Thousands of households have just DAYS left to claim £125 free cash from bank – check if you qualify
THOUSANDS of households have just days left to claim £125 free money from a major bank.
The Co-operative Bank is offering customers the switching bonus if they get a friend or family member to sign up for one of its accounts.
Not only will you get the £125 free cash, but the person signing up for an account will receive the same lump sum too.
But the offer is ending on December 15, so there’s just days left to claim the money.
Customers with a Cashminder account, Student account, Current account Plus, Privilege or Privilege Premier account can make a referral.
However, anyone making the switch has to open a Current Account or Everyday Extra account.
Meanwhile, the person signing up for one of the accounts can’t have held a Co-operative Bank current account or smile account of any type since November 1, 2022.
They then have to action three things within 60 days of opening the account:
- complete the switch from their main current account to the new Co-operative Bank account using the Current Account Switch Service
- Deposit £800, set up two direct debits, make a minimum of five card payments and register for online banking
- Complete a referral form (found on Co-op Bank’s website) when they receive your new current account details, including the switch date
The full terms and conditions can be found on the Co-operative Bank’s website.
Once the three actions above have been actioned, you will be both be credited with £125 in your bank accounts.
The money is paid within 90 calendar days from the day of the new customer’s account being opened.
The two accounts customers can sign up for offer different perks but also have different drawbacks too.
The Current Account comes without a monthly fee and you can use it to make payments through Apple Pay, Google Pay or Samsung Wallet.
You also receive rewards every month for yourself or a charity, if you opt into the Everyday Rewards scheme.
It’s free to sign up and you can get up to £2.20 free cash each month if you pay in a certain amount to the account, stay in credit and log in to internet banking.
You also have to pay out at least four Direct Debits from the account and pay in a minimum of £800.
The Everyday Extra account comes with all the same perks as the Everyday Rewards account, plus some added extras.
You can get mobile phone insurance, worldwide travel insurance and UK and European breakdown cover, but you’ll have to pay a £15 per month fee.
You can also turn the account into a joint account for the same £15 a month fee.
Bear in mind, if you’re switching to an Everyday Extra account, you have to switch by calling up or visiting a Co-op Bank branch.
You can find your nearest branch by using the bank’s locator tool on its website.
How to switch current accounts
Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
You don’t have to remember to move direct debits across when moving as this is done for you.
All you have to do is apply for the new account you want and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
What other banks are offering switching bonuses?
Nationwide and First Direct are both currently offering switching bonuses worth up to £200.
You can get £200 from Nationwide if you switch to its FlexDirect, FlexPlus or FlexAccount accounts.
You just have to open the account online or in-app and switch your account across, including two direct debits.
The bonus is then paid with 10 days.
You can’t get the £200 bonus have had a switch bonus from Nationwide since August 18, 2021, though.
Anyone joining Nationwide will also gain access to an 8% interest savings account, on up to £200 a month.
First Direct is offering £175 to customers who switch to its 1st Account, which also opens up a 7% savings account on up to £300 a month.
You just have to open the account on the app and pay in £1,000 within three months.
Once you’ve done this the £175 will be paid within 28 days.
In other news, The Sun spoke to one 24-year-old who has made £1,000 from switching current accounts.
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