Co-op has become the latest bank attempting to reel in new customers by offering a cash bonus to switch current account.
It has launched a limited time switching bonus worth up to £175 for new and existing customers who move their current account to a Co-op one.
Customers who switch their current account to a Co-op Standard Current Account, Current Account Plus, Privilege, Privilege Premier or Everyday Extra account will be eligible to receive the switching bonus.
Customers will receive £100 upon completing a bank switch to Co-op, and £25 per month for three months thereafter to total £175.
Cash carrot: Co-op has become the latest bank to launch a £175 bank switching bonus. It comes a day after the group suffered a cyber attack
How to get Co-op’s current account switching cash
New current account customers must apply on or after 1 May 2025 for a Standard Current Account or Everyday Extra account and before the offer is withdrawn.
If you already have a Standard Current Account, Everyday Extra, Current Account Plus, Privilege and Privilege Premier customers you can still get the switching bonus but you must request a full switch into your existing account during the same period.
Customers who received a switching incentive from Co-op after 1 November 2022 will not be eligible for this switching bonus.
To receive the first £100 payment, within 30 days of the switch completing customers must deposit a minimum of £1,000 into their new account. This can include balances transferred as part of the switch.
Customers must also transfer two active direct debits and make a make a minimum of ten card transactions – including through their digital wallet.
They must also register for Co-op’s online or mobile banking service.
To receive the additional £25 payments in the first three months there are a few more hoops to jump through.
The £25 monthly payments will not start until 30 days following the switch completing and after switchers receive the initial £100 payment.
Each month customers must deposit a minimum of £1,000 into their account, have two active direct debits, and make a minimum of 10 debit card or digital wallet transactions.
Co-op – which was taken over by Coventry Building Society earlier in the year – has joined the likes of First Direct and NatWest by offering cash to switchers in a bid to attract new customers deposits.
First Direct is offering £175 to switching customers, while NatWest is offering £150 to those who switch to its Reward current account, which comes with a £2 monthly fee and offers perks such as 1 per cent cashback on selected retailers.
Banks tend to launch switching incentives when they want to reel in more customers.
For example, in the last three months of 2024 Nationwide made the highest net switching gains of 51,254, according to the bank-specific data, which is three months in arrears.
The figures coincided with generous bank switching bonuses being paid out by both Nationwide.
Between October and December 2024 Nationwide was paying £175, a deal which ended on 31 March 2025.
SAVE MONEY, MAKE MONEY
Isa offer
Isa offer
40% off account fees for six months
Fix energy bills
Fix energy bills
Check price cap beating deals with uSwitch
Fee-free Isa investing
Fee-free Isa investing
Free share and ETF dealing, no account fee
5.70% cash Isa
5.70% cash Isa
Rate boosted for three months, then 4.85%
Sipp cashback
Sipp cashback
Up to £250 on Sipps worth at least £10,000
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Terms and conditions apply on all offers.
