Co-op to offer £200 to current account switchers
The Co-operative Bank has announced that new customers who switch to its current account will receive £200 - double the incentive offered by two other banks.
The offer is available to any new or existing current account customer who requests a 'full switch' from another provider. This means switching all your direct debits and standing orders to the Co-operative Bank.
Once you've completed the switch you have to credit your account with at least £800 for the first three months to receive the £200.
First Direct and Santander also offer switching incentives, but you would only get £100 to switch to one of their current accounts.
Commenting on the move, Rod Bulmer, managing director of retail at the Co-op, says: "Customers may be disillusioned with their current provider and we want to have the opportunity to prove that there are genuine alternatives to the big five banks."
PLEASE NOTE: THE CO-OP OFFER IS NO LONGER AVAILABLE.
An account opened with a clearing bank (few building societies offer current accounts) that provides the ability to draw cash (usually via a debit card) or cheques from the account. Some pay fairly minimal rates of interest if the account is in credit. Most current accounts insist your monthly income (salary or pension) is paid directly in each month and they offer a number of optional services – such as overdrafts and charge cards – which are negotiable but will incur fees.