Switch and Regular Saver £150 offer

Get £75 for switching to us, plus £15 a month for up to five months. Exclusive to new current account customers.

Why choose us

Co-operative Bank customers are part of an ethical bank - the UK’s first to introduce a customer-led Ethical Policy, which still makes us unique today.

And even better, you can get up to £150 in six months. This includes £75 for switching your current account to us and then £15 a month for up to 5 months.

Current Account Switch Guarantee logo

You can get the £150 by:

Switching your current account

Making an eligible current account switch from another bank - we’ll give you £75 within seven days of meeting the switch criteria.

Setting up a Regular Saver account

We’ll give you an extra £15 a month for up to five months and you’ll earn 7.00% interest (gross/AER variable) on balances up to a maximum of £250 per month, if you meet the criteria.

Step 1: How to get the £75 switch incentive

To switch and be eligible you need to:

  • apply for our free Standard Current Account or our paid for packaged Everyday Extra account
  • not hold an existing current account with The Co-operative Bank or smile
  • not have had, or be waiting to receive, any switch incentive from us since 1 November 2022.

To get the £75, you must do the following by the 30th day following the switch completing:

  • deposit £1,000 or more
  • have two or more active Direct Debits
  • make ten or more card transactions
  • register for our online banking services or mobile app, and login

    Please note: Any balances or Direct Debits transferred as part of the switch will count towards the £1,000 for the first month only.
  • Apply for an overdraft as part of your account application, or once your account is opened (overdraft is subject to status)
  • Make payments using Apple Pay, Google Pay or Samsung Wallet
  • Have access to our exclusive 7.00% interest (gross/AER variable) Regular Saver account
  • Available as a joint account.

View our Standard Current Account

  • Mobile phone insurance, worldwide travel insurance, and UK & European breakdown cover, all for just £15 per month
  • Apply for an overdraft as part of your account application, or once your account is opened (overdraft is subject to status)
  • Make payments using Apple Pay, Google Pay or Samsung Wallet
  • Have access to our exclusive 7.00% interest (gross/AER variable) Regular Saver account
  • Request a joint account to get these extras for both of you for the same price
  • Subject to eligibility. Exclusions and limitations apply to all benefits.

View our Everyday Extra account

Step 2: How to get the £15 a month

You can get £15 a month by having an open 7.00% interest (gross/AER variable) Regular Saver account and by meeting the following criteria each month.

To be eligible you need to:

  • have received your £75 switch payment
  • have an open qualifying Regular Saver account.

To get the £15 a month for five months you need to meet this criteria by the end of the qualifying month:

  • deposit £50 into your Regular Saver account each month.

You must also continue to actively use your current account each month by:

  • depositing £1,000 or more
  • making ten or more card transactions
  • having two or more active Direct Debits.

The first of the five months start from the date in which you receive your £75 switch incentive payment until the end of the following month. The remaining four months are normal calendar months.

For example, if you received your £75 on 15 June, your first month would run from 15 June until 31 July, your remaining four months are normal calendar months such as 1 August until 31 August.

If you do not meet the eligibility criteria for one of the months, you can still qualify for the £15 incentive payment in the remaining months.

The offer runs for the five months after you have received your £75.

  • Earn 7.00% interest (gross / AER variable)
  • Have the account for a 12 month term – the 12 months will start from the date we accept your first deposit
  • Open with as little as £1, and save up to £250 per calendar month – our monthly limit will hopefully encourage you to save regularly, whilst benefitting from the account’s interest rate
  • Change the amount you save each calendar month at any time – no minimum monthly deposit
  • Set up a standing order during the application process to help you start saving, although this is optional
  • Access your money at any time, whether that’s online, through our mobile app, by telephone, or in branch
  • Open it as a sole or joint account.

Learn more about our Regular Saver account

If you do not meet the eligibility criteria for one of the months, you can still meet it in one of the following months. The offer runs for the five months following your switch, and the period is not extended should you not be eligible for a month.

To qualify for the £15 a month you must have opened a qualifying Regular Saver account no later than midnight on the last day of the full calendar month, following the month in which the £75 switch incentive in section A was received.

Please note that the monthly £15 Regular Saver incentive payment does not form part of your monthly £250 deposit limit.

Apply and switch to us

Standard Current Account switch

If you apply for our Standard Current Account, you can switch to us as part of the application.

Everyday Extra account switch

If you apply for an Everyday Extra account, you need to request to switch by completing our online switch form within 10 days of your account opening.

