High street bank launches to dish out £150 free cash to thousands of new customers
A major high street bank has relaunched 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 relaunched their Switch and Stay offer where 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.
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.
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.
And for every switch requested by 13 December, and completed before 31 December, someone in hospice care will receive a Christmas celebration, which could include Christmas dinners and treats, festive room decorations and visits from Santa.
It’s always advisable to check whether an offer is right for your personal circumstances.
John Ward, Director of Products, said: “We know that the festive period can be costly for many, which is why we’re really pleased to be relaunching this switching offer today, to support customers during an expensive time of year.
“Through our partnership with Hospice UK, we’re ensuring that our customers can additionally help those in end-of-life care benefit this Christmas.
“We hope that the offer 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.”
Catherine Bosworth, Director of Income Generation and Grants at Hospice UK, added: “We have had the privilege of working alongside The Co-operative Bank for over 20 years, and it has been a pleasure to be part of their Christmas Switch and Stay campaign this year.
“It’s a wonderful initiative that will bring real joy to hospices and those receiving hospice care this Christmas.
“Hospices go above and beyond to make Christmas a joyous and memorable time for everyone, and with The Co-operative Bank’s ongoing support, their customers are spreading festive cheer for those in hospice care and their families.”
Free cash schemes if you're struggling
Many of us are still struggling with the high cost of living - but there's help you can get.
New or expectant parents can get up to £442 a year to spend on food through Healthy Start scheme.
Some new parents can get £500 via the Sure Start Maternity Grant. The money is designed to help you cover the costs of having a child.
Councils also offer support through the welfare assistance schemes, to help cover the costs of essentials, from buying new furniture to food vouchers.
The amount you can get varies but an investigation by The Sun found that hard-up Brits can apply for help worth up to £1,000.
Discretionary Housing Payment is a pot of money handed out by councils to those struggling to keep a roof over their heads.
A scheme is available for those who find themselves unable to cover housing costs, though the exact amount varies as each local authority dishes out the cash on a case-by-case basis.
Many energy forms offer grants to help cash-tight customers. The exact amount varies depending on your supplier and you circumstances, but could be as much a £2,000.