This new offer has a few hoops to jump through to get the full £175
The Co-operative Bank has brought back its switching deal after the last one ended in June. You no longer need to be referred, though there are a few more requirements this time around to get the full £175. Here’s how the switch offer works.
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How much can you get with the Co-op switch?
This offer is for £100 when you switch, with another £75 available if you continue using the bank. That’s a total of £175 available.
Who can get the Co-op switch offer?
This offer is open to new and existing Co-op Bank current account holders. You can’t already have had a switching bonus from Co-operative Bank since 1 November 2022.
You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.
You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.
What are the requirements for the Co-op switch offer?
Co-op £100 switching bonus
First, you’ll need to open one of these current accounts and request a switch within two weeks:
- Co-operative Bank Standard Current Account
- Co-operative Bank Everyday Extra Account
Existing customers can also switch into one of the above or below accounts:
- Co-operative Bank Current Account Plus
- Co-operative Bank Privilege
- Co-operative Bank Privilege Premier
You’re able to switch into the free standard account. Though it has no perks or extra features, for most this will be the best option.
The alternative Everyday Extra account is a packaged bank account, which comes with travel insurance, mobile phone insurance and breakdown cover. It’s worth noting that this Everyday Extra account comes with a £18 monthly cost, so it’ll eat into your total return.
As with most switching deals, once you’ve opened the new account, you need to use the Current Account Switching Service to move over an account from a different bank. For newbies you’ll do this as part of the application. You need to start it within 14 days of opening the account, and then ensure the switch completes with in eight weeks of starting the process.
Then within 30 days of the switch completing (and not before) you must:
- Deposit £1,000
- Have two active direct debits
- Make at least 10 debit card payments
- Register for online banking or mobile banking
Note that you can set up the direct debits on the new account, meaning they don’t need to be on the old account before you switch (though any you do switch will count too). Here are some cheap and fast direct debits you can set up if you’re short on them.
That £1,000 doesn’t need to stay in the account either, so you can move it out elsewhere straight away if you wish. It also doesn’t need to be in one go, so you can move smaller amounts in and out if that’s easier. Any money moved as part of the switch will also count towards the £1,000.
However, very importantly, the debit card spending and deposit need to happen later than the day after the switch completes, not before. Transfers that happen as part of the switch count towards the £1,000.
You can also hack the debit card payments, since paying off a credit card or using it to add money to other accounts in your name (such as Monzo, Revolut, Chip and NS&I – more here in our debit card “spend” hack article).
Additional £75 bonus
The second lot of cash is actually three monthly lots of £25, and each payment is triggered by use of the current account.
First of all you need to keep using the current account as follows every month:
- Deposit £1,000
- Payout two direct debits or standing orders
- Make at least 10 debit card payments
The ‘month’ begins the day after you get the initial £100. So if that hits your account on 15 October 2025, you’ve got until 15 November to meet the criteria, then again 15 December and finally 15 January 2025.
When will the money be paid?
For the £100 switching cash, the Co-operative Bank will pay it into your account within 7 days of the switch completion.
Each extra £25 payment will arrive in your current account seven days after the ‘month’ ends.
When will the offer end?
No end date has been given yet, but we’ll update this page when we know more.
Co-op switch summary
| Switching bonus | £100 |
| Extra bonus | £25 a month for three months (total £75) |
| Switch Requirements | Request to start a switch to a new or existing Standard or Everyday Extra current account within 2 weeks of opening the account |
| Switch using the Current Account Switch Service and close old account within 8 weeks of requesting | |
| Then within 30 days of the switch completing: | |
| Deposit £1,000 | |
| Set up two direct debits | |
| Use the debit card at least 10 times | |
| Set up online banking | |
| Added the debit card to a digital wallet | |
| Bonus requirements | Make 10 debit card transactions a month for three months |
| Payout 2 direct debits every month for three months | |
| Deposit £1,000 every month for three months | |
| Exclusions | Not already have a bonus from Co-operative Bank since 1 November 2022 |
| Offer limited to one welcome offer per person and account | |
| Open to existing customers | Yes |
| Switch bonus paid | Within 7 days of meeting criteria |
| Extra bonus paid | Within 7 days of each ‘month’ end |
| Offer ends | Unknown |
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Is Co-operative Bank any good?
There are a couple of current accounts that will make you eligible for this offer: the Current Account and the Everyday Extra account.
The Current Account is a standard account that doesn’t do much. Personally I wouldn’t bother as my main account- there are far better reward accounts.
The Everyday Extra account costs £18 a month and comes with insurance policies, though there are cheaper options out there. And that’s if you actually need a packaged account.
It’s worth noting that Co-op Bank has been sold to Coventry Building Society, though nothing will change for now.
What do customers think of Co-operative Bank?
Over at our sister site Smart Money People, customers have rated and reviewed the standard Co-operative Current Account, leaving an average score of 4.09 out of 5. However there aren’t specific reviews of the Everyday Extra account.
They like that the bank is more ethical than most other options, but other say the app is limited and customer service not as good as it used to be.
You can read all the reviews here.
Is it worth switching to Co-op?
Andy’s analysis
If you’re switching for the first time you’ll probably find higher paying options out there, and I’d focus on these instead.
If you do want to go for this, bear in mind there are a lot of transactions to make each month, which might be a faff.
Though £175 in total isn’t the highest offer for Co-op bank, this one will pay out faster than some previous deals.
Co-operative Bank is regarded as one of the more ethical banks, though Nationwide and Triodos score higher in ratings from Ethical Consumer magazine.
Are there better bank switch offers?
If you’re a repeat switcher and aren’t planning to keep an account then the Co-op switch one of the best. But if you plan to just switch once I’d actually look at other options which have added rewards or cashback.
These come and go, so here’s everything you need to know about all these and other different bank switch offers.
