Overview
- This week the Co-operative Bank launched a switching package that pays up to £200 to new customers and up to £300 for existing Co-operative or Coventry customers who qualify.
- The cash is paid in stages: an initial £125 after a full switch via the Current Account Switch Service and three monthly £25 instalments for continued activity, and an extra £100 loyalty top-up that the bank says will be paid by November 2026 for eligible customers.
- To earn the payments customers must meet activity conditions such as minimum pay-ins (about £1,500 in the first 30 days), keep two active direct debits and make a specified number of debit-card transactions within set timeframes.
- The bank has also cut the Everyday Extra packaged-account fee from £18 to £12, removed its 2.75% foreign-transaction charge on debit cards, and opened a Regular Saver paying 7% AER for current-account customers.
- The offer joins similar summer switching deals from major UK banks, which may push packaged-account pricing and short-term incentives higher and encourage consumers to compare terms closely before switching.