Switch and Save Offer

Get £100 for switching to us, plus £50 extra for saving with us.

Our Switch and save offer ended on 19 January 2024

To receive the incentive, you’ll need to have met all the offer criteria, and have sent your current account application or requested a switch to an existing account by the end of the day on Friday 19 January 2024.

If you applied for a new account within the offer period (15 January 2024 – 19 January 2024), you’ll have also needed to request your full current account switch by 16 February 2024.

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, our new and existing customers can get up to £150 for switching in your current account (using the Current Account Switch Service) and saving with us:

  • Make an eligible switch from another bank and we’ll give you £100
  • Save in an eligible savings account as well and we’ll give you an extra £50.

How to get the £100 switch incentive

Switching is easy. And your switch takes just 7 business days once it’s started.

To be eligible, you must either:

  • Open a Standard Current Account or Everyday Extra account
  • Or have an existing Current Account, Everyday Extra account, Current Account Plus, Privilege account or Privilege Premier account.

You can read more about:

Current Account Switch Guarantee logo

To get the incentive, you must:

  • Complete a full Current Account Switch from your main current account with another bank to one of the eligible accounts
  • And not have had, or be waiting to receive, any switch incentive from us since 1 November 2022

And in the 30 calendar days following the switch completing, you must do the following with the account:

  • Deposit £1,000
  • Have 2 Direct Debits or standing orders set up
  • Make 5 card transactions
  • Register for our online banking services or mobile app.

You can apply:

You just need to give us a few details and we’ll do the rest. Once your switch has started, we’ll move all your Direct Debits, standing orders, and bill payments to your new account in just 7 business days. And your switch will be covered by the Current Account Switch Guarantee.

Find out more about switching

Our bank accounts

Open a bank account with the original ethical bank today — it's our ongoing commitment to our planet, our people, and our communities that underpins who we are and how we operate. And it always will.

We have a range of current accounts available to suit your needs.

Standard Current Account

A no-fee bank account.

You can opt into Everyday Rewards and if you meet the monthly criteria, you’ll receive rewards for yourself, or a charity, every month.

Make payments using Apple Pay, Google Pay or Samsung Wallet.

Everyday Extra

All the features of our Current Account, plus a package of extras — get mobile phone insurance, worldwide travel insurance, and UK & European breakdown cover, all for just £15 per month.

Request a joint account to get these extras for both of you for the same price.

Our Cashminder and Student accounts are not eligible for the switch incentive. Read more about our other current accounts

Apple Pay and Apple Wallet are trademarks of Apple Inc., registered in the US, and other countries. Google Pay and Google Wallet are trademarks of Google LLC. Samsung Wallet is a trademark of Samsung Electronics. Use only in accordance with the law. Compatible device required.

You can apply for a current account or savings account in branch, where one of our advisers can help guide you through the process. We recommend that you book an appointment to do this, to make sure someone is available to speak to you at a time that suits you.

Once you’ve switched to an eligible current account, you have 30 calendars days to make sure you meet all the other switch incentive eligibility criteria.

If you meet all the criteria, you’ll receive the payment within 40 calendar days of your switch completing.

How to get the £50 savings bonus

We’re offering you a bonus when you save with us.

To be eligible, you must either:

  • Open one of our accounts which are exclusive to our current account customers: Base Rate Tracker, Online Saver or Regular Saver
  • Or have an existing Base Rate Tracker, Online Saver, Privilege Savings, Privilege Premier Savings or Savings Plus account.

To get the bonus, you must:

  • Have met all the switch incentive eligibility criteria above
  • And have at least £25 in your eligible savings account on day 45 after your eligible current account switch.

You can read more about:

Our savings accounts

Your money has power — and we believe it’s what we don’t do with your money that makes a difference. That’s why where you save it is an important decision.

We have a range of savings accounts available to suit your needs.

Base Rate Tracker

An instant-access tracker account — get an interest rate that tracks to the Bank of England base rate.

Exclusive to our current account customers.

Online Saver

An instant-access online-only account — get an exclusive interest rate as one of our current account customers.

Exclusive to our current account customers.

