Co-operative Bank has launched a current account switch offer worth up to £300, though the full amount won’t arrive in a single payment and depends on whether you’re already a customer.
The bank is offering £200 to new customers who switch using the Current Account Switch Service. Existing customers of Co-operative Bank or Coventry Building Society can get an extra £100, bringing the total to £300. That additional payment won’t land until November 2026.
This puts the deal ahead of most rivals on headline value. HSBC currently offers £220 for a full switch, though it requires spending £500 on a debit card within 60 days — a condition that’s less common among these offers. NatWest pays £200, as do First Direct and Barclays. Santander offers £180, and Nationwide £175.
How to qualify for the £300
To get the initial £125, you need to open either a standard current account or the Everyday Extra account, which costs £12 a month and includes travel insurance. Within 30 days of the switch completing, you must deposit at least £1,500, have at least two direct debits, use your debit card five times, and sign up for online or mobile banking.
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After that, you’ll receive three monthly payments of £25 each, provided you meet the same activity requirements — minus the online banking sign-up. The extra £100 for existing customers is available to anyone who was already a customer as of 21 June and qualified for the initial £125 payment.
You can’t have received a switching incentive from Co-operative Bank since 1 November 2022.
Bank switching deals often feel like a race to the biggest number, but the fine print matters more than the headline. A £300 offer that pays out over months and requires consistent activity might not suit someone who just wants a quick lump sum, while a lower but simpler deal could be the better bet for casual switchers.
How the deal compares with rivals
Co-operative Bank’s launch comes at a competitive moment. Several high-street banks are offering strong incentives, and the requirements vary noticeably.
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NatWest’s £200 offer doesn’t require switching any active direct debits, which makes it one of the easiest to qualify for. First Direct and Nationwide each ask for a £1,000 deposit in the first month. HSBC’s £220 is the highest widely available deal behind Co-op’s, but the debit card spending rule is a hurdle some switchers won’t want to clear.
Some accounts also offer ongoing rewards. Santander’s Edge and Edge Up accounts pay up to £10 and £15 a month cashback on select household bills, though both carry monthly fees of £3 and £5 respectively.
Co-operative Bank was taken over by Coventry Building Society in 2025. Last week, the bank eliminated its foreign exchange fee and cut the monthly cost of its perks account from £18 to £12.
