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.
20 comments
m1chaels
1 Aug 17#1
Not eligible if you have had a switching bonus from coopbank since 2014
writergirl74
1 Aug 17#2
Yep, thanks for adding that.
stethorn
1 Aug 17#3
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 !
MichaelJ85
1 Aug 17#4
Do u need to transfer any dd
TheGalaxy to MichaelJ85
1 Aug 17#5
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
ALLYBALLY2311
1 Aug 17#6
or is it if you dont have 4 direct debits you dont get the monthly fee
millenium9 to ALLYBALLY2311
1 Aug 17#9
No, it's one of the main conditions to get the incentive (£125). It's on their webpage.
RobertM0215 to ALLYBALLY2311
1 Aug 17#13
I'm pretty sure you need the direct debits to get the £125
ssc1
1 Aug 17#7
How long before you get the dosh in your account?
Dan__
1 Aug 17#8
the tsb deal is better than this, dont know if its still on but I did my switch over to them recently.
slaha11 to Dan__
1 Aug 17#10
its over :disappointed:
lidds
1 Aug 17#11
Do the direct debits have to be active? I have loads on tsb but think only 3 are active
Crossbow
1 Aug 17#12
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).
RobertM0215 to Crossbow
1 Aug 17#14
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.
iAmLegendFam
1 Aug 17#15
4 DD's. Too many, wouldn't want to bank there either.
rooney10 to iAmLegendFam
11 Aug 17#20
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 :wink:
kel64
2 Aug 17#16
Can you get the switch incentive if you have previously had one from smile (owned by Co op)?
louhigs
2 Aug 17#17
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.
whoop_de_do_basil to louhigs
2 Aug 17#18
I just left because of that. Probably all the free money they keep giving away. :popcorn:
thewolf8u
2 Aug 17#19
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.
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Opening post
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:
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:
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.
20 comments
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
So being with any bank for an extended period not count for anything these days? (17 years with my current one btw).
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 :wink: