Another major high street bank is offering new customers £150 free cash – see if you can get the bank boost
ANOTHER major high street bank is offering a big £150 cash incentive - here's how you can cash in.
The bank is launching a new switch-and-stay offer, as the switch wars between banks trying to poach customers from rivals continues.
The Co-operative Bank has announced eligible customers could receive up to £150.
The first £75 is given when a customer completes a switch to the bank.
Then, the bank is offering three monthly instalments of £25 - another £75 - to make up the £150.
Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.
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Like any good offer, there are a few boxes to tick off before the big payment comes in.
Customers must apply for a Standard Current Account or Everyday Extra account.
To be eligible, customers must not have benefited from a switch incentive at The Co-operative Bank since 1 November 2022.
And to receive the first £75, customers need to follow a series of rules.
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They are:
- Deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
- Have 2 active Direct Debits.
- Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward fulfilment of this criteria).
- Register for our online and/or mobile banking service.
- Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).
That leaves the three £25 instalments - and there are some rules to claim them too.
Bankers need to deposit at least £1,000 into their account, have two direct debits and make a minimum of 10 debit card transactions.
Co-operative Bank director of products John Ward: "We’re really pleased to launch this offer today and hope it will encourage more people to consider switching to The Co-operative Bank – the only UK high street bank with a customer-led Ethical Policy, which guides how we do business.
"This offer allows eligible new and existing customers to benefit from up to £150 for switching and staying with The Co-operative Bank as their main current account provider."
Nationwide, Lloyds, Santander and others have all been offering incentives over summer, with the switch wars looking set to continue into autumn.
It's always advisable to check whether an offer is right for your personal circumstances.