Regular Saver

An account that encourages you to save offering a higher rate of interest compared with our other instant access savings accounts.

Exclusive to our current account customers.

Our Smart Saver, Select Access Saver, Fixed Term Deposits and ISAs are not eligible for the savings bonus. Read more about our other savings accounts

You can apply for a current account or savings account in branch, where one of our advisers can help guide you through the process. We recommend that you book an appointment to do this, to make sure someone is available to speak to you at a time that suits you.

Once you’ve switched to an eligible current account, you must make sure:

  • You meet all the switch incentive eligibility criteria within 30 calendar days
  • And you have at least £25 in an eligible savings account on day 45 from your switch completion date.

If you meet all the criteria, you’ll receive the payment within 60 calendar days from your switch completing.

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 file below.

The Offer and eligibility

1. We will pay the sum of £100 to an Eligible Customer who meets the offer criteria and eligibility in Section A, on or after 15/01/2024 until this offer is withdrawn. In section A of these terms an ‘Eligible Customer’ means any applicant who:

1.1 requests to switch into an eligible account (Smile Current Accounts, Student Accounts and Cashminder Accounts are not eligible for this offer) during the offer period, through either of the following methods:

a) Requests to switch a current account held with another provider into an existing Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account, or;

b) Requests a switch as part of an application for a new Standard Current Account or Everyday Extra account.

1.2 Within 6 weeks of the switch request, completes a full switch into an eligible current account using the Current Account Switch Service (which will include the closure of the old account and moving all payment instructions to the new account on the day that the switch completes), and;

1.3 In the 30 days following the switch completion date:

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 or standing orders 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 5 payments using the debit card on the eligible account (this includes any digital wallet transactions); and

d) has registered for our online banking service.

1.4 Has not already requested to switch in to an eligible account as part of an application, or requested to switch into an account already held with The Co-operative Bank, before the date in which this offer was available.

1.5 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 £100 Switch Incentive, we will credit £100 to the eligible current account within 40 days of your switch completing. 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 £100. This means that if the current account that you switch to is in joint names, we will only credit the account with £100, not £100 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 £50 to an Eligible Customer who meets the offer criteria and eligibility in Section B, on or after 15/01/2024 until this offer is withdrawn. In Section B of these terms an ‘Eligible Customer’ means any applicant who:

3.1 Has successfully qualified for and received payment of the £100 Switch Incentive in section A;

3.2 On the 45th day, following the completion of the switch into an eligible current account;

a) Has an open, eligible savings account either by successful application for a new, instant access current account exclusive savings product (a list of the instant access current account exclusive savings products that are included in the Switch and Save Offer can be found at https://www.co-operativebank.co.uk/products/savings/, and identified as "Included in our Switch and Save Offer"), or by retaining a previously held Base Rate Tracker, Online Saver, Privilege Savings, Privilege Premier Savings, Savings Plus or Regular Saver account, and;

b) You must have a balance of at least £25 saved in the eligible savings account.

3.3 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 savings account or is a joint account holder on a joint savings account, or;

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

Payment of the Savings Bonus

4. If you meet the terms and conditions set out in section B, and qualify for the £50 Savings Bonus, we will credit £50 to the eligible savings account within 60 days of your switch completing. The transaction will be labelled as ‘Credit’ in your account. In addition to meeting the criteria in section B;

4.1 You are entitled to only one Savings Bonus payment, even if you have multiple qualifying savings accounts.

4.2 If you have multiple eligible savings accounts, we will credit £50 into your most recently funded eligible savings account;

4.3 The maximum amount of benefit under section B of this offer is £50. This means that if the savings account is in joint names, we will only credit the account with £50, not £50 for each person named on the account.

The Offer Period

5. This Offer is only available for applications to switch a main current account to us using the full Current Account Switch Service received from between 15/01/2024 until the date we notify or publicise as that date upon which this Offer will expire (“the Offer Period”).

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

Our right to decline your application or vary this Offer

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

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

9. 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.

10. 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.

11. You must consider your personal tax position in relation to both the Switch Incentive and Savings Bonus payments.

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 following: The Co-operative Bank, Britannia 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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