Co-op Bank launches £125 current account switching offer

1 August 2017
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The Co-operative Bank has launched a new £125 current account switching offer, which also donates money to help young homeless people in the UK.

Consumers who switch to the Co-op’s current account will earn £125 in cash for themselves, with a further £25 being donated to homeless charity Centrepoint.

Centrepoint carries out support work targeted at vulnerable 16-25 year olds in the UK and the Co-op says this offer celebrates its ethical, customer-led policies.

To receive the current account switching incentive, customers must use the Current Account Switch Service to transfer an account with at least four active direct debits.

Co-op current account users can also earn up to £5.50 per month under the bank’s Everyday Rewards scheme, which has requirements, such as paying in at least £800 a month and opting for paperless statements.  

Matthew Carter, director of products and communications at The Co-operative Bank, says: “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.”

Where else can I get a current account switching bonus?

Halifax currently pays the same switching bonus to new current account customers as the Co-op, albeit without any charity bonus on top. It offers a £125 cash incentive to customers who join it using the Current Account Switch Service.

Elsewhere, First Direct pays £100 cash if you switch to one of its current accounts. It also pays another £100 if you are unhappy with the service and leave after the first six months.

If you’re an M&S shopper then you may also want to consider the M&S Bank Current Account. This offers a £125 voucher to new current account switchers, plus a £5 voucher each month for a year, providing you pay in at least £1,000 a month.

All of these accounts have minimum pay-ins and other restrictions. See the Moneywise guide to this week’s best current accounts for more information.

 

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