The Co-operative Bank has introduced a new switching incentive offering up to £300 to customers who move their current account to the lender. This promotion, described by the bank as its most generous to date, applies to both its standard current account and the Everyday Extra packaged account.

To qualify for the initial £125 reward, new customers must meet several conditions within 30 days of switching. These include depositing a minimum of £1,500, setting up at least two active direct debits, and making five debit card transactions. After this period, account holders can receive up to an additional £75 by further depositing £1,500, completing another five debit card payments, and maintaining two direct debits over the following three months.

The offer also includes a loyalty bonus of £100 for customers who already hold other Co-operative Bank products, such as mortgages or savings accounts. This incentive extends to existing clients of the Coventry Building Society as well, which acquired the Co-operative Bank in early 2025, encouraging them to switch their current accounts to the bank.

Both eligible accounts provide clients the option to open a linked savings account with a competitive interest rate of up to 7%. This savings product requires only a £1 minimum opening balance, with monthly deposits capped at £250.

The Everyday Extra account carries a monthly fee of £12, a reduction from the previous £18, and offers a range of benefits including travel and mobile phone insurance, as well as European car breakdown cover. These perks align the account with other packaged offerings in the market.

Rachel Springall, a finance expert at Moneyfacts, noted that amid ongoing financial pressures on households, it is important for customers to find current account options that provide value without unnecessary charges. She highlighted the reduced fee for the Everyday Extra account and its bundled benefits as particularly beneficial for those travelling domestically or abroad.

This new offer from the Co-operative Bank aims to attract customers looking for a combination of financial incentives and additional account features, while reinforcing loyalty among existing account holders.