If you already have a Co-operative Bank or smile Current Account then you are not eligible for this offer.

What happens during your switch?

Once your switch has started, we’ll move all your Direct Debits, standing orders and bill payments to your new account in just seven business days. Your switch will be covered by the Current Account Switch Guarantee.

You can use your existing current account until your new account opens.

  • Day 1 to 2

    The Switch Service will check if the switch can go ahead.

  • Day 3 to 5

    We’ll move all your regular payments to your new account.

  • Day 6 to 7

    We’ll transfer your bank account balance, your old account will be closed and we’ll let you know that the switch is complete.

You will receive your £75 switch incentive within seven days of meeting all of the criteria.

Switch incentive timeline

This step-by-step guide shows you how our switch and save incentive works. The dates are provided to show you an example timeline but yours will vary depending on when you apply, request a switch and meet the qualifying criteria.

How long it takes to get the £75

Steps
Example date
Steps Apply for a Current Account and full switch
Apply for a Standard Current Account and full switch as part as your application.

If applying for an Everyday Extra, you will need to request the switch after your account is open. You have 10 days following your account opening to request a switch.
Example date 07/06/2024
Steps Account opens
You have a maximum of 28 days from the date your account opens to complete your switch.
Example date 11/06/2024
Steps Switch completes
You have until the 30th day following your switch completion to meet the criteria for the £75 switch incentive. You can meet the requirements from the date your account opens.

We will check your account daily, from the day following your switch completion and make payment on the day that you meet all of the qualifying criteria – it will arrive in your account within 7 days.
Example date 18/06/2024
Steps Receive £75 switch incentive payment
Example date 19/06/2024

How long it takes to get the £15 a month

Steps
Example date
Steps Complete criteria for month one savings incentive payment
Example date 31/07/2024
Steps Receive month one £15 savings payment
Example date 10/08/2024
Steps Complete criteria for month two savings incentive payment
Example date 31/08/2024
Steps Receive month two £15 savings incentive payment
Example date 10/09/2024
Steps Receive final month five £15 savings incentive payment
Example date 10/12/2024

For month one, you will have the remainder of the month in which you receive your £75 payment, plus the full calendar month following.

For months two to five, you will have the full calendar month to meet the qualifying criteria.

If all the criteria has been met within the qualifying month, on the 10th of the following month we will check that you are eligible and the £15 will be deposited into your Regular Saver account within seven days. This will happen for each of the five months if you are eligible.

Terms and conditions

Please read all sections of the terms and conditions, and save a copy for future reference. They’re also available as a PDF below.

The Offer and eligibility

1. We will pay the sum of £75 to an Eligible Customer who meets the offer criteria and eligibility in Section A, on or after 07/06/2024 until this offer is withdrawn. In section A of these terms an ‘Eligible Customer’ means any applicant who:

1.1 Applies to open a new Standard Current Account or Everyday Extra Account during the Offer period, and;

a) Requests a full switch from a current account held with another provider into their Standard Current Account as part of the application or;

b) Requests a full switch from a current account held with another provider into their Standard Current Account or Everyday Extra account within 10 days of the account opening date.

1.2 Specifies a switch date within 28 days from the date of the account opening.

1.3 By the 30th day following the switch completing (this can be before the full switch completes):

a) has deposited at least £1,000 into the eligible account (this can be transferred as part of the switch and/or by one or more deposits);

b) has at least 2 active Direct Debits in place on the eligible account at the point of payment (this can include any that are transferred as part of the switch);

c) has made a minimum of 10 payments using the debit card on the eligible account (this includes any digital wallet transactions); and

d) has registered for our online/mobile banking service.

1.4 Has not previously benefitted as a new customer from this, or any previous Co-operative Bank current account switch offers since 01/11/2022. This includes if a Refer a Friend referral form has been submitted and is due to be paid after this offer was made available.

Payment of the Switch Incentive

2. If you meet the terms and conditions set out in section A, and qualify for the £75 Switch Incentive, we will credit £75 to the eligible current account within 7 days of you meeting the eligibility criteria. The transaction will be labelled as ‘Credit’ in your account. In addition to meeting the criteria in section A;

2.1 Your current account must be open at the time the incentive is paid to be eligible to receive the payment;

2.2 You are entitled to only one incentive payment, even if you switch more than one account to us;

2.3 The maximum amount of benefit under section A of this offer is £75. This means that if the current account that you switch to is in joint names, we will only credit the account with £75, not £75 for each person named on the account;

2.4 This offer cannot be used in conjunction with any other switching offer with The Co-operative Bank.

The Offer and eligibility

3. We will pay the sum of £15 per month, for up to 5 months to an eligible customer who meets the offer criteria and eligibility in Section B, on or after the fulfilment of the criteria in section A. In Section B of these terms an ‘Eligible Customer’ means any applicant who:

3.1 Has successfully qualified for and received payment of the £75 Switch Incentive in section A, and;

3.2 Has opened a Regular Saver account by no later than midnight on the last day of the full calendar month, following the month in which the £75 switch incentive in section A was received ("the qualifying Regular Saver account").

