This new offer has a few hoops to jump through to get the full £200
The Co-operative Bank’ is running switch offer — this one paying up to £200 — is about to run out. With people only having until September 7 to bag their cash.
But to get the full amount, there are a couple of hoops to jump through. To get the first £125, you need to switch to the account, and then you can get another £75 for continuing to use it. Here’s how the switch offer works.
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How much can you get with the Co-op switch?
This offer is for £125 when you switch, with another £75 available if you continue using the bank.
Who can get the Co-op switch offer?
The first £200 switch offer is open to new and existing Co-op Bank current account holders. You can’t have already had a switching bonus from Co-operative Bank since 1 November 2022.
You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.
You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.
What are the requirements for the Co-op switch offer?
Co-op £125 switching bonus
First, you’ll need to open one of these current accounts and request a switch within two weeks:
- Co-operative Bank Standard Current Account
Co-operative Bank Everyday Extra Account
Existing customers can also switch into one of the above or below accounts:
- Co-operative Bank Current Account Plus
- Co-operative Bank Privilege
- Co-operative Bank Privilege Premier
You’re able to switch into the free standard account. Though it has no perks or extra features, for most this will be the best option.
The alternative Everyday Extra account is a packaged bank account, which comes with travel insurance, mobile phone insurance and breakdown cover. It’s worth noting that this Everyday Extra account comes with a £12 monthly cost, so it’ll eat into your total return.
As with most switching deals, once you’ve opened the new account, you need to use the Current Account Switching Service to move over an account from a different bank. For newbies, you’ll do this as part of the application. You need to start it within 14 days of opening the account, and then ensure the switch completes within eight weeks of starting the process.
Then within 30 days of the switch completing (and not before) you must:
- Deposit £1,500
- Have two active direct debits
- Make at least five debit card payments
- Register for online banking or mobile banking
Note that you can set up the direct debits on the new account, meaning they don’t need to be on the old account before you switch (though any you do switch will count too). If you’re not planning on sticking with the account, there are some cheap and fast direct debits you can set up if you’re short on them.
That £1,500 doesn’t need to stay in the account either, so you can move it out elsewhere straight away if you wish. It also doesn’t need to be in one go, so you can move smaller amounts in and out if that’s easier. Any money moved as part of the switch will also count towards the £1,500.
However, very importantly, the debit card spending and deposit need to happen after the switch completes, not before. Transfers that happen as part of the switch count towards the £1,500.
You can also hack the debit card payments, since paying off a credit card or using it to add money to other accounts in your name (such as Monzo, Revolut, Chip and NS&I – more here in our debit card “spend” hack article).
Additional £75 bonus
The second lot of cash is actually three monthly lots of £25, and each payment is triggered by use of the current account.
First of all you need to keep using the current account as follows every month:
- Deposit £1,500
Pay out two direct debits or standing orders - Make at least five debit card payments
The ‘month’ begins the day after you get the initial £100. So if that hits your account on 14 July 2026, you’ve got until 14 August to meet the criteria, then again 14 September and finally 14 October 2026.
When will the money be paid?
For the £125 switching cash, the Co-operative Bank will pay it into your account within 7 days of the switch completion.
Each extra £25 payment will arrive in your current account seven days after the ‘month’ ends.
When will the offer end?
The deal ends on 7 September 2026.
Co-op switch summary
| Switching bonus | £125 |
| Extra bonus | £25 a month for three months (total £75) + £100 for existing customers |
| Switch Requirements | Request to start a switch to a new or existing Standard or Everyday Extra current account within 2 weeks of opening the account |
| Switch using the Current Account Switch Service and close old account within 8 weeks of requesting | |
| Then within 30 days of the switch completing: | |
| Deposit £1,500 | |
| Set up two direct debits | |
| Use the debit card at least five times | |
| Set up online banking | |
| Added the debit card to a digital wallet | |
| Bonus requirements | Make five debit card transactions a month for three months |
| Payout 2 direct debits every month for three months | |
| Deposit £1,500 every month for three months | |
| Existing customer requirements | Had an account open with one of The Co-operative Bank’s companies on 21 June 2026 |
| Meet the criteria for the initial £125 payment | |
| Still have an account open in November | |
| Exclusions | Not already have a bonus from Co-operative Bank since 1 November 2022 |
| Offer limited to one welcome offer per person and account | |
| Open to existing customers | Yes |
| Switch bonus paid | Within 7 days of meeting criteria |
| Extra bonus paid | Within 7 days of each ‘month’ end |
| Existing customer bonus paid | In November 2026 |
| Offer ends | 7 September 2026 |
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Is Co-operative Bank any good?
There are a couple of current accounts that will make you eligible for this offer: the Current Account and the Everyday Extra account.
The Current Account is a standard account that doesn’t do much. Personally, I wouldn’t bother as my main account- there are far better reward accounts.
The Everyday Extra account costs £12 a month and comes with insurance policies at a pretty good price, but you have to have a need for a packaged account if you choose to go for it.
What do customers think of Co-operative Bank?
Over at our sister site Smart Money People, customers have rated and reviewed the standard Co-operative Current Account, leaving an average score of 4.21 out of 5. However, there aren’t specific reviews of the Everyday Extra account.
They like that the bank is more ethical than most other options, but other say the app is limited and customer service not as good as it used to be.
You can read all the reviews here.
Is it worth switching to Co-op?
Zoe’s analysis
If you’re switching banks for the first time and you’re just looking for cash, you’ll probably find higher-paying options out there, and I’d focus on these first.
If you do want to go for this, bear in mind there are a lot of transactions to make each month, which might be a faff.
Co-operative Bank is regarded as one of the more ethical banks, though Nationwide and Triodos score higher in ratings from Ethical Consumer magazine.
Are there better bank switch offers?
If you’re a repeat switcher and aren’t planning to keep an account, then the Co-op switch is one of the best. But if you plan to just switch once, I’d actually look at other options which have added rewards or cashback.
These come and go, so here’s everything you need to know about all these and other different bank switch offers.
The best bank switch bonuses
Check out our list of all the bank switch offers you can get when opening a new current account
