Switchers receive £100 once the switch is complete, plus £25 per month for 3 months. They also gain exclusive access to The Co-operative Bank’s 7.00% AER Regular Saver, allowing them to save up to £250 monthly. Hayley Lowell, head of current accounts at The Co-operative Bank, said: “The wait between December and January payday is finally over for many, but recovering from the festive period can last longer than just January. Our £175 switching offer is a welcome boost for customers as they manage their finances in the year ahead.”

New current account customers or a Standard Current Account or an Everyday Extra account, before the offer is withdrawn.

Existing eligible Standard Current Account, Everyday Extra, Current Account Plus, Privilege and Privilege Premier customers must request a full switch into their existing account.

Various other eligibility criteria and terms and conditions apply, including that customers must not have benefited from a switch incentive from the bank since November 1, 2022.

To get the £100 switching bonus and subsequent £75 payments, customers must also:

• 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 criterion)

You can find the full eligibility requirements on the Co-operative Bank website. 

Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said of the deal: “Consumers looking to switch bank accounts will be pleased to see that The Co-operative Bank has relaunched its switching incentive this week on the Current Account and Everyday Extra.

“Customers who switch using the CASS (Current Account Switch Service) will now receive £100, but they could earn an extra £75 across three months, subject to meeting certain criteria.

“Current account holders can get exclusive access to its 7% AER Regular Saver, or for £18 a month, the Everyday Extra Account comes with worldwide travel insurance as well as mobile and breakdown cover, which is sure to add to its appeal.

However, she notes that as with any account switch, “customers will need to assess all the benefits and charges to ensure it’s the right choice for them. Overall, the account earns an Excellent Moneyfacts product rating”.