The Co-operative Bank is the latest to entice savers with its £150 ‘Switch and Save’ offer.
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 made up 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 having two active direct debits set up 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.
The further £15 per month 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.
All the current account switching offers
Towards the end of May, Lloyds Bank launched its £175 current account switch deal for new and some existing customers.
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.
Elsewhere, Nationwide Building Society launched a £200 switch sweetener as it posted a strong set of financial results, while TSB offers newbies up to £160 for the move.
Meanwhile, Santander gives eligible new savers £175 cash, which is also matched by First Direct luring in customers with its own £175 deal.
