund the great work they’re doing to tackle youth homelessness across the UK, with their specific focus being on helping those young people aged 16-25 who are often the more vulnerable members of our communities.
“We’re the only UK bank to include a charity donation as part of our switching incentive offer. This highlights our commitment to values and ethics and how they are embedded at the heart of our business. Giving £25 to Centrepoint for every eligible switch made is a fantastic way to acknowledge 25 years of our customer-led Ethical Policy. Our values and ethics are as important to our customers today as they were when we launched our policy 25 years ago, and we are the only UK high-street bank that operates according to customer-defined ethical guidelines. We look forward to seeing the difference the donations will make to young people in the UK.”
Faye Edmondson, Centrepoint’s Senior Fundraising Manager, said: “Too many young people are taking desperate measures to avoid spending a night on the streets. It doesn’t have to be this way, but charities like Centrepoint need the public’s help to end youth homelessness. That is why we’re incredibly grateful to The Co-operative Bank and its customers for making this special commitment to help the 150,000 young people who face homelessness in the UK every year.
“The money raised will go towards The Centrepoint Helpline – which provides advice to young people when they feel as though they have nowhere to turn - and towards supporting homeless young people in Manchester – setting them up with the skills and confidence they need to get a job and a home.”
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Notes to editors:
1 New customers using the full CASS to move at least four active direct debits to an eligible Co-operative Bank current account:
The offer requires a full current account switch using the Current Account Switch Service.
- Switch in a minimum of four active Direct Debits to a qualifying current account.
- Qualifying accounts are standard Current Account, Current Account Plus, Everyday Extra, Privilege and Privilege Premier. (Excludes Cashminder, Student,smile and smilemore Accounts).
- Available to EU residents aged 16+.
- Offer excludes existing customers paying £800+ per month from 01/05/17 - 01/08/17.
- Offer also excludes any recipients of previous switching offers since January 2014.
- Our current accounts and switch offer are subject to status and qualifying criteria.
- This offer can be withdrawn at any time.
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 more information about the work the bank is doing with Centrepoint visit:
The Freephone Centrepoint Helpline for any young person aged 16-25 who is worried about homelessness is: 0808 800 0661
It is open Monday to Friday from 9am to 5pm.
About The Co-operative Bank
The Co-operative Bank p.l.c. provides a full range of banking products and services to almost 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 authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Co-operative Bank p.l.c. customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
- Centrepoint is the leading charity for homeless young people aged 16-25
- Centrepoint supports over 9,000 homeless young people a year
- The Freephone Centrepoint Helpline is for any young person aged 16-25 who is worried about homelessness. It is open Monday to Friday from 9am to 5pm. The Centrepoint Helpline number is: 0808 800 0661
- It provides accommodation-based and floating support services in Manchester, London, Bradford, Barnsley and Sunderland
- Centrepoint’s work is about more than just providing a safe bed for the night; Centrepoint helps young people to turn their lives around by gaining essential life skills; tackling their physical and mental health issues and moving into education or employment
- Through policy work, Centrepoint aims to influence public policy, campaigning on behalf of the young people it supports and homeless young people throughout the UK
- Founded in 1969, Centrepoint has since helped more than 116,000 homeless young people.
- HRH The Duke of Cambridge became Centrepoint’s Patron in 2005.
To find out more about the valuable work Centrepoint is doing in the UK please visit: https://centrepoint.org.uk/