Major bank launches new free cash deal – how to get £160, but you need to be quick
ANOTHER bank has launched a new current account switching deal for a limited time only.
You can get £160, which is made up of £100 payable upfront for switching, then with an additional £10 a month paid into the account for six months from Co-op Bank.
It’s available to new and existing customers who are looking to switch to the bank’s Everyday Extra account.
Switching bank accounts is a simple process and can 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. Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across either. 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.
With Co-Op’s Everyday Extra account, there is a monthly fee of £15 to be taken into consideration, if you decide to grab the free cash.
Benefits of the account include mobile phone insurance, worldwide travel insurance, and UK & European breakdown cover for just £15 per month.
You’ll receive the £100 within 40 days of the completed switch.
In order to qualify for the switching bonus, customers must meet the terms and conditions of the offer.
You have to request a switch on or after the offer launch date, and can’t have benefitted from, or be waiting to benefit from, a switching incentive from the Co-Op since November 1, 2022.
You also have to register for online or mobile banking.
In the 30 days following the switch, you must have two active Direct Debits or standing orders set up on the account, deposit £1000, and make five card transactions.
A payment of £15 for the account will be taken on the first working day of the month and accounts will be credited with £10 after the 20th day of each month if a customer has made five card transactions and has two direct debits in place.
However, customers who miss eligibility criteria one month aren’t automatically removed from receiving the rest of the bonus. If they meet the criteria, the next month they would receive it.
John Ward, Director of Products at The Co-operative Bank said: “We’re pleased to launch this new incentive today and hope it will encourage more people to consider switching to our Everyday Extra packaged account.
“As well as the £160 cash offer, this account offers customers a range of features and benefits including mobile phone insurance, travel insurance, and breakdown cover, all for only £15 a month.”
What other incentives are there?
Banks and building societies regularly offer switching incentives if you move your bank account across – and you can start in minutes.
Last week, First Direct added a £25 Amazon voucher to its free £175 cash for switchers’ deal, but that ends on Monday, and perhaps sooner if there’s huge demand.
Barclays also has a rarely offered free £175 bank switch deal.
As it’s not done many switch deals before, more people will be eligible and not caught out by the rules which say you can’t have had a switch bonus from it before.
And Club Lloyds are offering £175 free cash with an additional reward each year for switching.
You can choose from 12 months’ Disney+ (with ads), six cinema tickets, a Coffee Club & Gourmet Society membership, or a subscription to a magazine.
How do I switch bank 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.
Under the switching service, swapping banks should take seven working days.
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.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
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