£125 switching incentive PLUS £66 in rewards PLUS £25 to charity if you switch to a Co-op current account
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£125 switching incentive PLUS £66 in rewards PLUS £25 to charity if you switch to a Co-op current account

Editor 20
Editor
Found 1st Aug 2017
The Co-operative Bank has launched a new current account switching incentive offering £125 for switchers PLUS a potential £66 a year in rewards for carrying out everyday banking activities. This means you can pocket £191 in total.

The Co-op will also donate £25 to Centrepoint for every person who switches.

So you can earn some extra cash and feel good about yourself at the same time.

To get the cash you need to:

Switch your current account using the Current Account Switching Service to any one of these five Co-op accounts:

  • Current Account
  • Current Account Plus
  • Everyday Extra
  • Privilege
  • Privilege Premier

Make sure a minimum of four active Direct Debits are switched to the new account.

Make more cash with Everyday Rewards

You can also make up to £5.50 a month with the Co-op’s Everyday Rewards scheme. Over a year this adds up to £66.

To get £4 a month you need to:

  • Pay in a minimum of £800 to the account that you’ve nominated to earn Rewards (transfers from other Co-operative Bank, Britannia and smile accounts don’t count).
  • Stay in credit, or within your agreed overdraft limit on the account that you’ve nominated to earn Rewards.
  • Log into online banking or the mobile banking app at least once a month.
  • Opt in for paperless statements.
  • Pay out at least four Direct Debits from the account that you’ve nominated to earn Rewards.

Then you can earn 5p every time you use your debit card to pay for things, and earn up to a maximum of £1.50 a month this way (30 transactions, so roughly one a day).

This gives you a potential maximum of £5.50 a month or £66 a year in Rewards.

About Centrepoint

Centrepoint is a charity which supports homeless or vulnerable 16 to 25-year-olds.

Why I like this

This isn’t the Co-op’s best ever switching incentive – it offered £150 at one point – but it’s not bad. The potential rewards for carrying out basic banking activities mean you can get your hands on another £66 a year, making a total of £191 in year one.

Make sure the account you pick suits your needs before you switch – there’s plenty of choice out there for current accounts at the moment.
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Cheers, been looking at binning nationwide since they made the changes to flex plus, especially removing the extended warranty even for items you had already purchased !
20 Comments
Not eligible if you have had a switching bonus from coopbank since 2014
Original Poster Editor
Yep, thanks for adding that.
Cheers, been looking at binning nationwide since they made the changes to flex plus, especially removing the extended warranty even for items you had already purchased !
Do u need to transfer any dd
MichaelJ851 h, 30 m ago

Do u need to transfer any dd

Yes you need to transfer 4, which is quite a lot.
I'd suggest just setting up setting up a few direct debits for £1/2 each to some charities if you don't have enough
or is it if you dont have 4 direct debits you dont get the monthly fee
How long before you get the dosh in your account?
the tsb deal is better than this, dont know if its still on but I did my switch over to them recently.
ALLYBALLY231145 m ago

or is it if you dont have 4 direct debits you dont get the monthly fee


No, it's one of the main conditions to get the incentive (£125). It's on their webpage.
Dan__48 m ago

the tsb deal is better than this, dont know if its still on but I did my …the tsb deal is better than this, dont know if its still on but I did my switch over to them recently.

​ its over
Do the direct debits have to be active? I have loads on tsb but think only 3 are active
i've never done one of these bank switches before.

So being with any bank for an extended period not count for anything these days? (17 years with my current one btw).
ALLYBALLY23111 h, 53 m ago

or is it if you dont have 4 direct debits you dont get the monthly fee


I'm pretty sure you need the direct debits to get the £125
Crossbow2 m ago

i've never done one of these bank switches before. So being with any bank …i've never done one of these bank switches before. So being with any bank for an extended period not count for anything these days? (17 years with my current one btw).


Nope - change it (in my opinion). It's really simple and while you're at it, check what energy tariff you're on. A couple of switches and you're £250+ up already.
4 DD's. Too many, wouldn't want to bank there either.
Can you get the switch incentive if you have previously had one from smile (owned by Co op)?
They are in serious financial trouble. I know your money is protected up to £75k with banks but I'd rather not. Looks like I'm not alone.
louhigs3 h, 33 m ago

They are in serious financial trouble. I know your money is protected up …They are in serious financial trouble. I know your money is protected up to £75k with banks but I'd rather not. Looks like I'm not alone.



I just left because of that. Probably all the free money they keep giving away.
Be mindful if you have a joint account, I switched online to Halifax and half way through it said I would need to go in branch to prove my identify and my wife's. We had to wait 3 weeks for the appointment and spend 2 hours faffing with paperwork.
iAmLegendFam1st Aug

4 DD's. Too many, wouldn't want to bank there either.



2 x DD's to your Tesco Saver accounts ( 1 to each )

2 x DD's to link your Paypal accounts (1 for each)

Easy done and once setup the same can be done for ANY of your bank switches , handy
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