3.3 In each qualifying period;

a) Has deposited a minimum of £50 into the qualifying Regular Saver account, and;

b) Has deposited £1,000+ into the qualifying current account, and;

c) Has made 10 or more card transactions from the qualifying current account, and;

d) On the 10th of the month following the qualifying period, has 2 active Direct Debits on the qualifying current account.

3.4 In the case of the qualifying current account for the Switch Incentive in Section A being;

a) a sole current account, has an open sole qualifying Regular Saver account or is a joint account holder on a joint qualifying Regular Saver account, or;

b) a joint current account, has an open joint qualifying Regular Saver account with the same joint account holders as the qualifying current account.

4. The qualifying period for month 1, will be defined as the remainder of the month in which the £75 savings incentive in section A is paid, and the full calendar month following. The qualifying periods for months 2-5 will be the full calendar months following the qualifying period for month 1.

Example scenario: A customer completes the requirements for the incentive payment in Section A, and receives their £75 incentive payment into their qualifying current account on 18th June. The customer then has until the 31st July to meet the criteria for the first month incentive payment in Section B. On the 10th August the accounts will be checked to ensure that all the qualifying criteria has been met. If all the criteria have been met, the customer will qualify for the £15 monthly incentive payment.

Payment of the Regular Saver Incentive

5. If you meet the terms and conditions set out in section B, and qualify for the £15 Regular Saver incentive, we will credit £15 to the qualifying Regular Saver account within 7 days of the 10th of the month following the qualifying period. The transaction will be labelled as 'Adjustment' in your account. In addition to meeting the criteria in section B;

5.1 You are entitled to only five Regular Saver incentive payments of £15 each.

5.2 If you fail to qualify for one of the Regular Saver incentive payments in any month, you will still be eligible to qualify for the following Regular Saver incentive payments should you subsequently meet all of the criteria outlined in section B.

5.3 The maximum amount of benefit under section B of this offer is £75. This means that if the savings account is in joint names, we will only credit the account with up to £75, not £75 for each person named on the account;

5.4 If you close your qualifying Regular Saver account during the Offer period but then open another account, that subsequent account will not qualify for this offer.

The Offer Period

6. This Offer is only available for new current account customers who apply for a Standard Current Account, or an Everyday Extra account between 07/06/2024 until the date we notify or publicise as that date upon which this Offer will expire ("the Offer Period").

7. You will not be eligible for, or qualify for this Offer after the expiry of the Offer Period unless your application to open your Co-operative Bank current account was received prior to the expiry of the Offer Period.

8. You will not be eligible for this Offer if you are an existing customer that closes a Co-operative Bank or smile current account of any type within the offer period (this includes Standard Current Account, Cashminder, Everyday Extra, Current Account Plus, Privilege, Privilege Premier, Student, smile Current Account, smile More, smile Student account), and then applies for a Standard Current Account or Everyday Extra account for the purpose of benefitting from this offer.

Our right to decline your application or vary this Offer

9. Our accounts are subject to eligibility criteria, status and our lending policy. We reserve the right to decline your application. T&Cs apply.

10. Where we decline your application for a Current Account or Savings Account, we will not make an incentive payment.

11. We have the right to withdraw or vary the terms of the Offer or the Offer Period at any time. Any such withdrawal or variation will not adversely affect the rights of an Eligible Customer who has participated or is participating in the Offer in good faith. We will update our website with the final switch request date on which we will honour payments.

12. We reserve the right to withhold any payment (or to reverse any payment already made) where we have reasonable grounds for suspecting you have sought to materially abuse or profiteer from the offer. For example, this may arise if we have grounds for believing that you have sought to engage in a marketing campaign.

13. You must consider your personal tax position in relation to both the Switch Incentive and Regular Saver incentive payments.

Looking for a previous switch incentive?

To view the Terms and Conditions of previous switch incentives and other offers, visit our Offers terms and conditions page.

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please read further information on the FSCS scheme here or visit their website.

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