Eligibility criteria apply. Check terms on Co-op Bank's website before applying.
Compare all bank switching offers
Co-op Bank Offer Summary
Detailed Information
Get £125 within 7 days of meeting the criteria, then £25 a month for 3 months (£75) for staying active, so £200 for a switcher. If you were a Co-op group customer (Co-op Bank, smile, Coventry Building Society, Godiva or ITL Mortgages) on 21 June 2026, you can also get a £100 loyalty bonus in November, taking it to £300, though Co-op can pull that £100 at any time.
You can switch a current account from another bank into a new Co-op account or an existing one. Choose the free Standard Current Account or Everyday Extra (monthly fee, adds insurance). No end date is announced, so it can be withdrawn without notice.
Is Co-op Bank Right for You?
Key Features
- Standard Account: No monthly fee
- Everyday Extra: Mobile phone insurance, worldwide travel insurance, UK/European breakdown cover (£18/month)
- 7% variable interest regular saver (max £250/month)
- Access to instant access savings accounts
- Mobile and online banking included
- Ethical Policy - customers have a say in how money is used
Things to Consider
- Must not have had a Co-op switch bonus since 1 November 2022
- The £1,500 deposit, 5 card payments and 2 Direct Debits are needed every month, not just once
- The £100 is a loyalty bonus for existing Co-op group customers (21 June 2026) and Co-op can withdraw it at any time
- Everyday Extra has a monthly fee (adds insurance); the standard account is free
- Existing Co-op or smile customers can switch a provider in, but cannot close and reopen a current account just to qualify
Eligibility Requirements
- Switch a current account from another bank into an eligible Co-op account (new or existing) using the Current Account Switch Service
- Complete the full switch within 8 weeks of requesting it
- Within 30 days of the switch completing: deposit at least £1,500, make 5+ debit card payments, have 2+ active Direct Debits, and register for online or mobile banking
- That earns the £125 set-up payment, credited within 7 days
- For each of the next 3 months, repeat the £1,500 deposit, 5 card payments and 2 Direct Debits to earn £25 a month (up to £75)
- Must not have had a Co-op Bank switch offer since 1 November 2022
Always verify the current requirements on Co-op Bank's website before applying, as terms may change.
How the Switch Works
Co-op Bank uses the Current Account Switch Service (CASS), which guarantees your switch completes within 7 working days. All Direct Debits and standing orders move automatically, and payments to your old account are redirected for 3 years.
Day 1: Apply & Request Switch
Complete your application and request the account switch via CASS.
Day 7: Switch Completes
Direct Debits and standing orders are moved automatically. Payments to your old account are redirected.
First Month: Meet Requirements
Ensure all eligibility criteria are met, including any deposit or transaction requirements.
~Day 7: Bonus Paid
If all criteria have been met, the switching incentive is typically processed.
Tips & Things to Watch For
Helpful Tips
- You need the £1,500 deposit, 5 card payments and 2 Direct Debits every month, not just the first.
- Balances transferred as part of the switch count toward the £1,500 in the first month only.
- Existing Co-op group customers (as at 21 June 2026) get an extra £100 in November for £300 total, but Co-op can withdraw that £100 at any time.
- You can switch a provider into a new or existing Co-op account, but you cannot close a Co-op current account and reopen one just to qualify.
- The 7% regular saver pays on up to £250 a month.
Common Issues
- Treating the criteria as month 1 only, the £1,500 deposit, 5 card payments and 2 DDs are needed every month
- Depositing the £1,500 before the switch completes (must be within 30 days after)
- Missing the 5 debit card payments in any qualifying month
- Having had a Co-op switch bonus since November 2022 (not eligible)
- Expecting the £100 loyalty bonus as a brand-new customer, it needs a Co-op group account held on 21 June 2026
Need Direct Debits? If you don't have 2 active Direct Debits for the switch, you can support Scrimpr via Direct Debit (50p or £1/month). It counts towards the requirement and helps keep this site free.
Offer History
How Co-op Bank's switch offer has changed over time.
| Offer | Period |
|---|---|
| £300 | Jul 2026 onwards |
| £175 | Jan 2026 - Mar 2026 |
| £125 | Sep 2025 - Oct 2025 |
| £125 | Feb 2023 |
| £125 | Nov 2022 - Dec 2022 |
| £50 | Jun 2021 - Nov 2022 |
Frequently Asked Questions
The switching incentive is only available to customers who meet all eligibility criteria. Not all applicants will qualify, and Co-op Bank reserves the right to decline applications or withhold bonuses if requirements are not met.
When using the Current Account Switch Service (CASS), your previous account is typically closed automatically as part of the switching process. All payments are redirected to your new account for a minimum period of 3 years.
The Current Account Switch Service (CASS) guarantees completion within 7 working days. This includes moving your Direct Debits and standing orders.
Most switching offers have eligibility restrictions for previous customers. Check the specific terms and conditions on Co-op Bank's website, as you may be excluded if you've held an account with them recently.
Opening a bank account typically involves a credit check. While a single application usually has minimal impact, multiple applications in a short period may affect your credit profile. If you're planning to apply for credit soon, consider the timing carefully.
Direct link to Co-op Bank. Scrimpr earns no commission from this link and isn't endorsed by Co-op Bank. Eligibility criteria and terms apply. Not all applicants will qualify. Co-op Bank is regulated by the FCA (Register: 121885).
This page is for guidance only and does not constitute financial advice. Offers are subject to availability and may be withdrawn at any time. Always verify current terms directly with Co-op Bank.
