The Co-operative Bank confirmed it will withdraw its £150 ‘Switch and Save’ deal from the market at midnight tonight (Friday 5 July). This means applications need to be submitted by 11:59pm, though the actual switch can take place after this date.
With this deal, customers switching their everyday banking to a Co-operative Bank Standard Current Account or Everyday Extra account can net £75 upfront.
The remaining £75 as part of the offer is accrued over five months, where it will pay £15 each month for customers opening its Regular Saver Account.
Co-op confirmed it will credit £75 to the eligible current account within seven days of a customer meeting the eligibility criteria.
This includes setting up two active direct debits and depositing a minimum of £1,000 into the new account within 30 days after the switch completes.
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You’ll also need to register for online banking or mobile banking and make a minimum of 10 card transactions (including via digital wallet) within that same time period.
Co-op Regular Saver
The subsequent £15 per month sums will be paid into the qualifying Regular Saver account within seven days of the 10th of the month following the qualifying period.
Here, savers must open a Regular Saver account by no later than midnight on the last day of the full calendar month, following the month in which the £75 switch incentive was received.
You’ll also need to deposit a minimum £50 into the Regular Saver account, on top of meeting the current account criteria detailed above.
The Regular Saver pays 7% gross/AER (variable) and allows instant access to your cash. The maximum you can save each month is £250 and you can pay in as often as you want without going above this.
If you’ve already benefitted, or are waiting to benefit, from a switching incentive from Co-op Bank since 1 November 2022, then you won’t be eligible for this latest offer.
Bank switch bonuses being pulled
Just yesterday (Thursday 4 July), Nationwide withdrew its £200 switching sweetener for existing customers.
The building society launched its £200 current account switch offer for existing members in May. It came as it announced a record £2.2bn ‘member bonanza’ as its annual financial report for the year revealed statutory profit exceeding £1.7bn.
Once the Co-op deal ends tonight, it means there will be just two switching offers available on the market.
Lloyds Bank launched its £175 current account switch deal for new and some existing customers in May.
The deal applies to three different current accounts, giving savers more choice, though there is a monthly “maintaining the account fee” (£3), which is waived if you pay in £2,000 or more each month.
As part of this offer, your switch must include at least three active direct debits from your old account being moved to Lloyds Bank.
You need to open a Club Lloyds account online, by phone or in branch by Tuesday 30 July before the switch sweetener is pulled, but Lloyds added it can be withdrawn without notice at any time.
Meanwhile, the £175 will be paid into your new account within three days of the switch being completed.
The only alternative is from First Direct, offering new current account holders £175.
You need to have at least two direct debits or standing orders, which need to be switched within 30 days of opening the account.
You’ll also need to deposit a minimum of £1,000 into your new account within 30 days of opening. Plus, you need to register and log in to digital banking within this time frame.
Further, you need to use your debit card at least five times during the first 30 days of opening your account.
You need to be a new customer to get the cash, which means you can’t have held a First Direct product or opened a HSBC current account on or after 1 January 2018.
Once you’ve ticked all these boxes, you should receive the bonus within a month, but First Direct added that savers can expect to receive it by the 20th of the following month of meeting the criteria.
New customers switching their current account to First Direct also receive a £250 interest-free overdraft, fee-free overseas transactions and ATM withdrawals, plus access to a 7% interest Regular Saver account.
Last month, both Santander and TSB pulled their current account switch sweeteners.
