The Co-operative Bank has launched a new £150 current account switching deal, but there are a few “hoops” to jump through to get it.
Drawing attention to the offer in its recent weekly email, the Money Saving Expert team wrote: “Co-op Bank also has an ‘up to £150’ switcher offer.
“This is a slow burner as there’s only £75 upfront, then £25 per month for three months, and you’ll need to jump through some hoops to get it all.”
To get the first £75 instalment, customers must complete a full switch from a different bank within eight weeks, either into a new or existing account.
In the 30 days after the switch is complete, at least £1,000 needs to be deposited and two direct debits set up.
Customers must then register for digital banking, add the debit card to a digital wallet, and make 10 transactions.
To qualify for the further three £25 instalments, more conditions must be met. These include actively using the current account the next three months by depositing £1,000 or more per month, continuing to make 10 or more card or digital wallet transactions, as well as having two or more active direct debits.
The three months begin on the day after the first £75 incentive payment is made. The next £25 instalments are paid within seven days of the monthly period.
Britons may be able to pick up more competitive switching deals with other banks. For example, Lloyds Bank is offering £200 to new and existing customers who meet the eligibility criteria, and the money is pledged to land in accounts within three days of completion.
Alastair Douglas, CEO of TotallyMoney noted that, while changing banks “might seem daunting”, it shouldn’t put people off from taking the leap.
He said: “Changing banks might seem daunting — especially if like many, you’ve been with the same provider for a few years. But with the Current Account Switch Guarantee, you can transfer balances, Direct Debits and overdrafts, while payments sent to your old account will be redirected to your new one. So you won’t need to worry. And 99.7 percent of switches are complete within seven working days.
“But while the switching process is easy, you should always read the small print to make sure that the account is right for you. This is especially true if you’re looking to make the most out of a sign-up bonus — as you’ll usually need to jump through a few hoops to land it. Often, the bank will require you to deposit a certain amount, transfer a number of Direct Debits, and use your new card and app.
“Our message is clear — loyalty doesn’t pay, but changing who you bank with can. Not only could you be eligible for a sign-up bonus, but also an interest-free overdraft, better savings rates, cashback, fee-free foreign spending, and other rewards and perks.
“Over the past nine years, more than 6,000 bank branches have closed, and it’s a trend which is likely to continue following the recent announcement from Lloyds Bank Group that they’ll be closing almost 300 in 2025. And while this might not be a problem for those who are happy to manage their money with an app, others, especially the vulnerable, might struggle. So finding a bank which works for you is essential.”
